Region Eyes Oman's Infrastructure Growth
According to the Oman Infrastructure Report Q4 2010, published recently by companiesandmarkets.com, Oman's infrastructure sector will remain one of the most active in the region thanks to continued government spending, the economy's relative insulation from the downturn and the focus on reforming its investment climate to attract foreign investors. The same report states that 'the construction industry is valued at US$3.7bn this year and should register growth rates of around 5% in the next three years, which beats many of its neighbours which are experiencing a slower emergence from the real estate downturn that hit some Gulf states particularly hard in 2008'.
Driven by its Vision 2020, Oman's government is all set to develop infrastructure projects with every economy sector benefiting from increased public spending. Foreign developers, including those from other Gulf states, are therefore showing a growing interest in Oman's infrastructure sector. The transport sector is one of the key areas generating value added growth for the construction industry.
Oman's construction industry is estimated to have posted substantial real growth of 14.21% year-on-year in 2009, to reach a value of OMR1.31bn (US$3.39bn). The moderately sized industry is gaining momentum with a large number of high value projects underway and planned.
While the Omani tender board keeps awarding construction contracts to a variety of companies, new bids are being opened regularly for additional infrastructure projects across the Sultanate.
At IQPC and GEC's Oman Construction Summit 2011, the country's major infrastructure projects and the range of investment opportunities in the sultanate's building and construction industry will be showcased. The ageanda features a strong lineup of speakers consisting of ministry officials, top executives of leading companies, prominent industry professionals and other experts.