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Kuwait Infrastructure Report Q1 2010
Market |
Construction |
Report Type |
Market Research |
Country |
Kuwait |
Published |
5 November 2009 |
Number of Pages |
61 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
With many neighbouring countries showing tentative signs of recovery, Kuwait’s infrastructure sector still faces tough times ahead. Forecasts for the industry remain static for 2009 with the report predicting slight year-on-year (y-o-y) growth of just 1.41%. This is expected to fall back again in 2010 to a negligible 0.01% growth and even by the end of the forecast period, in 2014, there will be growth of only 3.18%.
The construction industry in Kuwait is expected to be worth US$2.54bn in 2009.
Infrastructure projects in Kuwait have been badly hit by postponements and cancellations over the last year but many, at least in some sectors, are now being re-tendered. The power sector has seen the most movement, with high-profile contracts such as the Subbiya power plant re-tendered successfully. In August, General Electric (GE) was awarded the contract for US$2.65bn. In most cases re-tendering has resulted in lower costs and tighter specifications. Plans to provide a connected power grid across GCC countries also moved a step closer in July with the link up of Kuwait’s and Qatar’s electricity grids.
Overall, Kuwait has dropped one place in the Middle East Business Environment ratings this quarter to seventh, one place above Iran. Of all the GCC countries, Kuwait ranked the lowest, scoring 56.8 out of 100. This was largely due to a less transparent and competitive infrastructure sector, which outweighed the country’s limited country risks. Kuwait did better in terms of Project Finance ratings, achieving a score of 61.7 for design and construction and 60.3 for commissioning and operating. This resulted in an overall ranking of sixth for Project Finance and a score of 60.6.
The business environment across the region as a whole is still fragile, and Kuwait faces specific problems of its own. A recent report published by the International Finance Organization and the World Bank, stated that conducting business in Kuwait has become more difficult over the last year. The country's ranking dropped from 52nd last year to 61st among the 183 countries covered in the study. The report stated that the decline in ranking could affect the country's competitiveness and attractiveness to foreign investors. Initiatives such as the development of a single currency, currently under discussion, and monetary union for Gulf States may offer opportunities for Kuwait to develop through closer regional ties.
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