CHP World Media has reported that current projects underway in Kuwait total 267, and reach a combined value of US$274billion, strengthening the country’s position as an emerging construction market in the MENA region.
The report shows that key factors, such as high levels of population growth, “robust” economic conditions and surging oil prices will help drive in more development for the country’s construction industry.
The report also highlited government spending, which is expected to raise $3billion for investment in the construction industry over the next five years. Private sector investment is could reach almost three times as much, with projections for $8billion.
“The Middle East and North African region’s construction industry is moving on the fast track in terms of new projects and the resumption of projects that were stalled by the recent economic downturn,” said Rizwan Shaikhani, managing director for Shaikhani Group company, Rubber World Industries.
Major projects that have already started include US$ 14 billion Al-Zour refinery, the US$ 3.3 billion Failaka Island development, the US$ 2 billion planned expansion of Kuwait International Airport (KIA) and a major road development program including the construction of an eighth ring road.
“Kuwait, in particular, is now earning recognition as one of the MENA region’s fastest developing construction markets with 267 new projects in 2012 amounting to over US$ 274 billion. We are very eager to position ourselves as a major provider of world class rubber based building materials for these projects. In fact, we have released latest additions to our trading products portfolio,” he added.