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| Kuwait: Kuwait has a strong pipeline of infrastructure projects with an estimated value of $27.6 billion in the bidding stage, setting a tone of optimism for the sector, according to a report by KPMG, Kuwait. |
Kuwait: Infrastructure has emerged as a key agenda in 'Kuwait's Vision 2035' and adding to the demand for progress in national infrastructure due to the country's strong pipeline of infrastructure projects, according to audit and advisory services group KPMG. The report titled 'The Kuwait Perspective' published by KPMG is derived from the global thought leadership publication 'Emerging Trends in Infrastructure', which provides a comprehensive overview around factors such as sustainability, ESG, mass customisation, inflation, supply chain, climate change, The story is painted. Geopolitics in relation to globalization, sunk costs and the future of Kuwait's infrastructure sector.
Speaking about the report, Imran Sheikh, Director-Deal Advisory and Head of Infrastructure Services, KPMG in Kuwait, said, “Infrastructure has emerged as a key agenda in Kuwait's Vision 2035 and has increased the demand for progress in national infrastructure. Kuwait has a robust pipeline of infrastructure projects with an estimated value of $27.6 billion in the bidding stage, setting a tone of optimism for the sector. The report noted that the allocation and implementation of projects Despite the slowdown in the economy, the prevailing tone in the sector is positive.
The Kuwait edition of the global report includes interviews with five key figures in Kuwait's infrastructure sector, who spoke personally to KPMG members in Kuwait to make the publication more insightful. They were Kapil Kumra, Deputy General Manager and Head of Project Finance, National Bank of Kuwait, Hassan F Choudhary, Chief Financial Officer, Umm Al-Haymain for Wastewater Treatment Company KSPC, Dr. Dheeraj Bhardwaj, Group CEO, Citigroup Company KSPC. Shi Yifei, Deputy Chief Representative of AVIC INTL in the Arabian Gulf Region, and Yang Chunsen, Representative of China State Construction Engineering Corporation Limited in Kuwait and President of the Federation of Chinese Enterprises in Kuwait.
The report drew attention to the push for public-private partnerships (PPPs), citing their potential long-term benefits. As the Gulf country looks to PPPs to set the pace in the region, Hassan F. Chowdhury said, “I think the overall essence of the market for PPP projects in Kuwait is welcome. There is a general understanding that public and private partnerships could bring significant overall efficiencies and economic benefits to the State of Kuwait. “Some other countries within the region have made great strides within the PPP industry. But with the current pipeline of PPP projects that are to be implemented in the State of Kuwait, I believe that Kuwait will compete and soon be at par with such economies," he said.
In light of Kuwait's commitment to achieve net-zero greenhouse gas emissions by 2060, the report found that oil and gas companies and financial services-based organizations are driving the agenda as early adopters. Speaking in a personal capacity with KPMG in Kuwait, Kapil Kumra said, “Banks in Kuwait are aligned with Kuwait's commitment to be carbon neutral by 2060 and have formulated sustainable financing policies. Many banks have net has signed up regionally and internationally to be part of the zero-zero alliance. It is expected to provide better and more competitive financing for sustainable infrastructure projects."
The report pointed to Mobility-as-a-Service (MaaS) being cost-competitive with public transport services and more convenient in serving the last mile of customer travel. Addressing the same, Dr. Dheeraj Bhardwaj said, "If you want to make public transport more attractive and prosperous, you need to provide one-stop end-to-end mobility solutions through mobile apps." "Mobility as a Service makes your life easier by offering you all modes of transport to move from one destination to another," he added. Dr. Bhardwaj further emphasized that public transport is an ecosystem and needs to be provided on a single platform i.e. MaaS.
The report noted that the government has recognized the need for better investment timelines, resource commitments and a comprehensive digital transformation to attract more capital to the sector. Shi Yifei talked about the benefits that digitization can bring to the sector and quoted, "Digital tools can also help contractors collect and analyze data on project performance, which can be used for decision making and project management." What can be done to improve results. We firmly believe that by adopting digital tools and technologies, contractors can set themselves up for success in an increasingly competitive and complex industry.
Organizations are prioritizing procurement in light of recent and future supply chain disruptions. They want to avoid long lead times and already have materials, equipment and workforce where needed. In line with this, Yang Chunsen said, “Global problems require global solutions. We are a community with a common future; We must work together to address these global problems." This publication marks KPMG's eleventh year of publishing Global Infrastructure Trends, which have classically helped shape the industry.
