Construction & Real Estate

As in many other countries, the construction industry in Kuwait was one of the first-hit areas of the economy during the global recession. However, because of this, the sector is set to benefit from hundreds of billions of dollars in infrastructure spending to be spent over the next 20-25 years as part of Vision 2035. This investment will be staggered over a series of five-year plans, the first of which being the National Development Plan (NDP), which will run until 2014. Key to the NDP will be the development of several transport projects that will improve the efficiency of commuter and construction networks. In addition, a number of human development projects are in the works, with several universities, medical facilities and hospitals set to be built in the coming years. Residential construction is also a key aspect of the plans, and to help meet growing housing demand, the government is planning six new residential cities across the country with a total of 70,000 units. The government sees liquidity injection and private-sector participation as key means of achieving these ambitious targets.