Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Construction in Kuwait - Key Trends and Opportunities to 2023” under Construction category. The Kuwait Construction Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.

Kuwait's construction industry suffered a downturn for a third year in a row in 2018, where it contracted by 4.0% in real terms, preceded by annual declines of 1.4% and 0.4% in 2016 and 2017 respectively. This decline can be attributed to economic slowdown and a fall in oil prices, which worsened the business environment in the country. In October 2018, the country did not export any oil to the US for the first time in 25 years; this resulted in lower government earnings, which in turn reduced investments in construction projects.

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The industry’s output value is expected to recover over the forecast period (2019-2023), with investments in transport infrastructure, energy and residential construction projects. The government’s aim to reduce the country’s dependency on the oil and gas sector, with a particular emphasis on the non-oil sector, will drive funding towards infrastructure, industrial and institutional construction projects. Forecast-period industry growth will also be supported by the New Kuwait 2035 Development Plan, under which the government is investing in infrastructure, tourism, service industries, the information technology sector and renewable energy infrastructure in the country. Moreover, in January 2019, the Ministry of Economic Development presented the development plan 2019-2020 in front of the government, under which it aims to develop 135 projects and 32 programs with a total investment of KWD3.5 billion (US$11.7 billion) by 2020.

In real terms, the industry’s output value is forecast to rise at a compound annual growth rate (CAGR) of 3.08% over the forecast period - up from 0.65% during the review period (2014-2018).

"Construction in Kuwait - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into the Kuwaiti construction industry, including - 
- The Kuwaiti construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Kuwaiti construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Key Highlights

- Our expects the energy and utilities construction market to record a forecast-period CAGR of 7.91% in nominal terms, driven by investments in energy and utilities construction projects. The government aims to increase the country’s oil production capacity by 25.0%, going from 3.2 million b/d in 2017 to 4.0 million b/d by 2020. Moreover, it aims to increase the country’s gas production from 5.7 million m3 per day in 2017 to 28.3 million m3 per day by 2020. The government plans to invest KWD33.8 billion (US$112.0 billion) in the oil and gas sector by 2022.
- Kuwaiti construction industry’s forecast-period growth will be supported by the government’s focus on the development of the country’s overall infrastructure under the New Kuwait 2035 Development Plan. The government aims to diversify the country’s economy towards a non-oil economy, in order to transform the country into a regional, financial and cultural hub and support economic development. The plan seeks to invest in the infrastructure, tourism, service industries and the information technology sector, and promote investments in renewable energy infrastructure. In order to accomplish these developments, the government plans to invest KWD30.2 billion (US$100.0 billion) by 2023.
- Our expects the residential construction market to record a forecast-period CAGR of 5.99% in nominal terms, driven by the government’s aim to provide affordable houses to the country’s middle- and low-income citizens. The market will also be supported by the country’s rising population, urbanization, and positive developments in regional economic conditions. In March 2018, the Kuwait's Public Authority for Housing Welfare signed an agreement worth KWD29.0 million (US$96.0 million) with Turkey's Limak Holding to build 3,260 housing units in the country by 2020. By the same year, the government is expected to deliver 45,000 affordable housing units.
- Forecast-period growth in the infrastructure construction market will be driven by the government’s effort to upgrade the country’s roads, ports and aviation infrastructure. In March 2018, the government announced plans to spend KWD8.0 billion (US$26.6 billion) on the development of new road projects in the country; it aims to facilitate the development of 80 road projects. Furthermore, the government is developing Mubarak Al-Kabeer Port with an estimated investment of KWD2.0 billion (US$6.6 billion) by 2019.
- The total construction project pipeline in Kuwait - as tracked by us, and including all mega projects with a value above US$25 million - stands at KWD81.0 billion (US$268.2 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 74.5% of the pipeline value being in projects in the pre-execution and execution stages as of April 2019.

Scope

- This report provides a comprehensive analysis of the construction industry in Kuwait.
- Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Kuwait, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants.

Reasons to buy

- Identify and evaluate market opportunities using 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 strategy using critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors

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