Kuwait Local Time

Latest Kuwait News

Kuwait plans $75bn investment in infrastructure projects

Kuwait plans to invest $75bn infrastructure investments on energy, power, and housing projects until the year 2016, aiming to raise confidence about projects market in the country and the economy as a whole.

Commercial proposals for the three packages constituting the $17bn Clean Fuels Project, would be received. The scheme involves major revamp of the existing three refineries and enhancing their efficiency so that they meet higher international fuel standards.

The project management consultancy contract for the $14bn New Refinery Project has already been awarded earlier, which indicates a turn of fortune for energy sector in Kuwait. On completion, these projects will bear a major impact on the Kuwait economy.

Kuwait also recently issued the much-awaited Kuwait Oil Company tender for $4.2bn Lower Fars heavy oil development. Bids are expected in late January 2014 for one of the largest upstream projects in the region.

The single engineering, procurement and construction (EPC) tender includes five main parts involving steam injection facility, production facilities, support complex, tank farms and a 270,000 barrel per day pipeline to transport heavy crude to planned new refinery in south of Kuwait. The EPC project is unique, because it is planned as a single project, although its production target is modest.

Further prospects for more strong projects market will be the topic of discussion at the forthcoming Kuwait Projects 2013 conference, due to be held later in the month from 25th November to 26th November.

A member of advisory board, Tarek Shuaibk, said that there is favourable changes in Kuwait’s political landscape, which would help in taking projects market forward. Further, with the Parliament support, there will be an active, forward-looking approach with greater will.

Oil and gas sector will be the main beneficiary over the next five years, and a more realistic and intensive approach is expected towards major investments. But this optimism is also seen in other sectors including planned investments happening in healthcare sector worth $3bn, and the $1.2bn Kuwait University Campus project.

In order to recognize the need to promote infrastructure development in Kuwait, the Kuwait Projects 2013 is supported by leading authorities with Ministry of Health, Kuwait Foreign Investment Bureau, Ministry of Public Works and Public Authority for Housing Welfare as supporting partners of the event.

The private sector support has also poured in with Kharafi National signing on as Gold Sponsor, Agility, Al Tamimi & Company and Gulf Bank signing in as Silver and Bronze sponsors.

comments powered by Disqus

Recent Articles

New rule mandates recruitment of Kuwaitis in private sector

Issuance and renewal of driving licenses to go online soon

New rule mandates salary of KD500 or more for visit visas

Longest bridge in the world to be ready this year

Slashing of expat numbers likely to hit economic growth

New decision to stop expat transfer if job title does not match degree

Parents and In-laws allowed three months stay on visit visa

Indian Government defers pre-departure registration for ECNR passport holders

Kuwait plans to slash expat numbers

Kuwait CSC plans to replace expats with nationals in 3140 jobs