Kuwait Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)

Kuwait Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)

Summary

GlobalData’s Construction in Kuwait - Key Trends and Opportunities to 2028 (H2 2024) report provides detailed market analysis, information, and insights into Kuwait’s construction industry, including -

• Kuwait’s 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 Kuwait’s construction industry
• Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

The construction industry in Kuwait is expected to decline marginally by 0.6% in real terms in 2024, owing to high construction costs, political instability, budgetary cuts for several infrastructure projects, and falling project revenue projections; especially due to decline in oil export earnings. As part of the 2024/25 Fiscal Year (FY) Budget (1st April 2024 to 31st March 2025), approved in January 2024, KWD24.5 billion ($79.7 billion) is allocated for capital expenditure, which is 6.5% less compared to expenditure of KWD26.2 billion ($85.2 billion) in FY2023/24. According to FY2024/25 Budget, tax revenue is projected at KWD18.7 billion ($60.8 billion), with revenue from the oil sector projected at KWD16.2 billion ($52.7 billion), while non-oil sector revenue is estimated to stand at KWD2.4 billion ($7.8 billion), giving Kuwait a budget deficit of KWD5.6 billion ($18.33 billion).

In May 2024, the government announced plans to freeze its National Assembly until 2028 to streamline decision-making and in turn, enhance focus on key projects and reforms without legislative interruptions. This move comes in response to opposing a project by the US based chemical producer, Dow Chemical, in November 2023, which led to a fine of KWD614.7 million ($2 billion) on the government.

Scope

This report provides a comprehensive analysis of the construction industry in Kuwait. It provides -

• Historical (2019-2023) and forecast (2024-2028) 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 GlobalData's 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 GlobalData's critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.