Kuwait project awards surges by 444 per cent reaching $2.25 billion

Dubai: Projects being awarded, in Kuwait, surged by 444 per cent, reaching $2.25 billion (Dh8.2 billion) in Q2 2024, rebounding strongly from a sluggish first quarter.

Growth was primarily driven by investments in infrastructure and electricity sectors, as reported by the National Bank of Kuwait (NBK), citing media pulishing company MEED data.

Key projects awarded during this period included infrastructure developments in South Sabah Al Ahmad and affordable housing projects in Al Nayeem area.

The outlook for the second half of 2024 appears promising according to the NBK report. Potential projects worth nearly $22.8 billion (Dh83.7 billion) in the power sector are anticipated to be awarded.

These include $3.9 billion (Dh14.3 billion) for phases 2 and 3 of the Al Zour Independent Water and Power Plant (IWPP), $2.6 billion (Dh9.5 billion)for the Al Khairan IWPP, and $327 million (Dh1.2 billion) for the Al Shagaya Renewable Energy Complex.