More than 267 projects worth $274 billion are underway in Kuwait for 2012, according to a report.

Factors like high levels of population growth, a robust economy and surging oil prices will help drive in more development for the country’s construction segment, added the report from CPH World Media, a leading business research and intelligence firm.

Eyeing to play a major part in this forecasted growth, Rubber World Industries (RWI), the leading manufacturer of closed-cell rubber insulation Gulf-O-Flex, has expanded its trading division.

The company, part of the international business conglomerate, the Shaikhani Group of Companies, is set to launch a more expanded trading portfolio to position itself as a provider of world class high quality rubber based products for the country’s construction segment.

New trading products to be launched as part of this strategic move will include rubber-based products like aluminium insulation tubes, aluminium insulation sheet, aluminium insulation roll, slitting tubes, colour tubes and foam tapes, PVC tapes and flexible duct insulated and un-insulated.

“The Mena region’s construction industry is moving on the fast track in terms of new projects and the resumption of projects that were stalled by the recent economic downturn,” said Rizwan Shaikhani, managing director, RWI.

“Kuwait, in particular, is now earning recognition as one of the region’s fastest developing construction markets with 267 new projects in 2012 amounting to over $274 billion. We are very eager to position ourselves as a major provider of world class rubber based building materials for these projects. In fact, we have released latest additions to our trading products portfolio.”

The CPH World Media report further points out that the Kuwaiti government is expected to invest $3 billion in the construction industry in the next five years, while private sector investment is anticipated to reach $8 billion.

Major projects that have already started include $14 billion Al-Zour refinery, the $3.3 billion Failaka Island development, the $2 billion planned expansion of Kuwait International Airport (KIA) and a major road development program including the construction of an eighth ring road. – TradeArabia News Service