Construction Market Report in Oman

 

Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Oman Construction Market Report” under Life Sciences category. The Saudi Arabia Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.

 

“Oman Construction market report – key trends and opportunities to 2025” Highlights:

Oman’s construction industry has been declining since 2017, with output shrinking by an annual average rate of 5% from 2017 to 2019. The COVID-19 outbreak aggravated the weakness in the industry, as it contracted sharply in 2020, plummeting by an estimated 15.6% in real terms, as the industry struggled with the challenges that emerged due to the outbreak, including lockdowns, low oil prices, production cuts owing to OPEC guidelines and the impact of sovereign credit rating downgrades.

We expects the Omani construction industry to rebound in 2021, growing by 4.8% in real terms; this recovery is a reflection of the low base in 2020, however, owing to the depths which the construction industry fell due to lockdowns and fiscal constraints. In 2022, the industry is projected to register growth of 3.3%, and then expand by an annual average rate of 4% over the remainder of the forecast period (2023-2025). The government’s programs to promote the development of affordable housing, transport and renewable energy infrastructure are expected to continue to support the expansion of the industry in the coming years.

Looking further ahead, while Oman continues to enhance its oil recovery techniques to boost oil production, it will keep pursuing its diversification plan ‘Vision 2040’, and construction will continue to be a major contributor to growth in Oman’s non-oil GDP, offering solid prospects for economic diversification. The prospects for capital expenditure projects in the tourism and manufacturing sectors as being key to the construction industry’s recovery; these sectors have been recognized as long-term drivers of revenue diversification and economic growth for the Sultanate.

In January 2021, the government launched the 10th five-year development plan 2021-2025, with an aim to diversify the economy and reduce reliance on oil revenue. Under this, the government plans to increase the contribution of transformative industries in the country’s total GDP from 10.8% in 2020 to 12.2% in 2025, the transportation and logistics sector from 6.4% to 7.5%, the education sector from 4.9% to 6.2%, the tourism sector from 2.5% to 3%, fisheries wealth from 0.9% to 2% and the mining sector from 0.5% to 0.7%.

The downside risk associated with the outlook is the government’s plan to cut public spending to control fiscal deficit. Public sector spending cuts are the government’s priority in 2021, continuing throughout the medium term (2022-2024), as outlined in the Medium-Term Fiscal Plan (MTFP). The fiscal plan is intended to reduce public debt, increase the state’s reserves, and diversify revenue away from oil. In the 2021 Budget, the government decreased its total spending by 17.4%, from OMR13.2 billion (US$34.3 billion) in the 2020 Budget to OMR10.9 billion (US$28.3 billion) in the 2021 Budget.

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