Kuwait: USD 12 Billion worth of Mega Healthcare Projects in the Pipeline
Over 700 healthcare construction projects are currently being developed in the GCC, with a combined estimated value of USD 65 billion. According to the latest BNC Report on the GCC Healthcare commissioned by The Big 5 Kuwait 2016, 133 of these projects are worth over USD 100 million each.
The healthcare economy in the GCC is expected to register a strong growth in the coming years. Medical treatment, hospital activities and allied human health activities in the Gulf are likely to reach USD 71 billion by 2020, a 76% increase from USD 40.3 billion in 2015. A growing population, aging demographics, medical tourism and government led initiatives to provide quality healthcare services are considered key drivers of this growth.
dmg events Middle East, Asia & Africa, organiser of The Big 5 Kuwait 2016, revealed that Kuwait makes up around 11% of the value of all healthcare project in the GCC. A report by the Kuwait Life Sciences Company (KLSC) and IMS Health confirms that the budget of the Ministry of Health (MoH) has doubled in the past five years and is expected to reach almost 2 billion KD (USD 6.6 million) in the 2015-2016 biennium.
According to Dr. Mussaad M. Al-Razouki, Chief Business Development Officer of Kuwait Life Sciences Company (KLSC) and speaker at The Big 5 Kuwait 2016, “The coming years will witness a rapid growth in the healthcare sector, reflecting heavy investments in the country’s healthcare infrastructure. This will create a lot of opportunities for both local and international organisations operating in the construction of healthcare facilities.”
Today, Kuwait’s public healthcare sector accounts for more than 80% of healthcare spending in country. However, Dr. Al-Razouki is confident the private sector will be instrumental in the future development of the medical sector. “The private healthcare market is estimated to grow by 15-20% in the coming years as several new private hospitals will open in Kuwait, adding 1,800 hospital beds. Also, over 20 large-scale mega healthcare projects are currently in the pipeline. Worth 3.5 billion KD (USD 12 billion), these will add approximately 11,200 hospital beds to those already available in Kuwait.”
An advisor to the Kuwaiti government, KLSC is currently engaged in the development of a new National Genome Center for Kuwait as well as developing a single national electronic medical record starting with the marquee Jaber Hospital Project. Dr. Al-Razouki will give a presentation on “Trends, Challenges and Opportunities in the Kuwait Healthcare Sector” at The Big 5 Kuwait 2016 on Sept 27. The free to attend workshop will take place on the third day of the show, which is dedicated to the theme of sustainability in construction.
“Sustainable construction goes beyond green building practices or LEED guidelines”, Dr. Al-Razouki stated. “All structures, especially socially minded ones such as hospitals and clinics, must be designed and developed to have a positive environmental impact over their entire lifetime, while providing a high level of comfort, durability and functionality for both the clinicians and the patients. Needless to mention, sustainable structures minimize the use of water, raw materials, energy and land.”
The presentation delivered by Dr. Al-Razouki at The Big 5 Kuwait 2016 will be part of a series of over 20 free to attend and CPD-certified practical workshops providing the latest industry trends, tools, applications and techniques for architects, interior designers, urban planners, contractors, engineers and consultants.
The theme of healthcare construction will be further developed at The Big 5 Kuwait 2016 by Dr. Angela Burke, Associate Director – Healthcare at SSH. On the first day of the event, Dr. Burke will navigate the audience through the unique complexities of designing healthcare facilities, offering an overview of standards and regulations governing the design of these structures around the region.
Running from Sep 25 to 27, 2016 at the Kuwait International Fair, The Big 5 Kuwait 2016 is set to be the largest building and construction event in the country. The show, organised by dmg events Middle East, Asia & Africa, is free to attend and will provide an easy and essential route into the Kuwaiti construction market for exhibitors, enabling professionals from across the industry to develop their business and network with a wide range of visitors.
The Big 5 Kuwait 2016 is expected to welcome 6,000 participants, hosting over 150 local and international exhibitors across 3,500 sqm of space. “The Big 5 Kuwait 2016 is bringing together the largest gathering of product and solution providers in Kuwait, comprising of both locally based and international companies, offering the opportunity to source solutions not yet available in the local market”, Ashley Roberts, Event Director of The Big 5 Kuwait 20016 stated.
To know more, visit www.big5kuwait.com.
Register at www.register.big5kuwait.com. Online registration closes on Sep 21, 2016 at 4:00 PM.