Construction & Real Estate
From The Report: Kuwait 2022
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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 of that reinvigoration, both the country’s traditional reliance on oil revenue and the fact that
the government has routinely favoured public financing over private for major infrastructure developments has contributed to delays on construction projects in recent years. However, the easing of pandemic-related disruptions and a spike in global oil prices have allowed the government to once again channel funding into housing, energy, utilities, industry and health care infrastructure projects.

This chapter contains an interview with Mazen Hawwa, Vice-Chairman and Group CEO, United Real Estate Company.

Articles from this Chapter

Overview

Renewed development: An easing of pandemic-related restrictions and ongoing housing projects indicate future growth for the industry
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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, both the country’s traditional reliance on oil revenue and the fact that the government…

Interview

Evolving scene: Mazen Hawwa, Vice-Chairman and Group CEO, United Real Estate Company (URC), on adapting to new trends in the sector
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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 to continue operations successfully. As a result of the pandemic, the market experienced a shift…

Analysis

Sustainable by design: Innovative practices contribute to carbon-neutral building
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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 gas emissions. In light of this, a greater emphasis has been placed on sustainable architecture. The…