The value of projects awarded by the Kuwaiti government to companies listed on the bourse plunged by nearly 38 percent in the first nine months of 2024, official figures have shown.

From around 1.3 billion Kuwaiti dinars ($4.29 billion) in the first nine months of 2023, the value of the awarded contracts dipped to nearly KWD823 million ($2.72 billion) in the same period of 2024, showed the figures published by Alanba newspaper on Tuesday.

One of the largest contracts this year was awarded to the Heavy Engineering Industries and Shipbuilding Company (Sofon) with a value of KWD136.6 million ($450.8 million) for the installation of steam turbines at Al-Zour power plant, the report said.

The Finance Ministry report showed the Combined Group Contracting Company emerged as the biggest beneficiary of contracts in 2024, grabbing 12 projects with a total value of around KWD284 million ($937 million), nearly 35 percent of the total contracts awarded in the first nine months of 2024.

(Writing by Nadim Kawach; Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.