Kuwaiti listed firms bag $1.15bln worth of projects in Q1

Over third are construction projects

  
Image used for Illustrative purpose. Vehicles travel on First Ring Road next to a building under construction in Kuwait City November 10, 2012.

Image used for Illustrative purpose. Vehicles travel on First Ring Road next to a building under construction in Kuwait City November 10, 2012.

REUTERS/Stephanie McGehee

Companies listed on Kuwait's bourse won public projects worth around 350 million Kuwaiti dinars ($1.15 billion) in the first quarter of 2020 and more than a third of them were in the construction sector, the local press reported on Monday.

The total value of the 28 projects was nearly 2.9 percent higher than the 340 million dinars ($1.12 billion) value of the 17 projects awarded in the first quarter of 2019, the Arabic language daily Alanba said, citing official data.

It showed the construction sector accounted for nearly 36 percent of those contracts with a total value of nearly 127 million dinars ($419 million).

The state-owned Kuwait Oil Company (KOC) emerged as the main client, with the value of its contracts standing at 118.3 million dinars ($390 million). It was followed by the Public Works Ministry, with a total contract value of 50.6 million dinars ($167 million). National Petroleum Services Co (NAPESCO) grabbed the largest contract in the first quarter from KOC with a value of 110 million dinars ($363 million).

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© Thomson Reuters Projects News 2020