Project awards in Kuwait saw 44% increase in 2024
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.
