The value of projects awarded by Kuwait jumped by nearly 81 percent in the third quarter of 2020 after plunging to one of its lowest levels in the second quarter.

Figures published by Alanba newspaper, quoting a report by the National Bank of Kuwait, showed the project value soared to around 192 million Kuwaiti Dinars ($633.5 million) in the third quarter from nearly 106 million dinars ($349.8 million) in the second quarter.

Despite the increase, the project value in the third quarter was nearly 45 percent below the value in the same period of 2019, when it stood at 350 million dinars ($1.15 billion).

The report, citing government statistics, showed the value of awarded public projects in the first 10 months of 2020 totalled 886 million dinars ($2.93 billion).

It did not mention reasons for the lower project activity but OPEC member Kuwait has announced plans to slash spending due to the spread of Coronavirus.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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