Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Oman Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
Following six years of consecutive contractions since 2017, Oman's construction industry to recover and expand by 1.2% in real terms in 2023 and 3.3% in 2024, supported by a rising foreign investment, coupled with the government's continued focus on infrastructure development and investments in renewable energy sector in line with its objective to attain carbon neutrality by 2050.
According to the National Center for Statistical Information (NCSI), the total foreign direct investment (FDI) in the construction industry grew by 23.2 % year on year (YoY) in the first half of 2023. In September 2023, the Oman Tender Board awarded tender worth OMR488 million ($1.3 billion) for various development projects including design and construction work for national library, national theatre, Oman cultural complex and national archive building.
The Omani construction industry is expected to register annual growth of 4.2% from 2025 to 2027, supported by investments in economic zones, renewable energy, manufacturing, and tourism projects under the Vision 2040 project. Under the Oman Vision 2040 Plan, the government plan to attract 11 million visitors annually by 2040. To achieve this target and bolster the tourism industry, OMR20 billion ($51 billion) will be allocated by Ministry of Heritage and Tourism to tourism industry by 2040.
Moreover, as part of this vision, the government aims to increase the number of industrial cities and related manufacturing zones in the country from 12 in 2023 to 16 by 2040. In addition, investments in the hydrogen projects will play a significant role in supporting the growth of the Omani construction industry over the forecast period as the government is targeting to achieve net zero emissions by 2050, and produce one million tons of renewable hydrogen by 2030, up to 3.75 million tonnes by 2040, and 8.5 million tonnes by 2050.
Over the long term, the construction industry's growth will also be supported by public and private sector investment in the housing and infrastructure sector. The government plans to spend OMR2.3 billion ($6 billion) to expand and modernize the country's airports over the next seven years, as well as to build 10 new seaports by 2023.
Scope
- Historical (2018-2022) and forecast (2023-2027) 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
Reasons to Buy
- Identify and evaluate market opportunities using the standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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 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/z0mmfw
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