The Big 5 Kuwait, from 14-16 September 2015, will highlight the country?s plan to invest more in affordable housing as well as the education and healthcare sectors in the next 10 years
The report Kuwait Construction Industry August 2015 by Ventures Onsite said that major growth drivers for construction in affordable housing, education and healthcare sectors are the increasing population, ongoing projects by Public Authority of Housing Welfare (PAHW) and the PPP contract model.
According to the report, the residential market of Kuwait is currently undersupplied with the demand for the government-funded housing units to reach 110,300 units by the end of 2015 and 175,000 units by 2020, registering a CAGR of eight per cent between 2014 and 2020.
The PAHW has committed to the implementation of a roadmap, which stipulates distribution of 12,000 housing units per year over 10 years, starting from March 2015.
Five affordable housing developments are currently planned or under construction as of August this year including Jahra Housing Scheme, Sabah Al Ahmad City - 1,271 Housing Units, Sulaibikhat Residential City, Residential Buildings at Jaber Al Ahmed City and Al Ahmed New City ? 1,475 housing units at Area N2.
Construction of 45,000 housing units is also planned as part of the government?s new five-year development plan (2015-2020).
Additionally, along with the focus on housing, the government will also dedicate funds to the healthcare and educational sectors.
In order to tackle this undersupply of healthcare facilities, the government has initiated the implementation of Nine Hospital Expansion Project, which is expected to add a total of 5,000 beds to the existing capacity.
The education sector in Kuwait is growing at a moderate pace over other GCC countries. A crowded public school system has led the government to move forward on a host of investments in the construction of new schools and refurbishment, and expansion of existing schools and universities.
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