(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Kuwait construction market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets's offering.
The construction industry in Kuwait is expected to expand by 6.6% in real terms this year, supported by investment in the energy sector and government efforts to increase production in the oil and gas sector, coupled with investment in infrastructure development.
In July 2023, the government announced a four-year development program, which included 107 major projects across various sectors. Under the plan, the government will operate several megaprojects, including the Gulf Railway project and the new Kuwait Airport Terminal 2, and increase the number of flights in and out of Kuwait from 240,000 to 650,000 by building three new runways by 2027. However, political unrest and a decline in the real estate market will pose a downside risk to the construction sector's outlook in the short term.
The analyst expects Kuwait's construction industry to register an annual average growth rate of 3.9% from 2025 to 2028, supported by investment in renewable energy, transport, electricity, housing, and sports facilities, coupled with investment as a part of the New Kuwait 2035 National Development Plan. Under this, the government plans to invest over KWD350 million ($1.1 billion) in the construction of several sports projects across the country.
Growth will also be supported by the government's plans to boost oil production in the country from 2.9 million barrels per day (b/d) in 2023 to 4 million b/d by 2035. In February 2024, Kuwait National Petroleum Company (KNPC) reported receiving seven bids for its planned fuel depot project in the Al Mutlaa region. This project involves an investment of KWD261.3 million ($850 million) and includes the construction of a depot, storage tanks, and a pumping facility
Scope
Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Kuwait, featuring details of key growth drivers. Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline. Listings of major projects, in addition to details of leading contractors and consultants
Reasons to Buy
Identify and evaluate market opportunities using the analyst's standardized valuation and forecasting methodologies. Assess market growth potential at a micro-level with over 600 time-series data forecasts. Understand the latest industry and market trends. Formulate and validate strategy using the analyst's critical and actionable insight. Assess business risks, including cost, regulatory and competitive pressures. Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
Outlook Latest news and developments Construction Projects Momentum Index
4.2 Commercial Construction
Outlook Project analytics Latest news and developments
4.3 Industrial Construction
Outlook Project analytics Latest news and developments
4.4 Infrastructure Construction
Outlook Project analytics Latest news and developments
4.5 Energy and Utilities Construction
Outlook Project analytics Latest news and developments
4.6 Institutional Construction
Outlook Project analytics Latest news and developments
4.7 Residential Construction
Outlook Project analytics Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
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