Oman’s construction sector has round 2,410 active projects exceeding $190 billion, according to project intelligence provider BNC Network.
A further breakdown reported 1,840 projects worth $61billion as urban construction, while 70 projects worth $39 billion were in the oil and gas sector and 150 projects worth $32 billion were in the transport sector.
Gulf Cooperation Council (GCC) countries could see an increase in government reserves as the crude oil price hovering around $70 per barrel, and a significant portion is likely to be invested in large infrastructure projects, energy and power projects that would help the economy grow further, according to a report by the Times of Oman.
Further data suggest as many as 230 developments worth more than $29 billion were utility projects, while 110 projects worth $27 billion were industrial, and of the total projects, 1,730 worth $57 billion were in progress—both under tender process and under construction—while 350 projects worth $71 billion were in the planning stage. Of these, 240 projects worth $55 billion were in concept and 110 projects worth $15 billion were in design.
The report added that approximately 330 projects worth more than $61 billion were currently on hold, which means that in terms of value, more than a third of the $190 billion worth of projects were currently on hold.
“With a significant increase in contract award during the fourth quarter of 2017 as compared to the preceding year, there is a significant amount of ongoing construction work and the project pipeline indicates a stable construction market in the coming two years,” Avin Gidwani, Chief Executive Officer of BNC Network, said as reported by the Times of Oman, adding that if the current oil price holds, several projects that are currently on hold are expected to resume, providing a positive impetus to the overall economy of Oman.