OMAN CONSTRUCTION MARKET UPDATES
Oman has over US$160Bn worth of active projects and despite the current slowdown due to Covid-19, Oman announced that they have begun master planning for different projects which include infrastructure and service works, industrial workshops and basic facilities, hotels, resorts.
Due to the flourishing construction industry, Oman has become a sought-after destination for investment.
The general budget was announced in January 2020, which included OMR80m towards housing loans and OMR 2.6Bn towards infrastructure projects and oil and gas, if has been noted that there are high valued infrastructure projects and gas production which will help growth recover over 2021-2022.
As the year progressed and the economy slowed down, Oman had unofficially reached out to neighbouring Gulf countries for financial assistance in an effort to shore up its ailing economy, quoting a Bloomberg report. Oman, the largest Gulf oil exporter that is not a member of OPEC, is one of the most vulnerable oil producers in terms of credit profiles along with Bahrain, and Iraq.
TRENDING CONSTRUCTION PROJECTS
Oman Economic Updates
- According to the Sultanate’s Ministry of Finance $3.4bn will be spent on infrastructure projects and $3.4bn (OMR1.3bn) has been allocated for oil and gas production.
- All state-run companies are asked to reduce their operational and administrative expenses in 2020 by 10 per cent.
- The government announced a further budget cut of 5% for government bodies and the armed forces for the year.
- Oman is set to introduce Value Added Tax in early 2021. The Shura Council has approved the draft VAT Law, and has now referred it to the State Council.
- Oman is on track to run its biggest budget shortfall since 2016, estimated this year at 16.9% of gross domestic product by the International Monetary Fund.
- Oman’s sovereign rating was downgraded twice in 2020 by Moody’s Investors Service.
Oman is considered as one of the fastest growing countries when it comes to infrastructure and real estate. Due to the flourishing construction industry, it has become a sought-after destination for investment. However, investing and bidding in new projects in Oman for 2019 should be strategically done and backed with accurate forecasting and data.
Ventures ONSITE is a leading construction tracking and intelligence portal that offers comprehensive and detailed information about the upcoming and ongoing Oman projects. Our portal can provide the necessary data and tools that can help business owners, consultants & contractors track the development of a specific project.
Ventures ONSITE Intelligence portal has all the required information and data about ongoing and upcoming projects in Oman. Our team of researchers and data analysts actively monitor and update our database to ensure that information viewed are new and up-to-date.
Major Projects in Oman
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Venture ONSITEs’ goal is to help clients get the best out of the information we offer, which is why we design our platform to ensure ease of navigation and use. Our team of researchers categorize and classify information so users can easily search and verify the data.
Our platform also features Statistics, Analysis & Forecasting Tools to help users analyse data and forecast project progress accurately. Through this, users can make a safe assumption about the feasibility and viability of a specific project.
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