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.”
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.