(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 08, 2023 (GLOBE NEWSWIRE) -- The "kuwait facility management market by service (property, cleaning, security, support, catering & others), by type (hard services and soft services), by industry (organized and unorganized), by end user, by sectors, by region, competition forecast & opportunities, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Kuwait Facility Management market is anticipated to grow at a robust CAGR to 2028
Kuwait is a wealthy oil-based economy that, like its neighbors, is trying to diversify, giving rise to its Vision 2035. Just like other countries, Kuwait has multiple projects in several sectors but not limited to residential and commercial, including either construction of new facilities or the expansion of existing ones.
Facility Management has many services that an individual/ group can use in daily life but is not limited to fire safety; cleaning; maintenance; security; logistics; environment; Heating, Ventilation, and Air Conditioning (HVAC) services. FM services are used in several sectors, such as residential, commercial, and industrial. FM services are also used in the private or public sector as they are also good for the lifetime value of the facility.
Kuwait Vison 2035 Propelling the Growth
Kuwait aims to be an international hub for finances and trade. The private sector shall have a major role in its transformation and efficiency. To maintain the beauty and growth of Kuwait, facility management shall have a major role in Kuwait's growth.
Kuwait is looking to spend more than USD10 billion for the construction of the residential sector along with the construction of Silk City worth more than USD80 billion. With an increase in urbanization, the facility management market shall reach new heights.
Kuwait Vision 2035 is focused on the overall development of the country, helping the country, which in turn gives the related markets such as real estate, facility management, and automobiles an edge to grow in the country.
Latest Trends in Kuwait Facility Management Market
Most construction projects in Kuwait are driven by public spending. In 2019, Kuwait Integrated Petroleum Industries Company (KIPIC) awarded Veolia's Middle East subsidiary a contract to operate and maintain a refinery wastewater treatment plant in Al Zour, southern Kuwait. The contract also resulted in seven years of maintenance for Veolia, which is worth USD63 million, expecting the Facility Management market to grow.
Lack of Maintenance
Maintenance of equipment and facilities is a challenge the owner and company employees are not keen on. Using malfunctioned or outdated equipment hampers the facility, also resulting in the reduction of the lifespan of both the facility and equipment. Replacing and maintaining the equipment before any wear and tear are as important as keeping the facility.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Kuwait Facility Management market.
PIMCO Kuwait Kharafi national FM EcovertFM Kuwait Al Mazaya Holding Company KSCP ENGIE Services General Contracting for Buildings Company WLL United Facilities Management Company K.S.C.C Alghanim International General Trading & Contracting Co. W.L.L. (Falghanim) Al Mulla Group Tanzifco Company W.L.L O&G Engineering W.L.L
Report Scope:
Kuwait Facility Management Market, By Service:
Property Cleaning Security Support Catering Others
Kuwait Facility Management Market, By Type:
Hard Services Soft Services
Kuwait Facility Management Market, By Industry:
Kuwait Facility Management Market, By End User:
Commercial Residential Industrial Public Sector
Kuwait Facility Management Market, By Sectors:
Education Healthcare Real Estate Banking Hospitality Housing Others
Kuwait Facility Management Market, By Region:
Kuwait City Al Jahra Al-Ahmadi Hawalli Others
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Tags facilities management integrated facility management