Kuwait’s project awards decline in July

  • Date: 16-Aug-2022
  • Source: Kuwait Times
  • Sector:Real Estate
  • Country:Kuwait
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Kuwait’s project awards decline in July

By Majd Othman

KUWAIT: Kuwait recorded a 12.5 percent ($12 million) decline in the value of projects awarded in July 2022, as the value of total project awarded reached $84 million in the month. In June, projects worth $96 million were awarded, according to a report published by MEED Projects.

The report showed that Kuwait ranked fourth in GCC and sixth regionally in the list of signed project awards, while Qatar recorded the highest amount in July with $1.1 billion, followed by Saudi Arabia with $934 million. The UAE closed the top three rankings in the awarding of contracts in July, with deals worth $819 million signed.

Speaking to Kuwait Times, Maitham Al-Shakhs, an independent economic researcher, analyzed the reasons behind the decline in Kuwait’s project awards and its possible implications on the state economy. He pointed out the main reason for this decline is related to the political situation and disputes in the National Assembly.

“The political stalemate in the parliament is the main reason for the delay in awarding projects. If deputies had turned their attention to study and pass such important files as priorities, it would have been better than the political struggle over the issue of formalities in the nomenclature