Project awards in Kuwait was soft in February, but solid activity is expected for the year, according to an NBK Economic Research report.

 

The value of awarded projects in February came in at KD43 million or $139.79 million (-54% y/y), bringing the cumulative year-to-date total to KD81 million (-72% y/y), according to MEED Projects. 

 

Momentum does appear to have slowed considerably after a relatively strong performance last year. Two out of the three awarded projects during the month related to the construction of public buildings in Al-Mutlaa City by the Public Authority for Housing Welfare (PAHW), the report said.

 

The PAHW, responsible for 28% (in value) of all awards last year, is set to continue its solid pace of awards this year, especially on projects pertaining to newer cities with a further KD1.05 billion in the pipeline for 2024. 

 

Meanwhile, local media reported that KIPIC plans to tender a feasibility study contract in April for the Al-Zour Petrochemical Complex. The study will be completed in a year’s time, further delaying the project. 

 

Nevertheless, project activity is expected to remain solid this year, with MEED Projects provisionally projecting KD5 billion in awards (excluding Al-Zour).  - TradeArabia News Service