Kuwait Real Estate News
Kuwait construction contracts to touch USD17bn by the year-end
The Big 5 Kuwait, the largest building and construction exhibition has announced dates for its second edition. The construction sector has witnessed considerable growth at a steady pace, driven by the announcement of various infrastructure projects in recent times.
The Ventures Middle East report says that the construction contracts in the country are likely to touch USD17.5bn by end of 2014 from USD9.8bn in 2011.
Among the major infrastructure projects under various stages of planning and construction are Kuwait International Airport (KIA) re-development project, Kuwait Metro project, and the Kuwait National Rail Road System.
In-line with these industry developments, The Big 5 Kuwait, the largest building and construction exhibition in Kuwait has announced launch of its second edition, following the success of the first edition last year.
The second edition will be held from 22nd September to 24th September 2014 at the Kuwait International Fair. The exhibition will showcase a range of innovative products and cutting edge technologies for construction sector.
Apart from this, The Big 5 Kuwait will also feature a Live Demonstration Theatre to give hands-on demonstrations of the new products along with other special events like the FM Congress, networking round tables, certified workshops and How to Trade in Kuwait Seminar. All these special features are free to attend for all and have been designed for Kuwait construction sector to ensure continued professional development of its delegates.
The USD698.5mn Kuwait International Airport re-development project is one of the major projects in Kuwait, which include improvement of airport buildings, improvement of facilities like fire stations, rescue centres and service roads. The planned expansion will increase the annual capacity of the airport to 20 million passengers. Similarly, the construction of second terminal worth USD3.3bn will have the capacity to handle about 13million passengers annually during the initial phases, with plans to increase to 25mn and 50mn during subsequent phases.
The Kuwait Metro project is another vital project, currently in the stages of design and supervision. About 65 percent underground, the Metro will cover more than 160km comprising 69 stations on its three lines. Lastly, the Kuwait National Rail Road System will be built at an investment of USD10bn, with an integrated rail network of total length 511 km double tracks. The project is in its final process of design with budget and allocation being already made and tendering process likely to begin soon.
With the robust performance of construction sector in Kuwait, the demand for fresh technology and new building material is on a steady growth. The total cost of infrastructure and construction projects this year will touch USD23.2bn.
The Big 5 Kuwait is all set to present the latest tools and equipments for construction sector during the second edition of the show. This year, with larger exhibition area on the offer, the industry professionals will have better opportunity to showcase and source their new and international products, a place to network and also to continue their professional development through the free educational features.
Launched in 2013, The Big 5 Kuwait received an overwhelming response for its debut show with participation of more than 5000 industry professionals which include engineers, architects, contractors and developers, who attended the three-day event to source products for USD116bn real estate and infrastructure projects that are underway in the country.
Being the largest construction exhibition in the country, the Big 5 Kuwait complements the growing momentum in Kuwait construction sector by offering fresh concepts and solutions in building technology.
Read more news