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The value of awarded construction projects in Kuwait is expected to more than double in 2023 after sharply declining in 2022, according to a local bank report.
Awarded construction contracts in the OPEC oil producer tumbled by nearly 67% to 252 million Kuwaiti dinars ($832 million) in 2022 compared with 2021, showed the report by the National Bank of Kuwait.
But the value is projected to sharply rebound to nearly 540 million dinars ($1.78 billion) in 2023 thanks to planned projects in roads and other sectors, said the report, which was published by the Kuwaiti Arabic language daily Alqabas on Friday.
It said power and water projects also declined by around 32% in 2022 year-on-year but it expected them to recover in 2023.
According to the report, the value of projects in this sector could jump if an electricity contract at the Southern Al-Zour oil refinery with a value of 1.2 billion dinars ($3.9 billion) is awarded this year.
(Writing by Nadim Kawach; Editing by Anoop Menon)
