Kuwait - Decypha: Kuwait’s construction sector is poised for continuous growth in 2017 with $234.4 billion worth of active construction projects and $34 billion worth of developments, according to Trade Arabia.
There are currently five ongoing major construction projects out of which four are in the oil and gas sector.
The construction projects in the Gulf nation include Kuwait National Railway network worth $10 billion, Al Ahmadi’s Olefins III at an investment level of $9 billion, Package 1 and 2 of the Clean Fuel at the Mina Abdullah Refinery with $8 billion in investments, the Package 3 of the Clean Fuel Mina at the Al Ahmadi Refinery for $5 billion, and the Package 1 of the Process Plant at Al Zour Refinery worth $5 billion in investments, according to Al Bawaba.
To date, the estimated value of all 722 active projects in Kuwait is $234.4 billion with about 34% of all project investments in the country in the oil and gas sector.
In addition, the Kuwaiti government will invest $100 billion to improve the efficiencies of the upstream and downstream facilities in the five-year plan of the Social & Economic Objectives 2015-2020.
Nearly 73% of all construction activities in Kuwait is for the urban construction sector, with an estimated $29 billion of building projects – including South Saad Al Abdullah New City worth $4 billion and the Nawaf Al Ahmad City worth $3 billion in investments.
Another $1 billion will be invested in the hospitality and tourism sector, aimed to attract 440,000 overnight visitors by 2025, and to create 30,000 jobs over the next decade.
These investments and directives are part of the Vision 2035 and mission to transform Kuwait into a financial and commercial hub in the gulf region.
By Decypha News Editorial Team
