Kuwaiti projects to top US$274bn in 2012

Kuwait will see some 267 projects worth US$274bn begin this year, a new report has shown. Driving the growth in projects is the fast-paced population rises, robust economy and surging oil prices, the business intelligence firm CPH World Media has said. According to the report, the Kuwaiti government is expected to invest US$3bn into the building industry in the coming five years, while the value of private projects is expected to top US$8bn. Major developments which have already begun construction work include the US$14bn Al-Zour refinery, the US$3.3bn Failaka Island development, the US$2bn planned expansion of Kuwait International Airport (KIA) and a major road development programme including the construction of an eighth ring road.