Oman infrastructure set to grow by 3.4% in 2016
Construction in Oman accounts for 8% of Oman's GDP, according to a report by BMI Research
Oman’s construction industry is expected to grow by 3.4% in 2016, and will reach $5.7bn (OMR2.2bn), according to BMI’s latest Oman infrastructure report.
According to the research, construction accounts for 8% of Oman's GDP.
The government's plan to boost the use of Public Private Partnerships (PPPs) will see the construction industry's grow further, it said, local Muscat Daily reported.
The research report read: "Growth in Oman's construction industry will come primarily from investment in transport infrastructure projects and the government's push for PPPs to mobilise private investment in the construction sector.
“This will become increasingly important as global oil prices remain low, curbing government spending."
Rising demand for electricity and water will also ensure continued investment in new utilities capacity, particularly as the government proceeds with plans to enhance the use of PPPs, according to BMI.
Residential and non-residential construction is also expected to post positive growth, as the tourism industry grows.