Kuwait has approved the budget for more than 90 projects this year, with a capital spending of about KD1.7bn ($5.7bn).According to local media reports, the cabinet approved the project expenditure in its 2025-26 budget on 1 April.“The projects that will be covered by these funds include rail, roads, water, electricity and the Grand Mubarak port,” the media report added. Kuwait awarded about $6bn of contracts for its construction and infrastructure schemes last year.It spent more than $45bn on construction and transport schemes in 2015 and 2016 amid high oil prices, but since then, parliamentary gridlock over government spending and softer oil revenues have seen contract awards fall.GlobalData expects the Kuwaiti construction industry to grow at an annual average growth rate of 7.1% in 2025-28, supported by investments in renewable energy, transport and oil and gas projects, coupled with investments as part of the New Kuwait 2035 National Development Plan. Under this strategy, the government plans to invest KD350m ($1.1bn) to construct several sports projects in the country.The residential construction sector is expected to register an annual growth of 3.8% in 2025-28, supported by the government’s plan to build 65,500 housing units by 2029 through five projects.The infrastructure construction sector is expected to grow at an annual average growth rate of 14.1% in 2025-28, supported by government plans to upgrade Kuwait’s transportation network, particularly through road infrastructure projects. (ICE KUWAIT)

Fonte notizia: Meed