Kuwait's construction industry is set to grow to 6.44 per cent over the forecast period of 2016-2020, owing to the Government's initiatives to boost infrastructure development, according to a report.
The Construction in Kuwait – Key Trends and Opportunities to 2020 report found that the value of Kuwait’s construction industry rose at a compound annual growth rate (CAGR) of 5.23 per cent, in real terms, during the review period 2011-2015.
Though Kuwait has fallen behind other GCC countries in terms of construction growth over the past couple of decades, major projects are currently in development across the country in multiple sectors including aviation, healthcare, education and residential developments.
In fact, six of the top ten projects in this report are healthcare projects with hospitals like the Jaber Ahmed Al Jaber Al Sabah Hospital - South Surra, Childrens Hospital - Al Shuwaikh and the Kuwait Maternity Hospital - Sabah Medical Area currently in design phase or under construction as well as expansion projects like the New Farwaniya Hospital breaking ground.
Kuwait’s Vision 2035, which aims to develop the country’s road, railway, and airport infrastructure, is also a key driver for this growth.
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