In spite of the setback witnessed in the early half of 2011 owing to the prevailing global economic conditions and civil unrests, growth in the Oman’s construction sector continues to gather pace backed by its strong economic growth and smooth execution of large-scale projects. The major driver behind rapid expansion of construction industry has been government spending, which registered noteworthy increase in the recent years. Its young and quickly growing population base and the Sultanate’s economic diversification programme are the key driving forces behind the development of stylish construction projects in the Sultanate. Omani policymakers have been active in efforts to diversify the economy through new tax laws, new privatization laws, and creating a market-friendly economic environment.
Buoyed by these factors, the building construction industry in Oman has witnessed unprecedented growth in recent years with the construction contract awards likely to grow from an estimated US$ 1,213 million in 2011 to US$ 3,034 million in 2013.
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 Ventures Oman - Building Construction Industry Overview 2011, analyzes all the sub-sectors within the building construction industry 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 2013. 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 across 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 demand forecast for key real estate segments. It also includes statistics on 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 Sultanate of 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.
