GROWTH BY GEOGRAPHY
Sarooj Construction Company is using the Omani construction market as a springboard to grow regionally
With a multibillion-dollar pipeline of public-sector contracts and significant private-sector developments planned for the remainder of the decade, the construction sector remains a highly significant and growing facet of Oman’s economy. US-based advisory, BMI Research, predicts that the sultanate will become an active market in the field of construction during the coming years.
Despite this, Sarooj Construction Company’s (SCC) director, Simon Karam, has his feet firmly on the ground, and refuses to get carried away or complacent during what continue to be challenging local, regional, and global economic times.
He explains: “While we recognise the hard work that has created robust returns for the company, special care must be taken to mitigate profit erosion from increased fuel prices, new taxes, and ever-growing bank charges and financing costs. With trends in the market showing hesitation to acquire long-term assets, the need to drive up innovation, creativity, and cost-cutting should be a primary focus. SCC believes that this can only be driven by the right investment and nurturing of human capital, which in turn develops the caring and responsible relationships that our clients have come to expect from us and to entrust their work with.”
SCC was recently selected as the prime sub-contractor for earthworks, civil works, and underground pipeworks for the Liwa Plastics Project for Oman Oil Refineries and Petroleum Industries Company. It will also deliver enabling and road works for Majid Al Futtaim’s Mall of Oman project in Muscat. However, Karam is not taking SCC’s success lightly, and is working on both cost management and workforce development programmes within the company: “We [ predict] a further set of challenges on the horizon in the region. Inflation could be triggered by a series of new taxes, increases in fees, and removal or reduction of subsidies on fuel, water, and electricity. All of this will impact our clients, our employees, and our stakeholders, and will thus have a bearing on the way in which we manage our relationships and win work.
“In order to achieve our goals, we recognise the power of solid and trustworthy stakeholder relationships. So, we are continuously focused on leveraging our talent – both Omani and expatriate.”
“PERHAPS NOW IS THE RIGHT TIME TO CONSIDER LOOKING AT MARKETS SUCH AS IRAQ OR SYRIA.”
SIMON KARAM, SCC