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).
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