Kuwait : Construction activity rebounds in 4Q22, helps lift subdued year for projects market

Janvier 2023
NBK Economic Research (3 pages).

Project activity picked up pace in 4Q22 after a lackluster third quarter. The value of awarded projects rose 688% quarter-on-quarter (q/q) to KD383 million, from a near-twenty year low in 3Q22. This was mostly on Kuwait Oil Company (KOC) contracts. (Chart 1.) Project awards in the final quarter were still down 32.5% y/y, however, capping a subdued year that was marked by legislative delays, supply-chain disruptions and higher costs—materials and labor especially. The total value of project awards in 2022 came in at KD832 million (-46.6% y/y), the second lowest full year outcome since 2005.