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Tuesday , November 19 2019

Contracts of higher worth did not improve Kuwait’s ranking

KUWAIT CITY, May 20: Even though the value of contracts floated by Kuwait increased by $401 million to reach $720 million in April 2019, which was 125 percent higher compared to $319 million recorded in March, it has not helped Kuwait improve its ranking among the GCC countries, as it is in the fourth position, followed by Bahrain and Oman, which did not make any contracts in the month of April, reports Al-Anba daily.

The contracts that were awarded included two major contracts. The first contract, valued at $480 million, is related to the construction of a strategic pipeline for the export of gas for Kuwait Oil Company (KOC) from northern Kuwait to Ahmadi. The second contract, worth $240 million, was related to the second phase of the southern part of the regional road project.

Saudi Arabia tops the list with $3.9 billion, followed by the UAE with $1.38 billion, Qatar with $1.36 million, while Oman and Bahrain are missing from the list. In the Middle East, the value of contracts raised from $8 billion in March to $9.4 billion in April, a growth of 17.5 percent. Iraq and Egypt recorded contracts worth $1.2 billion and $676 million respectively.

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