Kuwait reveals over USD 274 billion worth of construction projects underway in 2012

April 2, 2012 - PRLog -- Kuwait is positioning itself as one of the Middle East and North African (MENA) region’s emerging construction markets with over 267 projects worth USD 274 billion underway for 2012, according to a report from CPH World Media, a leading business research and intelligence firm. The report shows that key factors like high levels of population growth, a robust economy and surging oil prices will help drive in more development for the country’s construction segment. Eyeing to play a major part in this forecasted growth, Rubber World Industries (RWI), the leading manufacturer of closed-cell rubber insulation 'Gulf-O-Flex' in the Gulf and South East Asia, and part of the international business conglomerate, the Shaikhani Group of Companies, has announced its plans to position itself as a major provider of world class high quality rubber based building materials through the strategic move of expanding its trading division.

The company is set to launch a more expanded trading portfolio to help complement the growing number of projects in the country, ably positioning itself as a provider of world class high quality rubber based products for the country’s construction segment. New trading products to be launched as part of this strategic move will include rubber-based products like Aluminium Insulation tubes, Aluminium Insulation Sheet, Aluminium Insulation roll, Slitting tubes, Colour tubes and Foam tapes, PVC tapes, Flexible Duct insulated, Flexible Duct un-insulated.

“The Middle East and North African region’s construction industry is moving on the fast track in terms of new projects and the resumption of projects that were stalled by the recent economic downturn,” said Rizwan Shaikhani, Managing Director, RWI. “Kuwait, in particular, is now earning recognition as one of the MENA region’s fastest developing construction markets with 267 new projects in 2012 amounting to over USD 274 billion. We are very eager to position ourselves as a major provider of world class rubber based building materials for these projects. In fact, we have released latest additions to our trading products portfolio.”

The CPH World Media report further points out that the Kuwaiti government is expected to invest USD 3 billion in the construction industry in the next five years, while private sector investment is anticipated to reach USD 8 billion. Major projects that have already started include USD 14 billion Al-Zour refinery, the USD 3.3 billion Failaka Island development, the USD 2 billion planned expansion of Kuwait International Airport (KIA) and a major road development program including the construction of an eighth ring road.