Omani construction will grow faster next year
Growth in Oman's construction sector is set to outperform the regional average, according to a UK study
Growth in Oman's construction sector will outperform the regional average, according to a report by BMI Research, a unit of Fitch Ratings.
Rising oil and gas production will boost Omani exports at the same time as the government increases investment in non-oil sectors to diversify the economy. As a result, the country's economy is tipped to enjoy strong growth in the coming years, according to the report that was picked up by the news organisations in Abu Dhabi and Oman.
A stronger economy will support real industry growth in the Sultante's construction sector, with BMI predicting growth of 10.4% in 2018 and 11.5% in 2019. To put this figure into context, the regional construction industry is only expected grow by approximately 7.1% and 7.3% respectively.
In recent years, Oman has invested heavily in construction projects spanning aviation, shipping, logistics, and infrastructure.
In June, Oman Tourism Development Company and Majid Al Futtaim have entered into a joint venture to create the country's largest-ever urban development project.
Located in the western area of Madinat Al Irfan, the mixed-use community aims to revitalise Muscat by creating a new urban centre with 11,000 residential units.
It is expected to cost $13bn (OMR5bn), will be built over a period of of 20 years, and is set to create more than 30,000 local jobs.
Meanwhile, global consultancy firm Atkins has been named lead consultant for Khazaen Economic City, a 51km² master-planned megaproject in the northern part of Oman.
The economic city will become the centre of Oman's logistics industry when it is finished.
Separately, the $4.4bn new Muscat International Airport opened for business this year.