Kuwait’s Contract Awards Plunge in July

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KUWAIT CITY, Aug 17: The MEED magazine stated that after Kuwait recorded a strong performance in the field of contract awards during the past few months, the last of which was the award of contracts worth $583 million last June, the value of awards decreased during July to only $25 million, as Kuwait fell to the bottom of the list of countries that registered contract awards in July, reports Al-Anba daily.

Kuwait took the last place in the Gulf and regionally with a single contract represented in a tender awarded by the Ministry of Electricity and Water to the National Electrical Switchgear Company for the construction of two main transformer stations. Thus, the value of Kuwait contract awards decreased in July, to be limited to 4.3% of the previous June awards.

On a regional level, the Middle East and North Africa region – MENA recorded contract awards worth $11.9 billion, supported by large contracts awarded in Iraq, Algeria, the United Arab Emirates and Qatar. The total awards for the month of July compares favorably with the $6.7 billion of deals awarded in July last year, up 77.6%, but below the average monthly total of $15.7 billion over the past 12 months.

This follows a strong second quarter that saw $58.2 billion worth of deals signed, making the second quarter of 2023 the strongest since 2014. The Gulf states recorded awards amounting to $2.939 billion in the UAE, ranking first in the Gulf and second regionally, followed by Saudi Arabia in second place in the Gulf and third regionally with $1.718 billion, then Qatar and Oman in the third and fourth positions with $1 billion and $224 million, respectively, then Kuwait in the center. Fifth and last in the Gulf and regionally, while Bahrain was absent from the list for the third month in a row

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