Construction & Real Estate

Kuwait’s construction and real estate sectors rebounded in the years preceding the Covid-19 pandemic, following the 2017 unveiling of New Kuwait 2035, the government’s overarching development blueprint, which heralded an extensive infrastructure pipeline. This sparked growth in construction activity, and saw a host of new residential and commercial properties enter the market.  In spite of that reinvigoration, both the country’s traditional reliance on oil revenue and the fact that
the government has routinely favoured public financing over private for major infrastructure developments has contributed to delays on construction projects in recent years. However, the easing of pandemic-related disruptions and a spike in global oil prices have allowed the government to once again channel funding into housing, energy, utilities, industry and health care infrastructure projects.

This chapter contains an interview with Mazen Hawwa, Vice-Chairman and Group CEO, United Real Estate Company.