Latest News
- Court Sentences Bank Employee To 5 Years For Embezzling 100,000...
- Fake ‘Sheikh’ Sentenced To 2-yr As Court Overturns Verdict
- Justice Ministry New Service On The Sahel App
- Ministry Probes 68 Cases Of Illegal Charity, Funds Collection
- Globally, Kuwait Is Among The Top Consumers Of Incense And Oud O...
- Decrease Seen In Foreign Investment
- Kuwait Customs Seized 2 Containers Laden With Tobacco At Shuwaik...
- Unpaid Salaries, Accountant Beaten Up By Workers
- The Sahel App Was Not Hacked, A Spokesman Claims
- Four Expats Arrested For Stealing Copper Cables Worth 60,000 Din...
- Indian National Died In Abdalli Car Accident
- Work Permits And Foreign Worker Transfers Are Amended By PAM
Rising Prices Threaten Construction Contracts
The recent rise in the prices of construction materials has caused a crisis for contractors who concluded construction contracts ahead of the unexpected surge in prices, Al-Rai daily reported.
Contractors told daily that the recent surge in prices increased their cost by about 70 to 80 percent, as the cost of building the plot has reached about KD 210,000compared to KD 150,000 which was the cost earlier.
which means that the price crisis not only eliminated their profit margin but also caused heavy losses to many of them.
The building materials price crisis has left them with few options. Either they enter into negotiations with project owners to terminate the contracts they had previously signed by mutual consent while bearing the penalty clause for the termination, or renegotiate with the owners of plots and villas to reach a new settlement.
Â
SOURCEÂ ;Â Â TIMES KUWAIT
Trending News
-
Eid Al Fitr 2024: Crescent Moon Not Sighted In Sau...
08 April 2024
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
When Will Eid Al Fitr 2024 Take Place In Qatar, Ba...
08 April 2024
-
On Sunday, The Meteorological Department Warns Of...
07 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Winners Of Kuwait National Assembly 2024 Elections
06 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
Comments Post Comment