| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 7.05 Billion |
| Market Size (2030) | USD 8.29 Billion |
| CAGR (2025 - 2030) | 3.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Oman Construction Market Analysis
The Oman Construction Market size is estimated at USD 7.05 billion in 2025, and is expected to reach USD 8.29 billion by 2030, at a CAGR of 3.3% during the forecast period (2025-2030).
Pouring investment in the country is one of the major factors driving the growth of the construction market. Government initiatives and projects demanding construction megaprojects are also boosting the market.
- The Omani real estate market is anticipated to continue moving forward strongly and favorably due to the shifting trends, which indicate that investors are paying attention to the market again. The real estate market has witnessed growth since the third quarter of last year, supported by a strong structural base and increased demand.
- The Omani government's new ownership plan, which permits foreigners to buy properties outside of integrated tourism complexes (ITC), along with many choices and actions, is anticipated to draw capital investments in the real estate market. At the end of July 2022, the overall traded value of real estate activity exceeded OMR 1.3 billion (USD 3.38 billion), while the total traded value of the property increased only by 27.4% from June 2022 to July 2022, reaching OMR 213.1 million (USD 553.45 million).
- The affordability and accessibility of housing are more important priorities for the Omani government. The campaign for "Homes for All Citizens" increased the demand for inexpensive housing, creating much-needed liquidity in the industry. Following the success of its first integrated housing development project in Barka based on the public-private partnership (PPP) model, Oman's Ministry of Housing and Urban Planning has announced plans for five new buildings totaling 4,800 housing units, catering to an estimated 24,000 people.
- The government announced new opportunities for domestic and international real estate companies and institutions specializing in real estate development to submit "Expressions of Interest" to compete, which is expected to increase investment in the country's construction market.
Oman Construction Market Trends
Economic Diversification Plan (Vision 2040) has Been a Key Growth Factor in the Construction Sector
As an economy that relies heavily on revenue from oil, a shift is required to diversify sources of income by promoting investments in targeted sectors. The government has been focused on pursuing this objective by boosting the contribution of the five target sectors in the Ninth Five-Year Plan, including logistics, manufacturing, tourism, fisheries, and mining, and moving forward with key strategic projects.
- The Sultanate of Oman is executing a successful model of economic diversification, notably the country's trade liberalization in goods and services. Oman pursued an active plan of development that focuses on diversification, manufacturing, and privatization to diminish the oil sector's contribution to the GDP by 9%. The tourism and hydrocarbon industries have become the main components of the government's economic diversification strategy.
- One of the catalysts for the first phase of the executive plan is the National Program for Investment and Export Development. The 135 projects in the dashboard strongly relate to the "Economy and Development" pillar of Oman Vision 2040. It is regarded as the greatest national program in terms of project number. The "private sector, investment, and international collaboration" prioritizes strategic objectives to strengthen and enable the private sector's role in driving economic development, which was introduced in March 2021.
- Within logistics, the Omani government is positioning Duqm as a major industrial and business zone in the region. One of the objectives of the Special Economic Zone Authority in Duqm is to develop the central arid region of the country and create ample space for international and local investors to build world-class projects. This will help achieve promising growth in Oman's economy and strengthen the country's position at the international level.
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Commercial Construction Gaining Traction Due to Growing Tourism
Due to its ideal location for outdoor activities throughout the winter, Oman is anticipating a significant influx of foreign tourists. In addition to having excellent weather, the country received more tourists due to the FIFA World Cup, which began in Doha, Qatar, in November 2022. Before the event, Oman Air, the national airline, and Qatar Airways agreed to work together. As a result of this deal, 21 flights per day will be run between Muscat and Doha.
With COVID-19 restrictions in force, just 113,000 people visited Oman in the first five months of 2021. With 794,000 visitors traveling to the sultanate this year, the figure increased by 602%. Extensive marketing initiatives and trade fairs held in other nations have also increased Oman's attractiveness abroad.
By 2040, Oman hopes to diversify its economy away from oil and expects to generate more than OMR 9 billion (USD 22.5 billion) annually from tourism. One of the economic goals of Oman's 2040 Economic Vision is to get more money from tourists. In 2021, the tourism industry contributed 2.4% to the GDP. The government wants that percentage to rise to 5% and 10% in seven and seventeen years, respectively. By investing USD 51 billion, the target visitor count is expected to rise to 11.7 million by 2040.
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Oman Construction Industry Overview
The Omani construction market is fragmented and highly competitive, with the presence of major international players. Some key players are Bechtel, Bouygues, CB&I LLC, Daewoo Engineering & Construction Co. Ltd, and Hyundai Engineering & Construction Co. Ltd.
The market may present opportunities for growth during the forecast period, which is expected to drive the competition further. With a few players holding a significant share, the Omani construction market has an observable level of consolidation.
Oman Construction Market Leaders
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Bechtel
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Bouygues
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McDermott
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Daewoo Engineering & Construction Co. Ltd
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Hyundai Engineering & Construction Co. Ltd
- *Disclaimer: Major Players sorted in no particular order
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Oman Construction Market News
- May 2023: Sika acquired MBCC Group after receiving all necessary regulatory approvals. With this highly complementary transaction, Sika strengthened its footprint across all regions, reinforcing its range of products and services across the entire construction life cycle and driving the sustainable transformation of the construction industry.
- April 2023: China-based Huaxin Cement acquired a 60% stake in Oman Cement. The group completed the transaction via Abra Holdings, a wholly-owned subsidiary incorporated in Mauritius. In a submission to the Hong Kong Exchange, Huaxin Cement stated the estimated purchase price for the stake as USD 193 million.
Oman Construction Industry Segmentation
A structure's erection, cladding, external finish, formwork, fixture, fitting of a service installation, and unloading equipment, machinery, materials, or similar tasks are all considered part of building construction.
A complete background analysis of the Omani construction market, including the assessment of the economy and contribution of sectors in it, market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, geographical trends, and the impact of COVID-19 impact are included in the report.
The Omani construction market is segmented by sector (commercial, residential, industrial, infrastructure (transportation), and energy and utilities). The report offers market size and forecasts in value (USD) for all the above segments.
| By Sector | Commercial Construction |
| Residential Construction | |
| Industrial Construction | |
| Infrastructure (Transportation) Construction | |
| Energy and Utility Construction |
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Oman Construction Market Research Faqs
How big is the Oman Construction Market?
The Oman Construction Market size is expected to reach USD 7.05 billion in 2025 and grow at a CAGR of 3.30% to reach USD 8.29 billion by 2030.
What is the current Oman Construction Market size?
In 2025, the Oman Construction Market size is expected to reach USD 7.05 billion.
Who are the key players in Oman Construction Market?
Bechtel, Bouygues, McDermott, Daewoo Engineering & Construction Co. Ltd and Hyundai Engineering & Construction Co. Ltd are the major companies operating in the Oman Construction Market.
What years does this Oman Construction Market cover, and what was the market size in 2024?
In 2024, the Oman Construction Market size was estimated at USD 6.82 billion. The report covers the Oman Construction Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Oman Construction Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Oman Construction Industry Report
The Oman construction market is experiencing robust growth, driven by government initiatives aimed at economic diversification and substantial investments in infrastructure. Segmented into residential, commercial, industrial, and infrastructure projects, each sector contributes significantly to the market's expansion. Urbanization and population growth fuel residential construction, while commercial construction benefits from expanding retail spaces and office buildings. Industrial construction is supported by the development of industrial zones and growth in manufacturing and logistics sectors. Significant projects in transportation, energy, and utilities highlight the focus on infrastructure development. The market also emphasizes sustainable development and urban planning.
Opportunities for growth include tourism and hospitality construction, renewable energy projects, and the development of smart cities and sustainable infrastructure. The competitive landscape features intense competition among local and international players, with collaborations and technology adoption shaping market dynamics. Key players among construction companies in Oman are vying for a larger market share, focusing on major projects.
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