CONSTRUCTION PROJECTS IN OMAN
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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.
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Economic Updates: Oman Projects
The economy is expected to grow by about 5.8% in 2022 and will continue to record growth rates during the years of the tenth five-year plan.
Oman will continue its efforts to support the private sector through a policy of privatization and the gradual sale of productive assets to the private sector
Oman is executing a successful model of economic diversification, notably, the country’s trade liberalisation in goods and services.
Oman’s Vision 2040 and the Tenth Five-Year Plan, tourism has been identified in the plan as a key sector to achieve economic diversification in Oman, promote growth, increase the GDP's non-oil revenues.
Capital Economics mentions that Oman was likely to seek further financing from richer Gulf neighbors in the coming years to service large external debts
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.
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