Latest news with #PublicAuthorityofHousingWelfare
ME Construction
06-02-2025
- Business
- ME Construction
Project awards in Kuwait saw 44% increase in 2024
Construction Project awards in Kuwait saw 44% increase in 2024 By Of the total project awards, the majority (around 50%) went to the construction sector, with the Public Authority of Housing Welfare making progress on various housing projects Kuwait's project awards witnessed solid growth in 2024, jumping to US $6.5bn, up 44% over the previous year; its highest figure since 2017, according to a report by National Bank of Kuwait (NBK). Of the total project awards, the majority (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 district. The power and water sector was then the second-largest, with nearly US $1.2bn in contract awards. The year-end was particularly strong: in Q4, Kuwait's project awards saw a solid rise, hitting $3.89bn – the best quarterly performance since Q2 2016. Meanwhile in the Oil & Gas sector, Kuwait Oil Company's project to drill 141 wells helped push the industry's awards to a significantly high level. NBK pointed out that another factor responsible for the growth experienced in 2024 was the range of government initiatives designed to strengthen the domestic electricity grid, and the variety of awards that these then provided.
Zawya
31-01-2025
- Business
- Zawya
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. (
Trade Arabia
30-01-2025
- Business
- Trade Arabia
Kuwait's project awards surge 44pc in 2024 to hit $6.5bn
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. -TradeArabia News Service
Zawya
29-01-2025
- Business
- Zawya
Kuwait project activity accelerates in Q4 2024
Kuwait project awards jumped in the fourth quarter of 2024 to 1.2 billion Kuwaiti dinars ($4 billion), which was the best quarterly performance since the second quarter of 2016, National Bank of Kuwait (NBK) said in a report on Wednesday. The report titled 'NBK Economic Update: Kuwait Quarterly Brief,' stated that the construction sector accounted for half of all awards (nearly $2 billion), with the Public Authority of Housing Welfare (PAHW) making progress on various housing projects including the affordable housing project in Al-Nayeem. Power and Water came next, notching up KWD370 million ($1.2 billion) in contract awards. Kuwait Oil Company's project to drill 141 wells helped push awards in the oil and gas sector. The report noted that for 2024 as a whole, KWD2.7 billion ($8.8 billion) worth of projects were awarded, a 44 percent increase on 2023 and the highest figure since 2017 as government's push to expand housing and strengthen the domestic electricity grid boosted project activity in power and water, and construction sectors. "The near-term outlook remains constructive, especially with the government expected to re-emphasise in its forthcoming economic agenda speedier implementation of Vision 2035 infrastructure development goals,' the report noted. Citing MEED Projects data, the NBK report said the 2025 project pipeline is estimated to touch KWD7.8 billion ($26 billion), 60 percent of which are in power and water sector. Notable projects for 2025 include the KWD1.2 billion Al-Zour North IWPP Phases 2&3, currently in the bid evaluation phase, and KNPC's KWD225 million Al-Mutlaa project, which is expected to be awarded in the first quarter of 2025. (Writing by Deva Palanisamy; Editing by Anoop Menon)
