KUWAIT PROJECT ACTIVITY PICKED UP IN THE FOURTH QUARTER OF 2021

  • 23/01/2022

Kuwait City: According to MEED Projects, the overall value of project awards in Kuwait increased to KD 556 million (+265 percent q/q; +279 percent y/y). This raises the overall value of awards in 2021 to KD 1.5 billion, a 13% increase over the previous year. The result falls short of the KD 2.4 billion predicted earlier, owing to government procurement delays, capital budget cuts, and pandemic-related supply chain limitations. 


The oil and gas sectors drove the increase in project awards in 4Q21, while the construction sector accounted for nearly half of all awards for the year, followed by the oil and gas sectors with 32%. MEED Projects forecasts an increase in activity in 2022, with around KD 3.0 billion in projects scheduled to be awarded. 

In 4Q21, project awards in the construction sector totaled KD 128 million. The Hessah Al-Mubarak-Low Rise Commercial Buildings project (KD 42 million) and the KOC-KERP: Soil Remediation project received the majority of the grants (KD 36 million). Meanwhile, overall 2021 construction sector awards were KD 705 million, an increase of 89 percent over 2020. A comparable amount of construction contracts are scheduled to be granted in 2022. (KD 723 million). These include the CMGS-Development of Four Sites at Sheikh Jaber Al-Ahmad Al-Sabah Causeway (KD 165 million) and the Kuwait Excavation, Transportation, and Remediation Project (KD 150 million), all of which are slated for completion in 2Q22.

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