Since at least the turn of the 21st century, the rising cost of construction materials has been a concern for many emerging markets, particularly those, like Oman, which are dependent on imports to cover a substantial proportion of demand. A dip in prices following the 2008-09 global financial crisis eased some of the pressure, albeit at a...
How can the ministry make the private sector more attractive for Omanis and encourage them to actively seek jobs in the sector?
With a wave of major public projects being implemented in sectors including energy, manufacturing, transportation and utilities, Oman’s construction industry is growing strongly. Demand also comes from the private real estate sector, where developers are delivering projects in thriving segments from grade-A office buildings to shopping malls...
How can the private sector play a larger role in driving economic growth and development?
Oman’s construction sector was worth an estimated $5.2bn in 2014, up from $4.9bn in 2013, and forecasts show that it will continue to grow rapidly, to $5.6bn in 2015 and $6.0bn in 2016. Although the drop in oil prices will likely curtail public spending in the sector if prices remain depressed, this has certainly not been the case so far. Indeed, the total value of projects planned and under...
Oman’s long history of political stability coupled with its favorable international trade agreements and special economic zones has ensured strong growth in economic output and exports in recent years. The fall in global prices is undoubtedly a concern for the sultanate, but the sustained focus on diversification schemes, as well as the country’s ongoing spending commitments on big-ticket projects should ensure steady growth moving forward.
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