According to the Finance Minister, Oman managed to keep inflation below 3% due to a raft of policies. Oman’s economy is slated to grow by 5%, driven by oil and non-oil activities. The country is set to be the fastest growing economy within the GCC in 2023 aided by the development of new natural gas fields, according to the World Bank. Oman’s construction industry being the second-largest driver of non-oil growth of economy is witnessing rapid growth. Growth in the coming years is expected to be supported by investments in the oil, power, tourism, residential and infrastructure projects. The government’s commitment to economic diversification is evident through its substantial investments in the construction sector.
This Ventures Onsite report provides insights into Oman’s economy, budget, construction industry, contractor awards and major projects in 2023 and 2024.