Kuwait Construction Industry to Hit USD17.5 Billion by end of 2014
Kuwait’s construction industry is set to draw in $17.5 billion-worth of contracts by the end of 2014, nearly doubling the $9.8 billion seen in 2011.
The report conducted by Ventures Middle East puts this rapid growth down to a steady pipeline of major infrastructure projects ongoing and planned for the country, including the Kuwait International Airport (KIA) re-development project, Kuwait Metro project, and the Kuwait National Rail Road System.
Kuwait International Airport
The $698.5 million KIA redevelopment project is one of the key projects in Kuwait, which includes improvement of airport buildings and enhancement of other facilities such as fire stations, rescue centers and service roads.
The planned expansion will increase the airport’s annual capacity to 20 million passengers. Likewise, the construction of the second terminal worth $3.3 billion will be able to handle 13 million passengers annually during the first phases, with plans to increase to 25 million and 50 million during subsequent phases.
The $7 billion Kuwait Metro project is another vital project currently in the stages of design and supervision. Nearly 65 per cent underground, the Metro will cover more than 160 km, comprising 69 stations on its three lines.
The Kuwait National Rail Road System to be built at an investment of $10 billion will be an integrated rail network with a total length of 511 km double track. To be built on a “build, operate and transfer” (BOT) basis, the project is currently in the final process of design with budget and allocation being already made and the tendering process expected to commence soon.
The Big 5 Kuwait
In line with these industry developments, The Big 5 Kuwait, Kuwait’s largest building and construction exhibition, has announced the launch of its second edition, following a successful debut last year.
To be held from September 22 – 24, 2014 at the Kuwait International Fair, the exhibition will showcase a comprehensive range of innovative products and cutting edge technologies for the construction sector.
Andy White, Group Event Director, The Big 5, said, “The demand for fresh technology and new building material is on a steady rise in Kuwait, driven by a robust performance of the construction and infrastructure sector.
“The total cost of infrastructure and construction projects in 2014 will touch $23.2 billion. All this activity strongly supports the need for The Big 5 Kuwait, which is set to present the latest tools and equipment for the construction sector during its second edition.”