The Omani real estate sector is well protected from the ill effects of the global financial crisis compared to other markets in the region and there has been no major adverse impact on the industry. The impact has been less because of the very strong regulations in place in Oman. Underlying strength of the real estate market in Oman is growing population, an inflow of expatriates labor, interest rates, liquidity, financing options, construction costs, and foreign ownership legislation. The building construction industry in Oman is expected to grow by over three per cent to reach RO1.6 billion by the end of 2012, as the government would continue to spend on infrastructure projects aiming for diversifying the economy. The Omani economy is expected to grow by over four percent in real terms in 2010 benefiting from high crude oil prices and ongoing government spending. Besides, economic performance is expected to get bolstered by higher tourist arrivals and increased foreign direct investment thereby benefiting all the sectors of the economy including real estate and construction.
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 Oman Building Construction Industry is expected to witness contract awards worth an estimated US$ 1443 million in 2010 and US$ 1786 million in actual building construction spending in the corresponding period. The Ventures Oman - the Building Construction Oasis of the Desert report 2010, analyzes all the subsectors within the building construction sector such as retail, commercial, residential, mixed use, tourism and leisure and others (includes educational institutions, hospitals, airports and other miscellaneous projects) in detail as to their growth and prospects in the current economic scenario and their future up to 2012. Key Highlights of the study includes a probability impact matrix of the drivers and restraints to the growth of the building construction industry, besides providing detailed and vital statistics on the contracts awarded and the construction spend across all the segments of the building construction market that comprise the largest areas of activity in the industry, namely, residential, commercial, mixed use, retail, tourism and leisure and others and the top projects in these major sectors and an overview of the main political, social, economic, technological, legal and environmental factors shaping the growth of the industry in the Oman. This study provides a comprehensive understanding of the complete market dynamics of the Oman Building Construction Industry to assist players interested in assessing the market opportunities in this resilient yet dynamic market.
