KPMG’s topical seminar on Emerging Trends in Infrastructure to highlight the current opportunities and means to address respective challenges in the region
Infrastructure is one of the most complex challenges of the 21st century. Over the past several years, we have seen Kuwait undertaking a growing number of megaprojects of increasing scale and complexity. High-profile examples include the 36-km long Sheikh Jaber Al-Sabah causeway across Kuwait Bay, the Mubarak Al-Kabeer Port on Boubyan Island, the Al-Zour Oil Refinery and Petrochemicals Complex, the Kuwait International Airport New Terminal and the Az-Zour North One Power and Water Plant – Kuwait’s first IWPP. As megaprojects become larger and more complex, new lessons and challenges are emerging.
Underlining the growing interest in the infrastructure sector, over hundred delegates , that included industry leaders from the government, local, regional and international conglomerates and the banking and finance fraternity, gathered for KPMG’s topical seminar on Emerging Trends in Infrastructure to highlight the current opportunities and means to address respective challenges in the sector in Kuwait.
Globally renowned infrastructure experts came together to discuss the emerging trends in infrastructure from diverse angles and perspectives Richard Threlfall, Global Head of Infrastructure, KPMG International, who highlighted the emerging trends and their broader implications from a global perspective. Ravi Suri, Global Head of Infrastructure Finance and Partner in KPMG Lower Gulf, provided an overview of the shifts in infrastructure project finance and key learnings to be considered in Kuwait.
In an engaging session, Eng. Nayef Alhaddad, Manager, Research and Strategic Planning, Kuwait Authority for Partnership Projects (“KAPP”) presented an overview of the projects proposed to be offered by the KAPP through PPP across several sectors, highlighted the challenges facing PPP in Kuwait and mentioned how the government is working to resolve the same.
This was followed by an interactive panel discussion featuring prominent industry leaders, Paul Frain, CEO - Shamal Azzour Al-Oula, Richard Meredith, Country Manager - Kuwait, Limak Holding and. Suhail Jem’an, Lead Water Specialist World Bank. .
The seminar also stressed on the impact of technology and how infrastructure and supporting services can evolve in the modern context. This includes introducing new technology capabilities that can showcase the innovation accompanied with the creation of regulatory frameworks by the governments that are flexible and durable in the face of technological change.
Imran Shaik, Director, KPMG and Infrastructure Lead in Kuwait discussed the opportunities and challenges in Kuwait’s infrastructure sector. He mentioned that Kuwait continues to provide a strong pipeline of opportunities that can attract developers and investors internationally and locally, but all parties need to be cognizant of the issues that are a feature of the Kuwait infrastructure market.
The seminar concluded with Fahim Bashir, Partner, Tax and Corporate Services, KPMG in Kuwait, highlighting the tax considerations in infrastructure projects including compliance with tax retention and the possible consequences of the implementation of the Value Added Tax (“VAT”) system in Kuwait.
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