The Sultanate’s construction sector is expected to grow by 8.4 per cent to OMR1.7 billion, according to a research report released by Business Monitor International.
The BMI in its report estimated a real growth of 11.9 per cent year-on-year for 2012, with industry value reaching OMR1.5 billion.
The Omani construction and infrastructure sectors have defied global recession trends thanks to backing from oil-fuelled state coffers.
The Central Bank of Oman report shows that over the first half of 2012, construction industry value was OMR633.4 million.
Expanding tourism sector
Cement production is also rising, with growth mostly driven by solid economic performance and an expanding tourism sector. Oman’s near-term economic outlook remains broadly positive, with heavy government spending stimulating an uptick in activity across the economy.
Growing demand for water in Oman is seeing the usual players winning contracts for new projects. ACWA Power and Malakoff International, two of the biggest names in the Gulf Cooperation Council (GCC) independent water and power space, are developing desalination plants in the country. Despite repeated downgrades to the country’s water demand outlook, the regulatory framework in Oman will protect investors, as long-term water purchase agreements are signed to support projects.
A number of projects in Oman’s water sector are underway or in the pipeline to support growing demand. Oman Power and Water Procurement Company (OPWP) is planning two new projects — in Quarayyat and Suwaiq — which will expand capacity by 405,000 cubic metres per day by 2018.-Times of Oman
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
