The Oman Market
The rebound of Oman's construction and tourism markets is opening up fresh opportunities for business, partnerships, and investment. With the government's allocation of higher budgets for capital expenditure projects in the tourism and real estate sectors under its 10th Five-Year Economic Development Plan, commercial and residential projects are spurring demand for design spaces that require design-related materials, furnishings, products, services, creative and innovative solutions and technologies.
Nearly US$ 7.5 billion or tourism and development projects are being prepared by the end of 2023, which will stimulate construction activity and growth.
- Oman's construction market is seen to register a CAGR of more than 5 per cent from 2021 to 2026.
- In 2022, the industry is projected to register growth of 3.3%; consequently expanding by an annual average rate of 4% over the remainder of the forecast period (2023-2025).
- The value of Oman's construction industry is forecast to increase by an annual average of 3.2% between 2021 and 2030.