Recently published research from Timetric, "Construction in Kuwait - Key Trends and Opportunities to 2017", is now available at Fast Market Research
PR-Inside.com: 2014-03-01 15:35:13
The Kuwaiti construction industry recorded a CAGR of 7.50% during the review period (2008-2012). Cash surplus from oil and gas revenues allowed the government to make concessions and provide subsidies, which helped it to avoid the civil uprisings that have affected much of the Arab region. However, the government is trying to lower the country's reliance on oil revenues and announced a KWD39 billion (US$130 billion) National Economic Development Plan for 2010-2014, with the aim of diversifying the country's economy. Subsequently, significant investments are being made to improve the country's transport infrastructure and increase participation in the private sector; although progress has slowed due to excessive bureaucracy and corruption. The industry's output is expected to record a CAGR of 4.94% over the forecast period (2013-2017).
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* The construction industry in Kuwait is set to thrive, due to new projects from the private sector and an increase in demand for residential, commercial and infrastructure activity. A number of large projects are currently planned or underway, accounting for a total of KWD52.6 billion (US$188 billion). The following projects are likely to be completed over the next six to seven years: the government's ongoing metro project at KWD1.9 billion (US$7 billion), Kuwait International Airport at KWD0.9 billion (US$3.3 billion), a motorway construction project at KWD1.7 billion (US$6.2 billion) and the Subiya causeway at KWD0.7 billion (US$2.6 billion).
* According to the National Bank of Kuwait (NBK), the real growth of GDP, in terms of oil production, slowed from 6.1% in 2012 to 3.2% in 2013, whereas the growth of non-oil GDP increased from 4% in 2012 to 4.7% in 2013. Kuwait is small, but has emerged as the second-wealthiest nation in the Gulf Corporation Council (GCC), with a per capita GDP of around KWD51.5 billion (US$184 billion). The country accounted for 7% of the total world reserves, with crude oil reserves of 104 billion barrels in 2012. In 2010, the Kuwaiti government introduced the National Economic Development Plan 2010-2014 to diversify from oil reserves and increase participation in the private sector. The plan is expected to allocate KWD36.4 billion (US$130 billion) to the development of residential, infrastructure, commercial and industrial markets.
* Within the GCC, Kuwait emerged as the fourth-largest country undertaking high-end value projects, after the UAE, Qatar and Saudi Arabia. The project market is anticipated to flourish in 2014, although it may face excessive bureaucracy, budget surpluses and a scarcity of labor, resulting in the increasing cost of labor. Projects worth KWD3.8 billion (US$13.7 billion) will be signed in the first quarter of 2014 and contracts worth KWD2.6 billion (US$9.5 billion) will be signed at the end of 2014. Kuwait's clean fuel and new refinery projects will together account for more than KWD4.2 billion (US$15 billion) and form the strength of Kuwait's economy.
* The GCC is undertaking a railway network project and construction work worth KWD55.9 billion (US$200 billion) will start in 2014. The project will link six GCC states in the Middle East and is expected to be operational by 2018. The Saudi Railway Organization (SRO) is involved in the engineering and design of the rail network. It involves the construction of 3,954km of rail line, covering the Gulf coast and extending from Oman to Kuwait, passing through the UAE, Bahrain, Qatar and Saudi Arabia. Progress on the project has been hampered by political and technical issues, although it will create a long-lasting impact on the country's economy by encouraging trade.
* The residential construction market is driven by a number of factors, such as the rate of urbanization, demographics, property prices and the disposable income of citizens. According to the Central Intelligence Agency (CIA), the country's urban population accounted for 98.3% of the country's total population in 2011. Moreover, the rate of urbanization is expected to grow at a rate of 2.42% annually during 2010-2015, while the Department of Economic and Social Affairs states that the country's urbanization rate is expected to increase.
This report provides a comprehensive analysis of the construction industry in Kuwait. It provides:
* Historical (2008-2012) and forecast (2013-2017) valuations of the construction industry in Kuwait using construction output and value-add methods
* Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
* Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
* Analysis of key construction industry issues, including regulation, cost management, funding and pricing
* Assessment of the competitive environment using Porter's Five Forces analysis
* Detailed profiles of the leading construction companies in Kuwait
Reasons to Get this Report
* Identify and evaluate market opportunities using our 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 business strategies using Timetric's critical and actionable insight
* Assess business risks, including cost, regulatory and competitive pressures
* Evaluate competitive risk and success factors
Companies Mentioned in this Report: Combined Group Contracting Company KSCC, Kharafi National, Heavy Engineering Industries and Shipbuilding Company KSC, Mushrif Trading & Contracting Co., Mohammed Abdulmohsin Al-Kharafi & Sons Company
Timetric is an independent economic and business research firm providing critical intelligence on emerging economies and key global industries. They provide detailed economic and sector intelligence, business insights and authoritative, independent commentary. View more research from Timetric at www.fastmr.com/catalog/publishers.aspx?pubid=1037
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