Oman’s Construction sector expected to grow 3.3% this year

Muscat: A new report from India’s HTF Market Intelligence predicts the construction sector in the Sultanate of Oman will grow by 3.3 percent this year.

The report, which was published by the Foundation on its website, also expected a rise in the construction sector in the Sultanate to record an average annual rate of 4% during the period from 2023-2025.

He stressed that the government’s programs to promote the development of low-cost housing, transport projects and renewable energy infrastructure are expected to continue to support the expansion of this sector in the coming years.

Looking to the future, he said, while Oman continues to enhance its oil extraction technologies to boost oil production, it will continue to pursue its diversification plan “Vision 2040”, and construction will continue to be a major contributor to the growth of the Sultanate’s non-oil GDP.

The report considered that the prospects for capital spending projects in the tourism and manufacturing sectors are key to the recovery of the construction industry in the Sultanate of Oman, pointing out that these sectors have been recognized as long-term drivers of revenue diversification and economic growth in the Sultanate.

He said: In January 2022, the government launched the tenth five-year development plan 2022-2025, with the aim of diversifying the economy and reducing dependence on oil revenues, and accordingly, the government plans to increase the contributions of manufacturing industries to the country’s GDP from 10.8% in 2022 to 12.2% in In 2025, the transport 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%, the fisheries sector from 0.9% to 2% and the mining sector from 0.5% to 0.7%.

source: atheer