MEED Magazine Highlights Public Authority For Housing Welfare's Reception Of Offers For Two Residential Projects

MEED magazine recently disclosed that the Public Authority for Housing Welfare (PAHW) has received proposals from contracting firms for the development of two residential projects. These initiatives aim to construct 1,777 homes with associated infrastructure in sector "BB3" and 1,568 homes with their infrastructure in sector "BP1."

Previously, the magazine reported that PAHW had initially set a deadline of December 21, 2023, for soliciting offers for these two tenders. However, the date for submitting offers for the main contract, concerning the construction of 60 residential buildings in Sabah Al-Ahmad Residential City, was extended to December 26, according to Al-Rai daily.

MEED also highlighted that the construction sector ranked as the second-largest project sector in Kuwait last year. Contracts valued at around $627 million were awarded in 2022, and the volume of contracts in 2023 is approximately $600 million, although these figures are lower than the annual average between 2018 and 2022, amounting to $1.8 billion. This contrasts with the previous five years' average annual expenditure of $4 billion.

The magazine estimated the value of planned and non-awarded construction projects in Kuwait at about $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.

Additionally, the magazine revealed that among the latest scheduled projects are real estate development initiatives totaling $8 billion, spanning the regions of Saudi Arabia and Kuwait.

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