Fifteen construction companies in Kuwait are expected to declare bankruptcy soon due to lack of liquidity and hence inability to fulfill their financial commitments to complete suspended projects for over three years, Reuters-affiliated website Zawya reports.

Kuwait’s Ministry of Commerce and Industry has already received 13 requests for liquidation of some companies without stating the reasons. However, the ministry refused the liquidation of these companies to protect the rights of the shareholders and the funds of small investors.

Also, some creditors have headed to the ministry to liquidate some companies because profit margins have dropped in the past three years by more than 80%.

The country’s construction sector is facing several problems including weak credit, fewer projects, and failure in completing vital projects, leading to major losses for some projects and later entrusting them to big foreign companies.