07.10.2013, 21:21

Oman Construction: Rising Potential from Unexpected Quarters

Author: Ventures Middle East

Oman Construction Industry expected to witness almost a doubling in contracts according to new Ventures Middle East report

"The Oman Construction Industry is expected to witness almost a doubling in contracts awarded across sectors from an estimated US$ 6,963 in 2013 to US$ 12, 648 million in 2014 on the back of the continued expansionary fiscal policy of the government that is likely to drive investment and growth across sectors in the long run."
Though small in size as compared to other countries of the Gulf Cooperation Council (GCC), the Sultanate of Oman is a predominantly hydrocarbon based economy which enjoys rich surplus on its oil and gas production as it is not a member of the OPEC (Organization of Oil Producing and Exporting Countries), thereby not constrained by its price and output restraints.

© Ventures Middle East
However, similar to its neighbours, it too is facing a fast depletion of its hydrocarbon resources, that forced it to plan an ambitious diversification program sustained by its high oil surpluses in recent years and a thriving demand from a growing population, inflow of expatriate labor and supported by enactment of laws to encourage foreign investment such as the foreign ownership of properties and move of the state toward privatization across industries. With the National Vision 2020 also focusing on upgrading infrastructure and projecting Oman as an attractive tourist destination, economic performance is expected to be further boosted by higher tourist arrivals and increased foreign direct investment thereby benefiting all the sectors of the economy and primarily its construction sector.

Ventures Middle East with its vast experience on up to date tracking of projects across industries and countries in the Middle East has aimed to explore the main areas of growth in the Oman building construction market and the prime forces driving the growth of this market while trying to enumerate and outline the main restraints to the growth over the coming years.

The report provides insights into the following:
1.    The Ventures report analyzes the construction industry and its key sectors namely, buildings, oil and gas, power and water, and infrastructure in detail as to their growth and prospects in the current economic scenario and their future up to 2014.

2.    Key Highlights of the study includes a probability impact matrix of the drivers and restraints to the growth of the construction industry, besides providing detailed and vital statistics on the contracts awarded across key sectors construction market and the top projects in these major sectors along with an overview of the main political, social, economic, technological, legal and environmental factors shaping the growth of the industry in the Sultanate of Oman.

3.    This study provides a comprehensive understanding of the complete market dynamics of the Oman Construction Industry to assist players interested in assessing the market opportunities in this resilient yet dynamic market.

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