A new KPMG report highlighted a pipeline of projects worth in excess of $27.6bn
According to a new report from audit and advisory services group KPMG, infrastructure is a vital component in Kuwait’s Vision 2035 agenda; the country is said to have a strong pipeline of infrastructure projects, and the emphasis is likely to remain on this sector – so vital for supporting other activities – for the foreseeable future.
Current pipe-lined infrastructure projects have an estimated value of $27.6bn in the bidding stage, which is setting a tone of optimism for the sector, explained KPMG in the report titled ‘The Kuwait Perspective.’
The report contains a comprehensive narrative around factors such as sustainability, ESG, mass customisation, inflation, the supply chain, climate change, globalisation, sunk costs and geopolitics, all with regard to Kuwait’s infrastructure sector.
Imran Shaik, Director for Deal Advisory and Head of Infrastructure Services, KPMG, Kuwait said that despite the slowdown in the awarding and implementation of projects, the prevalent tone in the sector is positive.
In mid January 2023, Kuwait’s PART issued a consultancy services tender for Phase One of the railway network and, in late March 2023, Egis said it would provide PMC services for the Al Mutlaa City Development in Kuwait.
The report called for attention to the push for public-private partnerships (PPPs), citing their potential long-term benefits.
According to Shaikh, the report featured interviews with five key personalities from the country’s infrastructure sector, who – unusually – spoke to members of KPMG in Kuwait in personal capacities to make the publication more insightful.
These include Kapil Kumra, Deputy General Manager and Head of Project Finance at National Bank of Kuwait; Hassan F. Choudhry, the Chief Financial Officer at Umm Al Hayman for Wastewater Treatment Company; Dr Dheeraj Bhardwaj, the Group CEO for City Group Company; Shi Yifei, Deputy Chief Representative of AVIC INTL in Arabic Gulf Area and Yang Chunsen, Representative of China State Construction Engineering Corporation in Kuwait and President of Chinese Enterprise Association in Kuwait.
In mid April 2023, Kuwait Arab Contractors won a $367mn contract for infrastructure services.