High global oil prices have enabled Kuwait to maintain a trade surplus despite the domestic political changes observed in recent years, measuring a GDP growth of 8.9% in 2022. Although 2023 saw the country’s GDP contract by 0.6% amid global headwinds, diversification efforts guided by New Kuwait 2035, new infrastructure developments in and beyond the hydrocarbons sector, and a push for privatisa
Interview:Mazen Hawwa In what ways has the Covid-19 pandemic changed the real estate business, and where do you see opportunities for growth moving forwards? MAZEN HAWWA: The priority for a private real estate development company is to maintain the client’s trust and deliver on business agreements, and safeguard shareholders’ interests while preserving the required financing and liquidity…
As the construction industry redefines its priorities to ensure sustainability, there is increasing recognition of the benefits of regenerative architecture as a means of lowering emissions. According to the “2019 Global Status Report for Buildings and Construction” published by the UN Environment Programme (UNEP), the construction sector accounts for nearly 40% of global energy-related greenhouse…
Kuwait’s construction and real estate sectors rebounded in the years preceding the Covid-19 pandemic following the 2017 unveiling of New Kuwait 2035, the government’s overarching development blueprint, heralding an extensive infrastructure pipeline. This sparked growth in construction activity, and saw a host of new residential and commercial properties enter the market. In spite of that reinvigoration,…
Kuwait’s construction and real estate sectors rebounded in the years preceding the Covid-19 pandemic, following the 2017 unveiling of New Kuwait 2035, the government’s overarching development blueprint, which heralded an extensive infrastructure pipeline. This sparked growth in construction activity, and saw a host of new residential and commercial properties enter the market.In spite…
Aided by elevated oil revenue and the resumption of economic activity after the Covid-19 pandemic, Kuwait was able to narrow its budget deficit for FY 2021/22 year and record GDP growth in excess of 8% in 2022. With a newly elected Parliament in place and a new Cabinet appointed, there is renewed hope that the country will undertake the reforms needed for long-term economic growth and diversificat
Urbanisation is a mega-trend redefining contemporary life in both developed and emerging markets across the world. This mass rural-to-urban movement of people and expansion of cities to absorb formerly isolated villages is a relatively recent phenomenon, at least in the developing world. According to the UN, in 1950, 751m people lived in urban areas; however, by 2018 this number had risen to…
The New Kuwait 2035 vision aims to deploy the nation’s oil wealth to diversify the economy. The private sector is vital to this, with partnerships and privatisation, improvements to the business environment, and efforts to attract foreign direct investment (FDI) and harness knowledge from abroad all being key moves. Kuwait seeks to attract $200bn in FDI during 2020-35 to become a global centre f
After some years of slowing growth, Kuwait’s real estate sector saw signs of a significant revival in 2018, with sales increasing and prices stabilising. At the same time, new projects are under way, with a number of large-scale, mixed-use developments nearing completion. Better economic growth overall, fuelled by rising oil prices and a government infrastructure programme, has also created a more…
After some years of slowing growth, Kuwait’s real estate sector saw signs of a significant revival in 2018, with sales increasing and prices stabilising. At the same time, new projects are under way, with some of the first of a number of large-scale, mixeduse developments nearing completion. Better economic growth overall, fuelled by rising oil prices and a government infrastructure programme,…
