The construction industry is the second major contributing sector to the Omani economy. In lines with Oman’s Vision 2040, the sectoral growth will drive investment in infrastructure, commercial, residential projects, and energy infrastructure. Under Oman’s 2040 Industrial Strategy, the government has marked industrialization, diversification and privatization as growth opportunities; benefitting the construction industry.
The industry is expected to reach US$19.4 billion* in 2023 including energy and utilities construction, residential construction, and infrastructure construction.
*Source: Research and Markets
Despite the slowdown caused due to the spread of COVID-19 pandemic in 2020, Oman announced that they have begun master planning for different projects which include infrastructure and service works, industrial workshops and basic facilities, hotels, resorts. Due to the flourishing construction industry, Oman has become a sought-after destination for investment.