KUWAIT CITY, Jan 28:  MEED magazine has reported that the Public Authority for Housing Welfare (PAHW) has received offers from contracting companies for the construction of two residential projects. These projects involve the creation of 1,777 homes with accompanying infrastructure in sector "BB3" and the construction of 1,568 homes with their infrastructure in sector "BP1."

Previously, the magazine noted that PAHW had set a deadline of December 21, 2023, to solicit offers for these tenders. However, the date for submitting offers for the main contract to construct 60 residential buildings in Sabah Al-Ahmad Residential City has been extended to December 26, reports Al-Rai daily.

MEED also highlighted that the construction sector in Kuwait was the second-largest project sector last year. In 2022, contracts worth about $627 million were awarded, while the volume of contracts in 2023 is approximately $600 million. These figures, however, are lower than the annual average between 2018 and 2022, which amounted to $1.8 billion. The current numbers are also lower than the average of $4 billion annually spent in the previous five years.

The magazine estimated the value of planned and non-awarded construction projects in Kuwait at around $22.9 billion. This includes projects worth $8.7 billion under study, $6.6 billion in the design stage, and $7.6 billion in the proposals stage.

Furthermore, MEED revealed that among the latest scheduled projects are real estate development projects worth $8 billion in the region, divided between Saudi Arabia and Kuwait.