Kuwait CGCC company gets two separate construction and oil pipeline $132 million in Kuwait .
30 November 2021, 12:00 AM
31 December 2021, 12:00 AM
Kuwait’s Combined Group Contracting Company (CGCC) has won two separate construction and oil pipeline contracts in the Gulf emirate worth around $132 million.
CGCC reverted to profits of around 1.59 million dinars ($5.2 million) in the first half of 2021 from a loss of nearly 6.9 million dinars ($22.7 million) in the first half of 2020.
In a statement on Kuwait’s bourse, CGCC said the first project involves construction work at the planned Mutla residential city in North Kuwait.
The project will be completed within 12 months and will enable the firm to make good profits and the project has a value of 26.7 million dinars ($88.1 million).
The second contract, worth around 13.3 million dinars ($43.9), is for pipeline work for the state-owned Kuwait Oil Company in North Kuwait, it added without providing further details, the statement added.