ProTenders analysis says Oman currently has $327.63 billion of projects
Oman’s construction market is expected to be active in the coming years and currently has $327.63 billion of projects, although 27% remain on-hold, a ProTenders analysis provided exclusively to MECN.com has said.
According the analysis, investments by the government in sea ports, railway lines, airports and special economic zones under the 9th Five-Year Development Plan and Visions, are expected to pose as growth drivers for the industry. However, the government of Oman remains cautious in its outlook due to volatility in oil prices, which is the main source of revenue. Despite stringent expenditures, the government is prioritising the development of tourism, education, healthcare, transport, infrastructure and energy sectors.
It added that the current focus is on the implementation and completion of strategic projects such as Al Sharqiyah Expressway ($1.3 billion), hospitals in Salalah, Khasab and Suwaiq, and new hotels, with hotel rooms expected to grow to 16,866 keys by 2021.
From this year onward, annual passenger traffic at the Muscat International Airport is forecast to increase by at least 10% year-on-year, it said, adding that Oman is focusing on developing its aviation sector to diversify the economy away from oil and grow its tourism industry.
The focus on building master planned projects like Sino Oman Industrial City ($4 billion) is proving to be a good developmental plan for Oman, the analysis said.=
Oman’s construction contract award is forecast to achieve $12.3 billion in Q3 this year, it concluded.