(MENAFN- Arab Times) Results of a study carried out by Ventures Research Company revealed the government's expenditure on energy projects will reach $100 billion in the coming five years, which coincides with the beginning of the implementation of the 2030 comprehensive strategy, reports Al-Kuwaitiya daily.
Coincidentally, the last report from the International Monetary Fund (IMF) also showed that the energy projects in Kuwait constitute 40 percent of the total number of construction projects. Meanwhile, the Kuwaiti Big Five Gallery 2015 for building and construction will be launched on Sept 14, during which globally renowned speakers will discuss vital issues in the field. This gallery came at an appropriate time through which the local construction sector will witness increase in energy projects. It will include more than 20 accredited and free workshops on continuous professional development.
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The oil price decline has negatively affected the real estate sector in Kuwait; thereby, disrupting the sector's growth that started when the country recovered from the global financial crisis, reports Al-Shahed daily quoting sources. Sources explained the real estate property owners were forced to reduce rental fees by 25 percent due to the oil price decline. Sources said this led to lower real estate property values which are calculated based on rental revenues. Sources added this also resulted in the failure of some owners to pay their loans; thereby, the accumulation of debts. Sources cited another factor that led to the reduction of rental fees - the law of supply and demand. In this case, supply inversely proportional to demand; meaning supply is high while demand is low and so many apartments have been empty for some time.
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Kuwait Petroleum Corporation (KPC) has started expansion works in Ahmadi reservoirs with an estimated total cost of KD 66.5 million, say reliable sources. Sources have affirmed completion of 25 percent of the project, indicating the expansion works will add nearly 70 percent to the capacity of the reservoirs while the target implementation period is three years. Sources said the contractor in charge of the project accomplished nearly 85 percent of the design and planning works as per the timetable, stressing that finishing the project before the deadline will be an added value especially since it is beneficial to the people. Sources went on to say 11 reservoirs will be added to the existing seven once the project is completed, disclosing the implementation started last October and it will cover the needs of many stations until the completion of Al-Mitla'Warehouse project in 2020
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