Despite the global pandemic, Kuwait’s projects market in 2020 actually increased on the 2019 figure by more than 20 per cent year-on-year to $4.3bn. This was doubly surprising given that the state consistently punches below its weight when it comes to the market’s performance (for example in recent years contract awards in Kuwait have been lower than those in Oman despite having a far larger economy and much higher oil output).
At just under $3bn for the first nine months of the year, Kuwait looks like it will again beat the 2019 number and get close to last year’s performance. However, this is from a low base and does not disguise the fact that the market must find a way of reinvigorating itself.
Much as ever will depend on whether the state can successfully proceed with its PPP plans. But to date only 3 major PPP projects have been successfully awarded since 2010, and the challenges for private sector participation remain as high as ever.
Much more will need to be done if Kuwait is to live up to its projects market potential. The state needs to find a way of getting greater private sector participation in the market and attract greater foreign investment. Without either, it is difficult to see how the market can reach its potential.
Kuwait Projects H2 2021 is the update to this year’s H1 report.
Focused on data, it is aimed at helping companies create strategies for targeting and growing the market. It uses almost exclusively data from MEED Projects (www.meedprojects.com), the region’s leading online projects tracking service. With 15,000 active projects tracked and more than 35,000 in total in the database, MEED Projects makes it possible to quantify current, historical and future trends in the projects market in the region.
I am certain that this report can help you achieve success in Kuwait.