Kuwait's project awards surge 44% in 2024 to hit $6.5bln
Kuwait's project awards witnessed solid growth in 2024 which jumped to KD2.7 billion ($6.5 billion), up 44% over the previous year; its highest figure since 2017, according to a report by National Bank of Kuwait.
Of the total project awards, the lion's share (around 50%) went to the construction sector with the Public Authority of Housing Welfare making progress on various housing projects including the affordable housing project in Al Nayeem area followed by the power and water sector notching up KD370 million in contract awards.
The country's project awards in Q4 2024 too witnessed a solid rise hitting KD1.2 billion, which was the best quarterly performance since Q2 2016, said NBK in its Quarterly Economic Brief.
Kuwait Oil Company's project to drill 141 wells helped push awards in the oil and gas sector.
NBK pointed out that the activity was boosted by the power and water and construction sectors, as the government pushed ahead with residential housing and strengthening the domestic electricity grid.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
5 days ago
- Zawya
The Chance to win travel vouchers for NBK-Mastercard Holders when making foreign-currency purchases
Al Ballam: NBK is keen on rewarding its customers around the year with exclusive and valuable campaigns Winners can redeem the vouchers at over 500 airlines and 1.2 million hotels around the world In line with its continuous efforts to enrich its customers' banking experience with unique campaigns and exceptional rewards that correspond to their different lifestyles and needs, the National Bank of Kuwait and Mastercard are partnering to reward 115 top spending customers with travel vouchers simply for using their NBK-Mastercard when spending in foreign currency during the period from June 1 to June 30, 2025. This offer allows winners the chance to win a travel voucher worth up to KD 150, provided by Mastercard, which can be redeemed at more than 500 different airlines and over 2.1 million hotels around the world. To get the chance to win, there are minimum spending limits during the campaign period, according to the card used in making the purchases, and they are as follows: 1. Spend a minimum of KD 550 if they hold any of the following cards: NBK-Aura World Mastercard Credit Card NBK Miles World Mastercard Credit Card World Mastercard Credit Card UEFA Champions League World Mastercard Credit Card issued by NBK 2. Spend a minimum of KD 300 if they hold any of the following cards: NBK Platinum Mastercard Credit Card 3. Spend a minimum of KD 200 if they hold any of the following cards: NBK Titanium Mastercard Credit Card NBK Laki Titanium Mastercard Credit Card Voucher distribution: Mastercard Platinum & Titanium: 65 vouchers, valued at KD 75 each. Mastercard World: 50 vouchers, valued at KD 150 each. Commenting on this campaign, Anwar Al Ballam AVP- Cards services, at Consumer Banking Group, at National Bank of Kuwait said: 'We are keen at NBK on rewarding our customers by launching exclusive campaigns around the year that guarantee an exceptional and distinguished experience for them beyond banking services and correspond to their different lifestyles and needs.' Al Ballam also added: 'Through this campaign in partnership with Mastercard, we strive to celebrate our NBK-Mastercard Credit Card and NBK-Mastercard Prepaid Card holders and enable them to gain massive benefits while helping them turn purchases into memorable trips.' It is noteworthy that NBK's Credit Cards are the best way to make payments, as holders access many benefits with ease, especially while shopping, including NBK Rewards and NBK Miles Programs, as well as Purchase Protection and Extended Warranty Services.
Zawya
7 days ago
- Zawya
NBK signs an MoU with AIU to enhance career development
Al-Ablani: We work collaboratively with educational institutions to develop national professionals and support Kuwait Vision 2035. We strive to support Kuwait's strategic agenda and build a sustainable and diversified economy that utilizes innovation and technology. The bank's leadership and excellence are highly driven by its professional development efforts. NBK believes in the essential role of education in shaping a thriving future for society. National Bank of Kuwait signed a Memorandum of Understanding (MoU) with the American International University to provide collaborative and innovative training programs and professional development workshops. Signing the memorandum were Mr. Emad Al-Ablani – Group Chief Human Resources Officer from NBK and Mr. Nael Alawadhi – Member of Board of Trustees from AIU with the attendance of officials from both institutions. According to the agreement, AIU will invite NBK representatives to participate in training programs and workshops organized by the university, which stands as a remarkable chance for exchanging knowledge and experiences. Moreover, specialized training programs will be organized for NBK employees in collaboration with the Human Resources Department, further enhancing the partnership in the field of professional development and elevating professional competencies. From its end, AIU will share its activities with the bank to explore sponsorship opportunities, and it will facilitate and prioritize NBK's access to campus to attend the different workshops and activities. AIU will also provide special care for students working part time at NBK by adjusting their schedules in line with their professional obligations, which reflects the two institutions' commitment to supporting continued education and professional development. This initiative comes as part of NBK's continued efforts to promote social responsibility and support education, as it firmly believes that investing in education is key to achieving a sustainable future, and it mirrors its dedication to collaborate with academic institutions to develop national professionals in line with Kuwait Vision 2035 and build a private sector-led economy that is diversified, sustainable, and underpinned by education, innovation, and technology. On this occasion, Al-Ablani commented: 'We strive to provide cutting-edge educational and training tools as per the latest international standards for competency development and enable our employees to access a diversified educational content that imparts knowledge and necessary experiences to boost innovation and enhance sustainability.' Al-Ablani added: 'We are proud of our long-standing relationships with all of Kuwait's educational and academic institutions that enable us to exchange training experiences and ultimately enhance professional competencies, as we are keen on aligning our own economic sustainability objectives with Kuwait's, and this relies heavily on providing training opportunities as per the highest international standards.' Al-Ablani also emphasized NBK's strong belief in education and its essential role in shaping the future of society, further indicating that the collaboration with AIU confirms NBK's commitment to preparing a generation of competent leaders and innovators in different fields by motivating students and establishing a nurturing environment that promotes innovation and creativity. Due to its essential role in affirming its leadership and excellence, NBK is remarkably keen on investing in its human capital by providing the best specialized programs as per international standards, presented by top banking experts who impart their knowledge, and transform professionals into future leaders.
Zawya
02-06-2025
- Zawya
Kuwait poised for heavy borrowing in 2025-2028
Kuwait is expected to be among the largest regional borrowers in the next few years to bridge its widening fiscal gap due to low oil prices and massive allocations for public servants wages and social spending. During 2025-2028, the deficit in the budgets of the Gulf OPEC oil producer is expected to swell sharply from its relatively low level in 2024, the US rating agency S&P said. In a report this week, the agency said the deficit, driven by lower crude income and high public spending, is projected to account for an average 8.9 percent during that period. The shortfall could surge to nearly 14 percent in the current fiscal year 2025-2026, which started on 1 April, up from just two percent in 2024, it said. The agency did not provide deficit figures but Kuwait's GDP stood at around $163 billion in 2024 and is forecast to rise by one-four percent in the next three years barring unexpected developments in the oil market, according to National Bank of Kuwait (NBK). This means GDP could range between $165 billion and $170 billion, with the budget deficit averaging around $15 billion during that period. 'Kuwait and other Gulf countries are following a strategy to maintain a huge financial cushion to maintain their strong credit rating,' Saudi economist Ihsan Buhlaiga told Zawya Projects. 'This is demonstrated in their intensified efforts to build up their overseas assets, mainly those of their sovereign wealth funds…this means whenever there is a budget deficit, they will fund it through borrowing rather than withdrawing from those assets.' Kuwaiti officials said last week the Gulf state could borrow $10-20 billion during 2025-2026 to cover the deficit following the approval of a debt law in March. Zawya reported last week that Kuwait could issue its debut debt tranche very soon after the government cleared the country's multi-billion sovereign wealth fund, and the central bank to borrow funds. Analysts said borrowing could gain momentum in the following years if oil prices remain below the $70 price assumed by Kuwait in its budgets and given the relatively small revenues from other sources. Kuwait has also been unable to trim spending as more than two thirds of the expenditure is allocated for wages and subsidies, which cannot be cut. Finance Ministry figures showed non-oil revenues would provide only around KWD2.6 billion ($8.5 billion) of the 2025-2025 budgeted revenues of KWD18.9 billion ($62 billion). The figures also showed salaries would eat up KWD14.8 billion ($49 billion) of the budgeted spending of about KWD24.5 billion ($81 billion), nearly 60 percent. Allocations for subsidies were set at KWD4.5 billion ($14.8 billion), nearly 18 percent of the total. NBK said in a recent report that Kuwait was forced to cut capital spending by around 1.7 percent in the 2025-2026 budget while allocations for wages to public servants and social aid to citizens swelled by nearly 9.1 percent over the previous budget. 'The decline in capital expenditure represents a continuation of a downward trend in such spending over the past four years despite the pressing need for funding infrastructure projects in line with Vision 2035,' the report said. Kuwaiti officials said last week that borrowing this year would be used mainly to fund infrastructure projects with a value of more than $7 billion. (Reporting by Nadim Kawach; Editing by Anoop Menon) (
