Oman's construction market is anticipated to experience a consistent expansion within the upcoming four quarters, with an estimated construction output of US$ 8.72 billion projected to be achieved by 2026.
There are over $120 Billion worth of active construction projects in Oman. This market growth is primarily driven by the nation's robust economic diversification initiatives, aimed at expanding and diversifying the economy, unlocking its growth potential, and enhancing competitiveness.
These goals are being pursued through increased government expenditure in critical non-oil industries, as well as by stimulating private investments.
Worth of Projects
Construction Companies tracked
Awarded Contracts last year
Oman's economy is predicted to grow by roughly 5.8% in 2022 and will continue to experience growth rates during the tenth five-year plan. The government's efforts to support the private sector through privatization and the gradual sale of productive assets are expected to continue.
Additionally, Oman's successful economic diversification model includes trade liberalization in goods and services. As part of Oman's Vision 2040 and the Tenth Five-Year Plan, tourism has been identified as a key sector to promote economic diversification, increase non-oil revenues, and foster growth. However, to service its significant external debts, Oman may need to seek further financing from wealthier Gulf neighbors in the coming years, as reported by Capital Economics
The construction industry in Oman is experiencing swift growth and is now the second-largest contributor to the economy, aside from oil.
The demand for building and construction products and services is rising rapidly due to the increase in multi-billion projects. The government's initiatives to promote the development of affordable housing, healthcare, transportation, renewable energy, and infrastructure are anticipated to uphold the industry's expansion in the future.