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FINANCIAL NEWS
Kuwait to launch USD27bn deals
24 Jul 2016
(MENAFN) Kuwait’s market awaits USD27 billion worth of contracts before year-end, in spite of the low oil prices, an official source said.
Kuwait awarded USD2.7 billion worth of deals in the second quarter, bringing the total value of contracts awarded so far this year to USD7.5 billion, said National Bank of Kuwait (NBK).
By the end of June, Kuwait’s projects market, both running and planned, has increased to USD255 billion, an increase of 2.9 percent year-to-date.
Although Kuwait’s project market faces many challenges on top of low oil prices, the economy is cash-rich and the government has an ambitious five-year plan to enhance the country’s economy.
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