You are hereHome CategoriesOman
Oman construction sector robust with 2,410 active projects worth US$190 billion
Source: Pan Asian Media for BNC Network , Author: Posted by BI-ME staff
Posted: Fri May 11, 2018 11:35 am

OMAN. The construction sector in Oman is witnessing robust activities with the value of the total 2,410 active projects exceeding US$190 billion (Dh697 billion) in April 2018, according to BNC Network, the largest project intelligence provider in the MENA region.

News Highlights:
-   As many as 350 projects worth US$71 billion are currently under planning
-   Around 1,730 projects worth $57 billion are currently under construction and in tender
-   BNC tracks more than 28,000 live construction projects with a value exceeding US$7 trillion
 
Among these, 1,840 projects worth US$61 billion (Dh223 billion) are urban construction projects while 70 projects worth US$39 billion (Dh143 billion) are in the oil and gas sector while 150 projects worth US$32 billion (Dh117 billion) are transport projects.
 
With crude oil price hovering around US$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.
 
As many as 230 developments worth more than US$29 billion are utility projects, while 110 projects worth $27 billion are industrial projects.
 
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. Of these, 240 projects worth $55 billion are in concept and 110 projects worth $15 billion are in design.
 
The report comes as delegates gather for Windorex + Glass and Aluminium Oman trade show that starts on Monday, May 07, 2018. The 3rd edition of this international vent seeks to build on the overwhelming success of the previous version attracting 5,400+ industry professionals.
 
As many as 330 projects worth more than $61 billion are currently on hold, BNC Oman Construction Intelligence Report, shows. This means, in terms of value, more than a third of the US$190 billion worth of projects are currently on hold.
 
“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.” Avin Gidwani, Chief Executive Officer of BNC Network, says. “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.”
 
“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."

Photo Captions:
1. (above)  Avin Gidwani, Chief Executive Officer of BNC Network
2. (inset)  For illustrative purposes only (File photo)

About BNC
BNC, the largest project intelligence provider in the MENA region, tracks more than 28,000 live construction projects with a value exceeding US$7 trillion (Dh25 trillion). It publishes more than 250 project updates and shares construction intelligence with more than 73,000 executives and professionals every day.
 
It is used by thousands of business leaders and construction industry professionals around the world to track developments, gain insight on projects and do business in the construction industry. BNC covers construction projects, across all sectors including urban construction, mega developments, transportation, utilities, industrial developments and oil and gas and publishes over 2,000 construction analytics annually based on extensive research and analysis.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: July 20, 2018
UAE. Burglars can't steal your property if they can't break into your house. Here are some extra precautions you should take before leaving for your holidays.
date:Posted: July 19, 2018
UAE. The technologies most valuable to national defence are those that maximise the nation's freedom to develop and use its military capability as it sees fit.
date:Posted: July 18, 2018
UAE. Predictive deep learning technology looks for suspicious attributes of malicious code and learns as it goes to provide constantly evolving protection for servers - even if systems are unpatched.
dhgate