Oman Construction Industry Report 2022: Market is Forecast to Grow by 3.4% in Real Terms in 2022, After 5 Successive Years of Contraction and a Particularly Steep Decline of 8.3% in 2021 - ResearchAndMarkets.com

The "Oman Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The construction industry in Oman is forecast to grow by 3.4% in real terms in 2022, after five successive years of contraction and a particularly steep decline of 8.3% in 2021.

The industry's growth in 2022 will be supported by a favorable base, coupled with rising oil prices and the continuous expansion of oil and gas production. According to the Ministry of Finance, the country's average oil production in the first two months of this year increased to 11 million barrels per day, up from 953,000 barrels per day in the same period in 2021.

In addition, the country's net oil revenue increased by 81% year on year (YoY) in the first two months of 2022, resulting in a budget surplus of OMR210 million ($546.2 million) at the end of February 2022, compared to a deficit of OMR457 million ($1.2 billion) at the end of February 2021 and this boost to the government's fiscal coffers will support project developments.

Despite regaining growth momentum, the Omani construction industry's output is expected to remain below the pre-pandemic levels (2019) throughout the forecast period. Moreover, the ongoing supply chain crisis, cement shortages and rising building and raw materials prices pose a downside risk to the industry's output in the short term.

The publisher expects the Omani construction industry to register annual average growth of 4.2% between 2023 and 2026, supported by investments on the construction of oil, electricity, transport, and housing infrastructure projects. In March 2022, ACME Group, a sustainable and renewable energy company based in India, signed a joint-venture agreement with Scatec ASA, a Norwegian renewable power producer, to invest OMR1.92 billion ($5 billion) on the construction of a large-scale green ammonia facility in Oman.

Furthermore, the Ministry of Finance added a list of new projects to the Tenth Five-Year Development Plan (2021-25) in March 2022. This includes the development of nine projects in the transportation sector, three projects each in the healthcare and tourism sectors, two projects in municipal development, and one project each in housing, education, and aviation sectors.

The Five-Year Development Plant was launched in 2021, with an aim of diversifying the economy. As part of the plan, the government will increase the spending on infrastructure from OMR10.9 billion ($28.3 billion) in 2021 to OMR11.4 billion ($29.6 billion) by 2025.

Scope

• Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in Oman, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 COVID-19 Status

3.5 Risk Profile

4 Construction Outlook

4.1 All Construction

• Outlook
• Latest news and developments
• Construction Projects Momentum Index

4.2 Commercial Construction

• Outlook
• Project analytics
• Latest news and developments

4.3 Industrial Construction

• Outlook
• Project analytics
• Latest news and developments

4.4 Infrastructure Construction

• Outlook
• Project analytics
• Latest news and developments

4.5 Energy and Utilities Construction

• Outlook
• Project analytics
• Latest news and developments

4.6 Institutional Construction

• Outlook
• Project analytics
• Latest news and developments

4.7 Residential Construction

• Outlook
• Project analytics
• Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/h7v46a

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005452/en/