Kuwaiti construction sector to grow to $9.19 billion by 2028
Despite facing numerous challenges related to time, cost overruns and the capacity to post better industry performance, the Kuwaiti construction industry is growing at a rapid pace and is projected to be valued at $9.19 billion by 2028 according to Verified Market Research.
The local construction market includes a wide range of activities that cover upcoming, ongoing, and growing construction projects in different sectors, including commercial, residential, industrial construction, infrastructure transportation, energy, and utilities.
Between 2022 – 2025, the local construction industry is expected to witness an annual average growth north of 6%. When coupled with the government’s programmes to promote the development of economic zones, logistic cities, transport, and renewable energy infrastructure, the Kuwaiti construction field is estimated to post strong rebound in the post-COVID era. The industry is further buoyed and supported by reforms to diversify the economy away from hydrocarbons.
“With the right technology solutions in BIM and Construction Cloud Collaboration Solutions, companies within the construction sector can transform and innovate to become more efficient, competitive, and profitable. The current growth rate of the Kuwaiti construction market is accompanied by certain challenges that continue to stifle the industry’s performance. Companies that intend to rise above the competition within the Kuwaiti and GCC markets need to adopt the right technology solutions. This approach alone can prove to be a game-changer, said Mr Belal Ibrahim Hamouda, General Manager of Grand International Company (GIC).
In this regard, due to the support and service that GIC Kuwait gave to the Architecture Engineering & Construction Industry, they were awarded Autodesk Excellence Award. Which was announced at the Autodesk OTx (One Team Conference) on 16th March 2022. The award was collected on behalf of GIC by Mr. Belal Hamouda, GM of GIC Kuwait & Mr. Abhilash Nair, Regional Manager.
The award emphasises GIC’s commitment towards Autodesk Business and the customers in the Architecture Engineering & Construction sector in Kuwait.
Kuwait is also a fast-emerging IT hub within the Middle East and GCC regions. With the country’s 2035 Vision, the nation is poised to become a financial and commercial center within the region. The rapid development in network connectivity, increased support from government bodies, high adoption of cloud, big data, and IoT services have been strong drivers for the growth of the Kuwait IT industry. Additionally, the private sector’s approach towards adopting the latest in IT solutions, particularly within the construction industry, is a strong indicator of how far the industry will go in the near future.
“For an industry to grow at an unprecedented rate, it requires strong infrastructural, government, and policy support. Kuwait has the ideal combination of all three. Therefore, we believe that the country is on its way to becoming the financial and commercial hub within the Middle East in the years to come, Mr Abhilash. M. Nair, Regional Manager of Grand International Company (GIC), added.”