01 February 2016

Kuwait awarded KD9.7 billion ($32.2 billion) worth of project contracts during 2015, up 20 per cent over the previous year, said an NBK report.

Of this, over half of the contracts signed are related to the oil and gas sector, it reported.

Key projects included the long-delayed new refinery contract at Al-Zour for KD3.9 billion ($12.8 billion) awarded last July and the development of the Lower Fars Heavy Oil production facility in the north of the country for KD1.2 billion ($3.9 billion), the country’s top lender stated, citing data from business intelligence service Meed. 

In the transportation sector, the authorities also awarded the KD1.3 billion ($4.3 billion) contract to build the new terminal building at Kuwait International Airport. Once completed, the project should see airport passenger capacity double to 15 million passengers by 2020, it stated.

Looking ahead, 2016 should also be a bumper year, with the authorities planning to sign deals worth KD16.7 billion ($55 billion) before the year-end, NBK said. This comes at a time when Kuwait is expected to record its first actual budget deficit in 16 years, of KD4.7 billion (11.6 per cent of gross domestic product) by the close of FY15/16.

On the power and water sector, NBK said 2016 is expected to be a landmark year for the Kuwait Authority for Partnership Projects (KAPP) as it plans to award KD2 billion ($6.6 billion) worth of public private partnership (PPP) contracts.

With Phase One of Al-Zour North IWPP completed and close to reaching commercial capacity in the coming months, KAPP has issued the main contract bid for Phase Two of the project, which aims to produce 1,800 MW of electricity and 464,100 cu m a day of desalinated water, NBK said.

The main contract bid is set for this month (February), with a planned budget of KD820 million ($2.7 billion).

• $1.1bn deals push for Bahrain airport
• OOC unit seeks bids for Duqm terminal
• Berger opens Oman’s biggest paint plant
• Industrial city project on track
• Qatar to issue metro and tram tenders
• Aces wins Fifa stadium work
• Update
• Mitsui, Acwa seal $2.3bn power deal
• Habtoor plans Cairo complex
• Kuwait contracts top $32bn in 2015
• New city centre on way in Egypt
• GFH starts Harbour Row work
• Famco inaugurates branch office in Bahrain
• GCC project contract values to plunge 15pc
• Napco extrusions for Anantara hotel
• Pro Partner eyes expansion
• Hidd housing makes headway

Tags

Oman Big 5 Saudi Ceilings & Floors Ceramics & Sanitary Ware Access Equipment MEP Services Kitchens Just Out Legally Bound Regional News Saudi Focus UAE Focus Events Diary of Events Editorial Calendar - 2016 Contractors Real Estate Interiors Tenders Manufacturers & Procurement

Gulf Construction is the undisputed leading trade journal for the building and construction industries of Saudi Arabia and the other Gulf states. The magazine provides editorial coverage on a wide range of topics which are of interest to industry professionals. In addition, regular features highlight technological developments within specific industry fields. Launched 40 years ago, the magazine has established an enviable reputation as an authoritative, respected journal with unmatched coverage of the Gulf region. Gulf Construction is essential reading for anyone with a serious interest in the region’s building and construction industry.