Main trends and opportunities in the Oman construction market by 2025-ResearchAndMarkets.com

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This “Architecture in Oman-Main Trends and Opportunities to 2025 (First Half of 2021)” Report has been added to ResearchAndMarkets.com provide.

Since 2017, the construction industry in Oman has been declining. From 2017 to 2019, the average annual contraction rate of the construction industry was 5%. The COVID-19 pandemic has exacerbated the industry’s weakness as it shrank sharply in 2020, with an estimated plummet of 15.6%. In essence, the industry is struggling to cope with the challenges caused by the outbreak, including blockades, low oil prices, production cuts due to OPEC guidelines, and the impact of sovereign credit rating downgrades.

The construction industry in Oman is expected to rebound in 2021, with a real growth of 4.8%. This recovery reflects the reason for the low base in 2020, which is due to the depth of decline in the construction industry due to blockades and fiscal austerity. It is expected that the industry will achieve 3.3% growth by 2022, and then grow at an average annual rate of 4% during the rest of the forecast period (2023-2025). It is expected that the government’s plan to promote the development of affordable housing, transportation and renewable energy infrastructure will continue to support the development of the industry in the next few years.

Looking to the future, Oman will continue to improve its oil extraction technology to increase oil production. At the same time, it will continue to implement the diversification plan “Vision 2040”. Construction will continue to make major contributions to the growth of Oman’s non-oil GDP and provide a solid foundation for Oman. The prospect of economic diversification. Publishers believe that the prospects for capital expenditure projects in tourism and manufacturing are key to the recovery of the construction industry; these sectors have been recognized as long-term drivers of income diversification and economic growth in the Sultanate.

In January 2021, the government issued the tenth five-year development plan 2021-2025, which aims to achieve economic diversification and reduce dependence on oil revenues. On this basis, the government plans to increase the contribution of transitional industries to the country’s GDP from 10.8% in 2020 to 12.2% in 2025, the transportation and logistics sector from 6.4% to 7.5%, and the education sector from 10.8% in 2020. 4.9% to 6.2%, tourism from 2.5% to 3%, fishing wealth from 0.9% to 2%, and mining industry from 0.5% to 0.7%.

The downside risk associated with the outlook is the government’s plan to cut public spending to control the fiscal deficit. As stated in the “Medium-term Financial Plan” (MTFP), in the entire medium-term (2022-2024), cutting public sector expenditures is the government’s top priority in 2021. The fiscal plan aims to reduce public debt, increase national reserves, and diversify income other than oil. In the 2021 budget, the total government expenditure was reduced by 17.4%, from 13.2 billion Omani rials (34.3 billion U.S. dollars) in the 2020 budget to 10.9 billion Omani rials (28.3 billion U.S. dollars) in the 2021 budget .

The report provides detailed market analysis, information and insights about the construction industry in Oman, including:

  • Growth prospects for the construction industry in Oman by market, project type and construction activity

  • Key insights into the impact of industry trends and issues, as well as an analysis of the main risks and opportunities of the Oman construction industry

  • Analyze large-scale project pipelines, focusing on the development stage and participants, as well as the list of major projects in the pipeline

The report provides a comprehensive analysis of the construction industry in Oman. It provides:

  • Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Oman, including detailed information on key growth drivers

  • Divided by industry (commercial, industrial, infrastructure, energy and utilities, institutions and residential) and sub-sectors

  • Analysis of large-scale project pipelines, including the breakdown of each department by development stage, and the estimated expenditures of projects in existing pipelines

  • List of main projects, as well as details of main contractors and consultants

Key topics covered:

1.executive Summary

2. Construction industry: an overview

3. Context

3.1 Economic performance

3.2 Political environment and policies

3.3 Demographics

3.4 COVID-19 status

4. Construction prospects

5. Key industry players

5.1 Contractor

5.2 Advisor

6. Construction market data

For more information about this report, please visit https://www.researchandmarkets.com/r/ief1wd

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