DIVERSIFYING GROWTH

Oman’s construction market is expected to register a CAGR of 6% over the forecast period, 2019-2024. Major factors driving the growth are the strong economic diversification plans. It is also seeking to break the cycle of its oil and gas dependency. The country plans to boost the GDP contribution of heavy industry from 19.8% in 2017 to 29% by 2020.

There are a total of 2,410 active construction projects in Oman, with a combined value in excess of $190 billion. Ongoing projects comprise 1,840 projects worth $ 61 billion, 70 projects worth $ 39 billion in the oil and gas sector, and 150 projects worth $32 billion in transportation. Furthermore, as many as 230 developments worth more than $29 billion are utility projects, while 110 projects worth $27 billion are industrial sector focused.

This year’s Infra Oman – Oman’s biggest and only exhibition related to construction and Infrastructure will be organised for the 9th time from October 7 to 9 at the Oman Convention and Exhibition Centre.

The exhibition will focus on Construction Requirements, Green & Future Buildings, Heavy Equipment & Technologies, Hotel and Tourism Projects, Industrial Free Zones, Industrial Manufacturing, Power and Water Technologies, Tools and Equipments, Transportation and Logistics, Infrastructure Projects – Roads, Airports, and Railways and Ports – Build & Supply and other Development Projects.

Strong construction growth in Oman has been driven in large part by focused infrastructure spending, with the government offering a host of opportunities in its development of transportation megaprojects in recent years.