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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 massive business opportunities
Organised by dmg events, The Big 5 Kuwait 2016, taking place from 25-27 September at the Kuwait International Fair, will host over 200 local and international exhibitors across 4,700 sq m of space, where thousands of certified products will be introduced from 24 countries.
Last year, The Big 5 Kuwait grew by 21 per cent across all participants, with a 43 per cent growth in international exhibitors.
Ashley Roberts, event director of The Big 5 Kuwait, says, “These 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 tailoring our 36 years’ experience to the needs of the local construction industry.”
The 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 and many more. Moreover, the ‘How to Trade in Kuwait’ seminar will offer useful tips and information to tap into the Kuwait market and effectively conduct business.
Roberts adds, “Today, The Big 5 Kuwait is an unmissable event for all industry players interested in the huge business opportunities that Kuwait has to offer.”
The construction industry in Kuwait is expected to grow at a compound annual growth rate 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, road, and airport under its Vision 2035 programme.
Recently, the Kuwaiti construction sector has profited from the New Direct Investment Promotion Law, which addressed flaws in the previous system, encouraging the creation of new, large 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. Following three hugely successful editions, we are developing the event to ensure that The Big 5 Kuwait maintains its position as the leading event for the construction community in Kuwait.”
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.