Forklifts & Boom Lifts Lifts & Escalators Quarrying Railways Lighting

Total Page:16

File Type:pdf, Size:1020Kb

Forklifts & Boom Lifts Lifts & Escalators Quarrying Railways Lighting Reg No. 1 GC 027 • VOL 41 • No. 06 • June 2020 • BD3.5 | KD3 | RO3.5 | QR35 | SR35 | Dh35 www.gulfconstructiononline.com Forklifts & Boom Lifts Lifts & Escalators Quarrying Railways Lighting KUWAIT gulfconstructiononline.com Kuwait means halted progress completely, confirms a top official at a leading international mul- WAITING FOR VISION tidisciplinary firm based in Kuwait. “Like every other sector and industry, the construction sector now finds itself grap- TO MATERIALISE pling with a changed world, where projec- tions have been lowered, spending has been downsized and the project pipeline seems The health crisis created by the novel coronavirus and the record a little less robust,” Tarek Shuaib, CEO of low prices of oil have added to the manifold issues that Kuwait has Pace, tells Gulf Construction. faced over the years. However, given its significant sovereign wealth The Covid-19 pandemic has served a reserves, experts believe Kuwait will weather the storms well. double whammy to Kuwait, which is still hugely dependent on oil revenues, with oil prices having recently dropped to historic lows, and the resultant dive in business confidence. Since Kuwait instituted lock- downs to reduce the spread of the Covid-19 virus last March, around 39 per cent of businesses in the construction, contract- ing, architecture sector have shut down operations, revealed a busi- ness impact survey published by Bensirri PR (BPR), an independ- ent corporate, financial and polit- ical communications firm based in Kuwait. Nearly 31 per cent saw revenue drop by more than 80 per cent but were still operating when the sur- vey was conducted. The Kuwait Business Impact Survey (KBIS) gathered key in- sights from 498 Kuwaiti business- Work is in progress at a key campus of Kuwait University (see Page 34). es that were profitable in 2019 across 13 different sectors. The S THE world waits with bated Since then, the country has launched vari- report is believed to be the only Covid-19 breath to be rid of the Covid-19 ous projects as part of the programme in related business impact survey conducted in pandemic that has created may- partnership with the private sector. Kuwait. As many as 45 per cent of Kuwaiti hemA in every economy and every industry, Among the largest projects inaugurated business owners said they have suspended Kuwait’s construction sector is looking to last year was the Shaikh Jaber Al Ahmad or shutdown their businesses and another the country’s ambitious Vision 2035 pro- Al Sabah Causeway, one of the world’s 26 per cent were on the verge of collapse af- jects with hope to wade through this diffi- longest bridges, which links Kuwaiti City ter seeing their revenue drop by more than cult period. with Subiya area in the north of the coun- 80 per cent. No one disputes that some of the major try, paving the way for the future Silk City As part of measures to ensure business projects under the multibillion-dollar plan project, which is expected to be a significant continuity, 32 per cent of respondents have will face delays. However, the vision pro- magnet for foreign investment. adjusted employee hours or salaries in clear vides a long-term roadmap for develop- Another key enabler is the Kuwait Inter- violation of Kuwait’s labour law and 15 per ment and short-term hope to the belea- national Airport’s new $4.5-billion termi- cent have already started laying off staff. guered industry as safeguarding the health nal that aims to boost the aviation hub’s ca- Now in their third month of working cap- and well-being of its denizens is the prior- pacity to 25 million passengers, which has ital pressure, 56 per cent of business own- ity for the government agencies, for now. been making impressive progress despite ers/CEOs said they cannot afford to cover The Kuwait Vision 2035 was launched the novel coronavirus crisis. their fixed costs for another two months by His HH the Amir Sheikh Sabah Al The Covid-19 pandemic has decelerated under the new status quo, the survey indi- Ahmad Al Jaber Al Sabah over two years the pace of infrastructure development in cated. ago to transform the nation into an inter- Kuwait, as it has done in other states in the However, many in the industry expect the national hub for business and commerce. region and the world over, but it has by no ☛ Gulf Construction, June 2020 29 Kuwait gulfconstructiononline.com ☛ construction sector to bounce back once the lockdown ends, pandemic regulations ease and the world finds its balance again. As Pace’s Shuaib says: “As priorities are reas- sessed and budgets reallocated, development will remain a vital need and a key priority on the national level. Its timeline might change and priorities reshuffled, but Kuwait’s devel- opment agenda will move forward.” The country’s development agenda laid out by the ‘Kuwait 2035’ initiative aims to transform the country from a petro-state to a financial, logistics and trade hub by 2035. The country currently derives around 55 per cent of its GDP, more than 90 per cent of exports, and about 90 per cent of its rev- enue from hydrocarbon products. The new terminal at Kuwait International Airport ... work well under way. Hence, both the government and legisla- tors – who do not see eye to eye on various thority for Housing Welfare (PAHW). its commitments to Opec. The deficit will issues – agree that private sector involve- In the oil and gas sector, Kuwait is ex- be plugged through withdrawals from the ment is the way forward for the country. pected to commission its clean fuel project General Reserve Fund (GRF). Kuwait seeks to attract $200 billion in for- (CFP) in September after 36 new produc- eign investment during 2020-35 to become tion units at its two main refineries – Al- SILK CITY a global centre for trade and finance. Ahmadi and Mina Abdullah – were com- Plans have been launched for $86-billion Also, with a large oil production capacity pleted in nearly five years. Meanwhile, Phase One of Silk City, a China-backed and significant sovereign wealth reserves, work is well advanced on the $13-billion Al construction project. This phase is expect- Kuwait has room to weather economic dif- Zour Refinery project, which is being con- ed to include an airport, rail network and ficulties. structed by a consortium including Dae- establishment of a trade zone. The project The ‘Kuwait 2035’ programme – which is woo (South Korea) and Sinopec (China). will be built around the Mubarak Al Ka- looking to draw a considerable amount of According to media reports, Kuwait has beer Port and aims to attract massive local foreign investment and has received already active projects worth around $495 billion, and foreign investment to turn the sparsely interest from China – is believed to include with nearly half of them in the design stage populated narrow northern end of the Gulf an array of 709 mega projects with a com- and close to 30 per cent in the construction into a trade hub and further Kuwait’s eco- bined estimated value of $230.4 billion. Of stage. nomic diversification plans. these, some 58 per cent are reported to be In its Kuwait Infrastructure Report for The project, however, has continued to under construction. the Q4 of 2019, Fitch Solutions forecast an be dogged by delays, not least by the latest A key project in the programme is the annual average growth for the construction Covid-19 crisis. ongoing $16-billion Mubarak Al Kabeer sector of 3.3 per cent between 2020 and port, located on Bubiyan Island. It forms 2028. While growth in Kuwait’s transport AIRPORT the centrepiece of the country’s develop- infrastructure sector will outperform the Leading Turkish builder Limak and local ment plans for the proposed $300-billion wider construction market, driven by the construction firm Kharafi National have Silk Road Project, which envisages the con- strong project pipeline in the road and port achieved considerable progress on the new struction of the $82-billion Madinat Harir segments, it will account for only a small state-of-the-art terminal at Kuwait Inter- (Silk City) and the development of five un- proportion of the country’s total infrastruc- national Airport. Terminal column works inhabited islands. ture industry value over the coming decade, are reported to have attained around 60 In the transport segment, another major the report states. per completion, while the floor slab works development that is eagerly awaited is the Growth in Kuwait’s energy and utilities (44 per cent) are ongoing along with shell $7-billion Kuwait Metro, which will extend infrastructure sector will underperform the cassette fabrication. The concreting work is 160 km, with 68 stations along three lines. growth in the wider construction sector, reaching the halfway mark, while the shell In the roads sector, considerable impor- due primarily to limited electricity demand cassette installation is ongoing. tance has been given to the development of and a poor track record of project imple- Limak Insaat Kuwait, a subsidiary of roads that connect the new housing cities mentation. Turkish builder Limak Group, is also the such as the South Al Mutla Roads and In- Meanwhile, Kuwait approved its 2020/21 lowest bidder for Phase Two of the new frastructure Development. budget early this year projecting a KD9.2 Kuwait Airport project with a figure of At least five major housing programmes billion deficit – another huge deficit for KD169 million. The scope of work includes have been launched and are making pro- the sixth year in a row due to lower oil construction of a parking area, outdoor gress under the purview of the Public Au- prices and production curbs in line with works and landscaping, a sewage and rain- 30 Gulf Construction, June 2020 gulfconstructiononline.com Kuwait water treatment plant, storage tanks, roads, ed by the PAHW.
Recommended publications
  • On the Role of Oil in the Growth Process of the Arab Gulf
    Master’s Degree in Global Development and Entrepreneurship Final Thesis On the role of oil in the growth process of the Arab Gulf Supervisor Ch. Prof. Antonio Paradiso Graduand Sara Idda 853857 Academic Year 2018 / 2019 2 On the role of oil in the growth process of the Arab Gulf 3 A mia mamma e mio papà, che mi hanno insegnato ad essere forte nel rialzarmi dopo ogni caduta, ad avere il coraggio di vincere ogni sfida, dedico questo mio traguardo! Acknowledgments First of all, I would like to thank Professor Antonio Paradiso, the supervisor of my thesis, for his great availability and professionalism in these months of work and for always encouraging me; I also thank Prof. Silvia Vianello who has been a strong inspiration for me and a source of valuable advice. 4 Summary Introduction .................................................................................................................................. 9 1. Macroeconomic overview with some background about countries under-study: United Arab Emirates, Saudi Arabia, Kuwait. .................................................................................................. 11 1.1 UNITED ARAB EMIRATES: A brief focus on the principal points deal with ....................... 11 1.1.1 Some background of United Arab Emirates ............................................................... 12 1.1.2 The discovery of black gold ........................................................................................ 13 1.1.3 From the new oil boom to the Arab revolts of 2011 ................................................
    [Show full text]
  • Changing a System from Within: Applying the Theory
    CHANGING A SYSTEM FROM WITHIN: APPLYING THE THEORY OF COMMUNICATIVE ACTION FOR FUNDAMENTAL POLICY CHANGES IN KUWAIT A Dissertation Submitted to the Temple University Graduate Board In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY by Nasser Almujaibel May 10, 2018 Examining Committee Members: Dr. Nancy Morris, Advisory Chair, MSP / Media and Communication Dr. Brian Creech, Journalism. Media & Communication Dr. Wazhmah Osman, MSP/ Media & Communication Dr. Sean L. Yom, External Member, Political Science ABSTRACT Political legitimacy is a fundamental problem in the modern state. According to Habermas (1973), current legitimation methods are losing the sufficiency needed to support political systems and decisions. In response, Habermas (1987) developed the theory of communicative action as a new method for establishing political legitimacy. The current study applies the communicative action theory to Kuwait’s current political transformation. This study addresses the nature of the foundation of Kuwait, the regional situation, the internal political context, and the current economic challenges. The specific political transformation examined in this study is a national development project known as Vision of 2035 supported by the Amir as the head of the state. The project aims to develop a third of Kuwait’s land and five islands as special economic zones (SEZ). The project requires new legislation that would fundamentally change the political and economic identity of the country. The study applies the communicative action theory in order to achieve a mutual understanding between different groups in Kuwait regarding the project’s features and the legislation required to achieve them. ii DEDICATION ﻟﻠﺤﺎﻟﻤﯿﻦ ﻗﺒﻞ اﻟﻨﻮم ... اﻟﻌﺎﻣﻠﯿﻦ ﺑﻌﺪه iii ACKNOWLEDGEMENTS To my parents, my wife Aminah, and my children Lulwa, Bader, and Zaina: Your smiles made this journey easier every day.
    [Show full text]
  • Ruling Families and Business Elites in the Gulf Monarchies: Ever Closer? Ruling Families and Business Elites in the Gulf Monarchies: Ever Closer?
    Research Paper Mehran Kamrava, Gerd Nonneman, Anastasia Nosova and Marc Valeri Middle East and North Africa Programme | November 2016 Ruling Families and Business Elites in the Gulf Monarchies: Ever Closer? Ruling Families and Business Elites in the Gulf Monarchies: Ever Closer? Summary • The pre-eminent role of nationalized oil and gas resources in the six Gulf monarchies has resulted in a private sector that is highly dependent on the state. This has crucial implications for economic and political reform prospects. • All the ruling families – from a variety of starting points – have themselves moved much more extensively into business activities over the past two decades. • Meanwhile, the traditional business elites’ socio-political autonomy from the ruling families (and thus the state) has diminished throughout the Gulf region – albeit again from different starting points and to different degrees today. • The business elites’ priority interest in securing and preserving benefits from the rentier state has led them to reinforce their role of supporter of the incumbent regimes and ruling families. In essence, to the extent that business elites in the Gulf engage in policy debate, it tends to be to protect their own privileges. This has been particularly evident since the 2011 Arab uprisings. • The overwhelming dependence of these business elites on the state for revenues and contracts, and the state’s key role in the economy – through ruling family members’ personal involvement in business as well as the state’s dominant ownership of stocks in listed companies – means that the distinction between business and political elites in the Gulf monarchies has become increasingly blurred.
    [Show full text]
  • China's Relations with the Arab and Gulf States
    27 March 2020 China's relations with the Arab and Gulf States Author: COL Saud AlHasawi, KWT Army, CSAG CCJ5 The opinions and conclusions expressed herein are those of a number of international officers within the Combined Strategic Analysis Group (CSAG) and do not necessarily reflect the views of United States Central Command, nor of the nations represented within the CSAG or any other governmental agency. Key Points China has significantly increased its economic, political, and (marginally) security footprint in the Middle East in the past decade, becoming the biggest trade partner and external investor for many Arab and Gulf countries in the Central region. China still has a limited appetite for challenging the US-led security architecture in the Middle East or playing a significant role in regional politics. Yet the country’s growing economic presence is likely to pull it into wider engagement with the region in ways that could significantly affect US interests. The US should monitor China’s growing influence on regional stability and political dynamics, especially in relation to sensitive issues such as surveillance technology and arms sales. The US should seek opportunities for cooperative engagement with China in the Middle East, aiming to influence its economic role on constructive and security/stability initiatives. Background Information Although distant neighbors, China and the Arab countries have a rather ancient relationship that dates back to the first centuries of the Common Era, long before the advent of Islam. Nonetheless, until the end of the Twentieth Century, China and the Arab States only had a very limited trade relationship (spices, textiles etc).
    [Show full text]
  • Building the New Kuwait Vision 2035 and The
    Middle East Centre BUILDING THE NEW KUWAIT VISION 2035 AND THE CHALLENGE OF DIVERSIFICATION Sophie Olver-Ellis LSE Middle East Centre Paper Series | 2830 | DecemberJanuary 2020 2019 About the Middle East Centre The Middle East Centre builds on LSE’s long engagement with the Middle East and provides a central hub for the wide range of research on the region carried out at LSE. The Middle East Centre aims to enhance understanding and develop rigorous research on the societies, economies, polities and international relations of the region. The Centre promotes both special- ised knowledge and public understanding of this crucial area, and has outstanding strengths in interdisciplinary research and in regional expertise. As one of the world’s leading social science institutions, LSE comprises departments covering all branches of the social sciences. The Middle East Centre harnesses this expertise to promote innova- tive research and training on the region. About the Kuwait Programme The Kuwait Programme is a world-leading hub for research and expertise on Kuwait. It is the main conduit through which research on Kuwait at LSE is facilitated, expanded and pro- moted. The Programme is directed by Kuwait Professor Toby Dodge, and is based in the LSE Middle East Centre. The Kuwait Programme is funded by the Kuwait Foundation for the Advancement of Sciences. Middle East Centre Building the New Kuwait: Vision 2035 and the Challenge of Diversification Sophie Olver-Ellis LSE Middle East Centre Paper Series | 30 January 2020 About the Author Abstract Dr Sophie Olver-Ellis is a compara- Against the backdrop of global oil price tive political economist researching the volatility, increasing budget deficits and transforming political economies of the a burgeoning unemployed youth popu- Gulf region, with particular interest in lation, Kuwait has decided to redesign labour market governance and post-oil its national political economy.
    [Show full text]
  • Mahdi: Silk City, Privatization & Kuwait's Strategic Plan
    Issued by Union of Investment Companies June 2019 - Issue No.6 MAHDI: SILK CITY, PRIVATIZATION & KUWAIT’S STRATEGIC PLAN IIF EXAMINES TURKEY INVESTING KUWAIT’S FINANCIAL IN KUWAIT FOR THE FUTURE LONG TERM FITCH RATINGS: ME GLOBAL MORTGAGE AMBITIOUS FOR CRISIS 10 YEARS ON RENEWABLES 1 President's Message Silk City and Kuwait’s strategic development he New Kuwait 2035 strategic our in-depth interview with Dr Khalid development plan is ambitious, Mahdi, Secretary General of the Su- Tsweeping and necessary. Ku- preme Council for Planning and the wait stands at the cusp of a critical man overseeing the implementation of juncture. Will we move toward the fu- Kuwait’s strategic development plan. ture with a strong, diversified and sus- He offers some important insights into tainable economy beyond oil or will how this plan is evolving and what we continue to fall behind? challenges lie ahead. Our choice is clear: We need to grow We are also pleased to share import- the private sector to build a vibrant ant insights on Kuwait’s economic and thriving knowledge economy, a future from Dr Garbis Iradian, Chief regional trading hub that rivals the Economist for MENA and Boban Mar- glory of our illustrious past and that kovic, Senior Analyst at the Institute serves not only Kuwait but the rest of of International Finance. In this issue, the region and the world as an import- we also are pleased to share an inter- ant destination for economic develop- view with Turkish Ambassador to Ku- ment in the Arab world. wait Her Excellency Ayse Hilal Say- an Koytak, an article examining the Opportunities like the Northern Eco- evolving role of fintech in the region nomic Zone – also known as the Silk and much more.
    [Show full text]
  • Popular Rentierism and Tourism Development in Kuwait CODY PARIS School of Law Middlesex University Dubai
    University of Massachusetts Amherst ScholarWorks@UMass Amherst Travel and Tourism Research Association: 2013 ttra International Conference Advancing Tourism Research Globally Popular Rentierism and Tourism Development in Kuwait CODY PARIS School of Law Middlesex University Dubai SIMON RUBIN Follow this and additional works at: https://scholarworks.umass.edu/ttra PARIS, CODY and RUBIN, SIMON, "Popular Rentierism and Tourism Development in Kuwait" (2016). Travel and Tourism Research Association: Advancing Tourism Research Globally. 12. https://scholarworks.umass.edu/ttra/2013/AcademicPapers_Visual/12 This Event is brought to you for free and open access by ScholarWorks@UMass Amherst. It has been accepted for inclusion in Travel and Tourism Research Association: Advancing Tourism Research Globally by an authorized administrator of ScholarWorks@UMass Amherst. For more information, please contact [email protected]. Popular Rentierism and Tourism Development in Kuwait Cody Morris Paris School of Law Middlesex University Dubai and Simon Rubin Freelance Tourism Researcher ABSTRACT The purpose of this paper is to explore the challenges facing tourism development in Kuwait due to the particularly unique political-economic system of ‘popular’ rentierism. Kuwait’s tourism industry is relatively underdeveloped in comparison to other GCC countries and has not received much attention in the academic tourism literature. While insights of from this study will be useful for understanding the role of tourism in the rentier economies, this paper will also help to further theorize tourism within the field of political science and international political economy. This study provides both a macro-level analysis of the political economic obstacles to tourism development in Kuwait and the more micro-level challenges that have resulted, particularly in relation to mega-development projects, such as the $3.3 billion dollar Failaka Island development.
    [Show full text]
  • Investment Climate Statement 2020
    2020 Investment Climate Statements: Kuwait EXECUTIVE SUMMARY Kuwait is a country of 1.4 million citizens and 3.3 million expatriates. It occupies a land mass slightly smaller than New Jersey, but possesses six percent of the world’s proven oil reserves and is a global top ten oil exporter. The economy is heavily dependent upon oil production and related industries, which are almost wholly owned and operated by the government. The energy sector accounts for more than half of GDP and close to 90 percent of government revenue. The fall in oil prices after OPEC+ failed to agree on production targets in 2019 greatly exacerbated Kuwait’s fiscal deficit. This was only heightened with the onset of the COVID-19 pandemic, which resulted in dramatically reduced oil demand in the first and second quarters of 2020. No one can predict what a post-pandemic economy will look like, except that it is likely to be very different from what it has been. In the background looms the prospect for economic reforms and diversification as outlined by the government in its national development plan, called New Kuwait Vision 2035. As it develops the private sector to reduce the country’s dependence upon oil, the government faces two central challenges. It must improve the business climate to enable the private sector, and prepare its citizens to successfully work in the private sector. The government has made progress on the business climate, improving from 97 to 83 among 190 countries the World Bank’s 2020 Doing Business Report. Nonetheless, Kuwait remains the lowest ranked of its fellow Gulf Cooperation Council (GCC) countries.
    [Show full text]
  • Kuwait Market Three Years Business Outlook
    Kuwait Market Three Years Business Outlook 2019-2021 June/2018 … L o a d i n g Introduction Kuwait Economy Kuwait Politics Index Page 3 Page 5-7 Page 9,10 Micro and Macro Kuwait Vision Mega Projects Economic Trend 2035 Page 12-15 Page 17-21 Page 23-29 Kuwait New Airports Hospitality S.W.O.T. Analysis Projects Sector Page 31-34 Page 36-47 Page 48 Kuwait Market Conclusion Hotel’s Forecast Page 51-56 Page 58 2 Introduction Kuwait Hotel Owners Association is pleased to present to its members the third yearly report on : Kuwait Market Three Years Business Outlook -- 2019-2021 This report is aimed to assist in the budget preparation of Hotel Members for 2018 and the three years plan and includes the following : Kuwait economy Mega projects in the pipeline Future hotel supply and demand In addition the report includes assumptions for future Hotel demand in "Three Scenarios" based on historic figures and possible Risks and Opportunities ❑ Source of information’s : i.Public Authority for Civil ID vi.Central Bank of Kuwait (CBK) x.Smith Travel Research (STR) ii.Ministry of Information (Tourism Sector) vii.National Bank of Kuwait (NBK) xi.MEED Business & Projects iii.Ministry of Interior (MOI) viii.KHOA Intelligence xii.TRI Consulting iv.High Council for Planning and Development ix.Kuwait Tenders xiii.Business Monitor International (BMI) v.Kuwait Direct Investment Public Authority(KDIPA) xiv.Hotelier Middle East 3 Kuwait Economy 4 Kuwait Economy KHOA Kuwait’s real GDP growth will grow in 2018 following a contraction in 2017, according to a new forecast by BMI Research.
    [Show full text]
  • Un Kuwait Risk Mitigation and Recovery Plan Under Covid-19
    UN KUWAIT RISK MITIGATION AND RECOVERY PLAN UNDER COVID-19 UN PROGRAMME OF OPERATION 6-18 MONTHS WORKPLAN 2020 UN Kuwait Risk Mitigation and Recovery Plan (RMRP) under COVID-19 (UN Programme of Operation 6-18 months Workplan) June 2020 UN Resident Coordinator Office in Kuwait The Risk Mitigation and Recovery Plan under COVID-19 (RMRP) is a joint effort by UNCT to support Kuwaiti Stakeholders respond to socio-economic consequences of COVID-19. It is the UNCT work plan as per the requirement of UN-Kuwait Strategic Cooperation Framework 2020- 2025 which is the UN Programme of operation as per Standard Agreement Article One between Kuwait and United Nations Signed in Kuwait 13 February 1962. It is designed to bring UN efforts to accelerate and/or scale up urgent interventions that will mitigate the impact of COVID-19 and support the Kuwaiti ongoing recovery efforts in a six-to-eighteen-month framework. The priority areas selected in the RMRP are derived from the UN-Kuwait Cooperation Framework 2020-2025, which is aligned with the five themes and seven pillars of New Kuwait Vision 2035 and the country’s development Plan 2020-2025. The RMRP is guided by the five priorities in the UN Framework for the Immediate Socio-economic Response to COVID-19, and underpinned by the UN cross-cutting components. The four priority areas of the United Nations RMRP in Kuwait are: (1) Supply chains and socio- economic resilience; (2) Protection of vulnerable groups; (3) Education and continuous learning; and (4) Health and wellbeing. 0 | Page 1. A preliminary assessment of socio-economic impact of the COVID-19 Given the exponential dynamics of COVID-19 spread, it has infected six million globally so far and claimed thousands of lives.
    [Show full text]
  • Quantifying Long-Term Impacts of COVID-19 and Oil Price Shocks in a Gulf Oil Economy
    JUNE 2021 Quantifying Long-Term Impacts of COVID-19 and Oil price Shocks in a Gulf Oil Economy OIES PAPER: MEP 25 Manal Shehabi, OIES–KFAS Supernumerary Fellow The contents of this paper are the author’s sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its members. Copyright © 2021 Oxford Institute for Energy Studies (Registered Charity, No. 286084) This publication may be reproduced in part for educational or non-profit purposes without special permission from the copyright holder, provided acknowledgment of the source is made. No use of this publication may be made for resale or for any other commercial purpose whatsoever without prior permission in writing from the Oxford Institute for Energy Studies. ISBN 978-1-78467-177-8 JEL classification: C68, D43, D58, E62, E65, H55, O53, P28, Q43. Keywords: Oil price; covid-19; coronavirus; Post-COVID economy; economy-wide modelling; CGE model; general equilibrium; oil exporter, resource exporter; Gulf, Kuwait, MENA. i Acknowledgements The author acknowledges helpful feedback from Georges Naufal, Scott McDonald, Ali Al-Saffar, Bassam Fattouh, and Khaled Mahdi. Thanks are due to Kate Teasdale for publishing the paper. The author gratefully acknowledges assistance from Kuwait’s Central Statistical Bureau for the provision of data. OIES is grateful to the Kuwait Foundation for the Advancement of Sciences and to the General- Secretariat of The Supreme Council for Planning and Development for funding support. ii The contents of this paper are the authors’ sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members.
    [Show full text]
  • Sector: Infrastructure Kuwait
    Kuwait Sector: Infrastructure April 2021 ExportReady Sponsor Kuwait Contents 1. Sector Overview ..................................................................................................................... 3 2. Transport ................................................................................................................................ 6 3. Energy and Utilities ............................................................................................................... 11 4. Residential & Non-Residential Buildings .............................................................................. 16 5. Competition ........................................................................................................................... 18 6. Sources ................................................................................................................................. 20 For further information Division Industry, Growth, Infrastructure & Regional Policy SEV Hellenic Federation of Enterprises T. +30 211 5006 121 E. [email protected] Follow us on Division for Industry, Growth, Infrastructure & Regional Policy 2 Kuwait 1. Sector Overview 1.1 Market Overview The short-term outlook for Kuwait's construction industry is cautiously optimistic with growth expected to return to the market after a sharp downturn in 2020. There is, however, ongoing risk from the Covid-19 pandemic due to elevated case numbers in Q121 and the remaining public health restrictions, including barriers to foreign entry, which will impact on the labour
    [Show full text]