The value of public projects awarded by Kuwait jumped by nearly 57 percent in the first nine months of 2023 following a surge in capital spending due to higher oil prices.

Official data published by Alanba newspaper on Monday showed the value of those contracts awarded to listed companies totalled nearly 1.335 billion Kuwaiti dinars ($4.4 billion) in the first nine months of this year compared with KWD850 million ($2.8 billion) in the previous year period.

It noted that 106 projects were awarded during January-September 2023.

The Heavy Engineering Industries and Shipbuilding Company (Heisco) emerged as the main winner of those projects, grabbing 32 contracts with a combined value of around KWD1.042 billion ($3.43 billion).

Power projects were the largest this year, with a total value of nearly KWD500 million ($1.65 billion), followed by oil contracts, which were worth around KWD410 million ($1.35 billion), according to the report.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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