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Construction in Kuwait - Key Trends and Opportunities to 2024

Construction in Kuwait - Key Trends and Opportunities to 2024

  • August 2020
  • 44 pages
  • ID: 5761768
  • Format: PDF
  • GlobalData

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Construction in Kuwait - Key Trends and Opportunities to 2024

Summary
Prior to the Coronavirus (COVID-19) outbreak, Kuwait’s construction industry was struggling, with output declining by 7.0% in real terms in 2019 owing to weakness in energy and civil engineering work. Amid the worsening situation with regards to the COVID-19 outbreak, the analyst expects the construction industry to contract by 9.5% in 2020. The negative outlook is weighed down by lower oil prices and the prospect of a higher fiscal deficit, compromising the government’s capital spending on construction and infrastructure.

Construction activities have been affected by the temporary suspension of work, in line with the government’s efforts to combat the outbreak by restricting non-essential activities. According to the Kuwait Business Impact Survey, released by Bensirri PR (BPR), approximately 39% of businesses in the construction sector have shut down their operations since the government implemented lockdown measures in the country.

Kuwait’s priority over the forecast period will be to fast-track economic reforms and diversify the economy away from its dependence on hydrocarbons.These plans are part of the country’s long-term New Kuwait 2035 National Development Plan.

However, progress on implementing the plan has been slow, partly because of political tensions between the government and the parliament, and partly because of an incompetent bureaucratic environment, which constitute a challenge when pursuing mega infrastructure projects

This report provides detailed market analysis, information and insights into Kuwait’s construction industry, including -
- Kuwait’s construction industry’s growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Kuwait’s construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline

Scope
This report provides a comprehensive analysis of the construction industry in Kuwait.

It provides -
- Historical (2015-2019) and forecast (2020-2024) 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

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- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

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