Thursday 20 June 2019
 
»
 
»
Story

Over 2,400 'active' construction projects in Oman

MUSCAT, May 8, 2018

The construction sector in Oman is witnessing robust activities with the value of the total 2,410 active projects surging to over $190 billion in April, according to a recent study.

Among these, 1,840 projects worth $61 billion are urban construction projects while 70 projects worth $39 billion are in the oil and gas sector and 150 worth $32 billion are transport projects, stated the study by BNC Network, a key project intelligence provider in the Mena region.

The report comes as delegates gathered for Windorex + Glass and Aluminium Oman trade show yesterday (May 7). The third edition of this international event seeks to build on the overwhelming success of the previous version that attracted more than 5,400 industry professionals.

With crude oil price hovering around $70 per barrel, the GCC countries including Oman could see an increase in government reserves – part of the windfall is then expected to be invested in large infrastructure projects, energy and power projects that will help the economy to grow further, it added.

As many as 230 developments worth more than $29 billion are utility projects, while 110 projects worth $27 billion are industrial developments, said the report.

In terms of the status of these projects, 1,730 projects worth $57 billion are in progress – tender and under construction - while 350 projects worth $71 billion are under planning, according to the report by BNC Network.

Of these, 240 projects worth $55 billion are in concept and 110 projects worth $15 billion are in design, it added.

As many as 330 projects worth more than $61 billion are on hold, revealed BNC Oman Construction Intelligence Report. This means, in terms of value, more than a third of the $190 billion worth of projects are currently on hold.

Avin Gidwani, the chief executive of BNC Network, said: "With a significant increase in contract award during Q4, 2017 as compared to the preceding year there is a significant amount of construction work on-going and the project pipeline indicates a stable construction market in the coming two years."

"If the current oil price holds, we expect several projects that are currently on hold to resume, providing a positive impetus to the overall economy of Oman," noted Gidwani.

"The increase in oil price is a good sign for the oil exporting countries of the GCC which helps the current account deficit to turn into current account surplus," he added.-TradeArabia News Service




Tags: Oman | construction projects |

More Construction & Real Estate Stories

calendarCalendar of Events

Ads