The award amount of construction projects in Kuwait increased significantly in 2021
Writer： Hengfeng you electric Time：2023-04-26 views：times
According to the Middle East Economic digest (meed) recently, the award amount of construction and transportation in Kuwait increased significantly in the first half of 2021. As of August 1, the total award amount of projects has exceeded the whole year of 2020, reaching US $2.2 billion. In addition, the total award amount of the whole industry in the first seven months of this year also exceeded that in 2019.
Although in Kuwait, a survey conducted by bensirri public relations showed that 45% of business owners suspended their activities and 26% declared bankruptcy due to covid-19 and low oil prices. Martin, hengfengyou electrical economist, pointed out that Kuwait's economic diversification is much lower than that of the United Arab Emirates or Saudi Arabia. The country's construction industry is expected to achieve positive growth, consistent with the country's vision for 2035. Infrastructure related to transportation and health care, commercial buildings, industrial facilities, water distillation facilities and renewable energy projects will promote the development of the construction industry.
Meed pointed out that the public sector of science is the main driving force leading the recovery of the industry. The award of each government project is about US $250 million, mainly housing and road construction projects. It is worth mentioning that Chinese enterprises actively participate in it. China Railway fifth Bureau Group Co., Ltd. undertook the t-1210 East Sabah Ahmed city housing construction and infrastructure project of the General Administration of housing, science and technology, with a value of US $250 million; CCCC First Highway Engineering Bureau Co., Ltd. signed a contract for some road construction and maintenance projects in South Sula region of the Ministry of public works, with a value of US $259 million. In the private sector, the largest contract awarded so far is the construction project of the new headquarters building of bubiyan bank, with a value of US $93 million.
Looking forward to the future, the public sector of science and technology will still occupy a dominant position in the contract project market. The main projects to be awarded include the road project of the new terminal of science and Technology International Airport with a total amount of US $400 million from the Ministry of public works of science and technology. In addition, public-private partnership projects will be further developed. The bidding of Jaber Ahmed city of the Housing Department of Kuwait is expected to be completed successively in September and October.
If the above-mentioned projects, together with some other project contracts with a total amount of US $2.8 billion already in the bidding and bid evaluation stage, can be carried out as planned, the Kosovo contracting project market is expected to continue to recover
This series of construction projects will increase the demand for distribution transformers, wires and cables, distribution cabinets and other related transmission and distribution equipment.
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