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Reports suggest that, in 2015, Kuwait was the sole GCC country to exceed project award forecasts after giving the go-ahead for projects worth a record US$30bn in the first 10 months
With planned developments worth an estimated US$123.6bn, according to MEED, and US$68.9bn government construction budget for 2016, Kuwait’s construction industry offers huge business opportunities.
The construction industry is also expected to grow at a CAGR of 6.44 per cent from 2016 to 2020, says a Timetric report. This is due to the government developing projects in areas including rail, infrastructure and airport under its Vision 2035 programme, the report reveals.
To effectively tap into the Kuwaiti market, dmg events will host The Big 5 Kuwait 2016 from 25-27 September at the Kuwait International Fair.
Last year, The Big 5 Kuwait grew by 21 per cent across all participants, with a 43 per cent growth in international exhibitors. This year, more than 200 local and international exhibitors are expected to converge in the 4,700 sq m of space.
Ashley Roberts, event director of The Big 5 Kuwait, says, “The 2015 figures are a clear sign of the show’s success and they are set to grow even further in 2016 as we will bring the best of The Big 5 show to Kuwait.”
Latest trends, findings, insights and issues in the sector will be discussed at The Big 5 Kuwait in free-to-attend CPD-certified workshops delivered by industry experts from DLA Piper, KEO International Consultants, Kuwait Oil Company (KOC), among many others.
Also, ‘How to Trade in Kuwait’ seminar will offer useful tips and information to tap into the market and effectively conduct business in the current scenario.
Roberts adds, “Today, The Big 5 Kuwait is an unmissable event for all industry players interested in the business opportunities that Kuwait has to offer.”
To address growing demand, visitors at The Big 5 Kuwait will be able to meet new exhibitors from 24 countries including Germany, Italy, Turkey, among many others. This year also sees a Serbia exhibit for the first time. Visitors will have the opportunity to source new certified products and review existing ones and meet suppliers.
On Day Three, a free-to-attend Sustainability Day will be held to offer strategic insights and highlight best practices and opportunities for industry players. With the recent introduction of New Direct Investment Promotion Law, Kuwait has also encouraged the creation of new and larger companies in the country.
Roberts states, “The sector is now benefitting from the government’s initiative to develop the public private partnership (PPP) model. To leverage the fresh momentum experienced by the Kuwaiti market, our event will highlight advanced solutions and products for the local construction sector.”
The Kuwait government’s Vision 2035 comprises five separate five-year plans that aim to reduce oil dependency by transforming Kuwait into a diversified commercial and financial hub. The latest plan (2015-2020) sets aside US$116bn for a broad range of projects including 45,000 new housing units, a metro and railway system and a new refinery.
With an investment of US$7bn, the 171km Kuwait Metro Rail is due for completion by 2020. The government also plans to start construction work of the Kuwait National Rail Road System, a long-distance railway project, under the five-year development programme 2015-2020. The projects are expected to be completed by 2018 at a cost of US$10bn.
According to the organiser dmg events, The Big 5 Kuwait is set to capitalise on the opportunities that will be created with such a high level of investment, giving visitors access to thousands of innovative products, knowledge and new contacts that will help them drive their business forward.