Kuwait to award $ 3.6 billion in projects in 2018

Kuwait National Bank said that the value of projects approved since the beginning of the year amounted to KD 1.1 billion (about USD 3.6 billion), representing 29 percent of the total value of projects planned for this year, amounting to 3.8 billion dinars (about 12.5 billion dollars).

In its economic report and Kuwait News Agency issued on Saturday, QNB reported that the rate of awarding projects in the third quarter of 2018 increased compared to the same period of 2017, amounting to 380 million dinars (about 1.50 billion dollars).

He explained that according to this rate, it is unlikely to achieve the planned rate by the end of the year and expected to increase the pace of future projects.

One of the factors driving oil prices was the decline in the United States of America with temporary penalty exemptions to eight of the largest buyers of Iranian oil, implying that Iran's oil supplies would not fall to the level previously expected.

The report pointed to the special news that contributed to the decline in oil prices, such as record US oil production levels of 11.6 million barrels per day in early November as the International Monetary Fund reduced the expectations of oil demand due to weak expectations of global economic growth.

Kuwait's main inflation rate fell to a 14-year low of 14.3 percent on a year-on-year basis, down from 0.9 percent in August, pointing to a decline in housing sector inflation, which fell by 1.5 percent .

Consumer spending is expected to recover moderately to 4 percent to 5 percent this year, boosted by rising confidence, labor market growth and falling inflation.