Oman Construction Market - Growth, Trends, and Forecast (2019 - 2024)

Oman Construction Market is Segmented by Sector into Commercial Constructions, Residential Constructions, Industrial Constructions, Infrastructure (Transportation Constructions), and Energy and Utility Constructions.

Market Snapshot

CAGR Abhi
Study Period:

2015-2024

Base Year:

2018

CAGR:

6%

Key Players:

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Market Overview

The Omani construction market is expected to register a CAGR of 6% over the forecast period, 2019-2024.

The factors driving the growth of the market are the Omani Sultanate’s strong economic diversification plans, which include developing and diversifying the economy and releasing its potential for growth, with the ultimate goal of promoting development and competitiveness through increased government spending on key non-oil sectors and stimulating private investments, as part of the country’s 9th five year plan and vision 2020 program.

The Sultanate is also seeking to break the cycle of its oil and gas dependency, by cutting the share of hydrocarbons-derived GDP in half by 2020 and substituting a more diversified economic base. To that end, the country plans to boost the GDP contribution of heavy industry from 19.8% in 2017 to 29% by 2020 and has earmarked USD 106 billion to invest in the non-oil sectors, including the construction industry and manufacturing.

There are a total of 2,410 active construction projects in Oman, with a combined value in excess of USD 190 billion. Ongoing projects comprise 1,840 projects worth USD 61 billion urban construction projects, 70 projects worth USD 39 billion in the oil and gas sector, and 150 projects worth USD 32 billion in transportation. Furthermore, as many as 230 developments worth more than USD 29 billion are utility projects, while 110 projects worth USD 27 billion are industrial sector focused.

Scope of the Report

The Omani construction market covers the growing construction projects in different sectors, like commercial construction, residential construction, industrial construction, infrastructure (transportation construction), and energy and utility construction.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Sultanate's Economic Diversification Plan (Vision 2020)

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 is 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, as well as moving forward with key strategic projects.

In the manufacturing sector, Tanfeedh (Economic Diversification Plan) has slated for USD 24 billion new investments to create 13,000 direct new jobs by 2020. The key sub-sectors include petrochemicals, metals, materials, and the food and energy sectors. Oman’s Tourism Sector is mostly untapped. By 2020, the tourism sector is expected to attract investments of USD 5 billion, over 2.7 million visitors and create more than 10,000 jobs.

Within logistics, the Omani government is positioning Duqm as a major industrial and business zone in the region. The logistics sector is expected to attract around USD 16 billion in new investments, by 2020. After the oil and gas sector, logistics is expected to be the second largest contributor to GDP by 2020. 

Oman 1

To understand key trends, Download Sample Report

Swinging Residential Constructions in the Sultanate

Multiple residential projects are undergoing construction in the Sultanate. Major projects include, Omran and Saraya Holding Oman, Muscat’s premier resort village, had started developing a residential project under the name of Muscat Bay in 2017. This is a natural and peaceful place that will be home to 435 exclusive residential units that combine attractive waterfront and mountainside views, with easy access to modern amenities. In addition, two five-star hotels will form the major leisure components of Muscat Bay, providing guests with a luxurious retreat, where the mountains meet the Arabian Sea.

The first phase of the resort was planned to be completed in 2017, which would include an initial 260 residential units in three residential zones. Muscat Bay’s residences include Zaha Parkland and waterfront three- and four-bedroom villas, large duplexes, and one- and two-bedroom parkland residences, and premium waterfront and parkland residences.

In August 2018, the Ministry of Housing (MoH), in cooperation with the Supreme Council for Planning (SCP), laid the foundation stone for an integrated residential neighborhood project in the Wilayat of Barka.

The event was held in the presence of H E Sheikh Saif bin Mohammed al Shabibi, Minister of Housing and H E Talal al Rahbi, Deputy Secretary General, Supreme Council for Planning.

The project is the first-of-its-kind in the Sultanate and aims to provide about 1,000 housing units – from apartments to villas - to citizens in Muscat and South Batinah. It includes construction of mosques, parks, a sports stadium, health, and commercial centers. The project was aimed at quality housing in integrated neighborhoods at reasonable prices, as well as stimulating the economy and reducing government spending by involving the private sector.

Oman 2

Competitive Landscape

The Omani construction market is highly competitive, with the presence of major international players. The market presents opportunities for growth during the forecast period, which is expected to further drive market competition. With a few players holding a significant share, the Omani construction market has observable level of consolidation.

Major Players

  1. Bechtel
  2. Bouygues
  3. CB&I LLC
  4. Daewoo Engineering & Construction Co. Ltd
  5. Hyundai Engineering & Construction Co. Ltd

* Complete list of players covered available in the table of contents below

Competition NNow

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Market

    2. 1.2 Market Definition

    3. 1.3 Executive Summary

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Study Deliverables

    2. 2.2 Study Assumptions

    3. 2.3 Analysis Methodology

    4. 2.4 Research Phases

  3. 3. MARKET INSIGHTS

    1. 3.1 Current Economic and Construction Market Scenario

    2. 3.2 Technological Innovations in the Construction Sector

    3. 3.3 Impact of Government Regulations and Initiatives on the Industry

    4. 3.4 Mapping of Industrial Clusters and SEZs and a Brief Analysis of Investment Opportunity

    5. 3.5 Review and Commentary on the Extent of Oman�s Economy Diversification

    6. 3.6 Comparison of Key Industry Metrics of Oman with Other GCC Member Countries (Analyst View)

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

    2. 4.2 Restraints

    3. 4.3 Opportunities

    4. 4.4 Porter's Five Forces Analysis

    5. 4.5 Industry Value Chain Analysis

  5. 5. MARKET SEGMENTATION AND ANALYSIS - BY SECTOR

    1. 5.1 Commercial Construction

    2. 5.2 Residential Construction

    3. 5.3 Industrial Construction

    4. 5.4 Infrastructure (Transportation) Construction

    5. 5.5 Energy and Utilities Construction

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Strategies Adopted by Major Players

    3. 6.3 COMPANY PROFILES

      1. 6.3.1 Bechtel

      2. 6.3.2 Bouygues

      3. 6.3.3 CB&I LLC

      4. 6.3.4 Daewoo Engineering & Construction Co. Ltd

      5. 6.3.5 Hyundai Engineering & Construction Co. Ltd

      6. 6.3.6 Larsen and Toubro

      7. 6.3.7 Mohammed Abdulmohsin AlKharafi for Gen. Trading & Contracting & Ind'l Structures

      8. 6.3.8 Petrofac Ltd

      9. 6.3.9 Samsung Engineering Co. Ltd

      10. 6.3.10 SNC-Lavalin Inc.

      11. 6.3.11 VINCI

      12. 6.3.12 Bahwan Engineering Group

      13. 6.3.13 Oman United Engineering Services

      14. 6.3.14 Al Hassan Engineering Co. Soag

      15. 6.3.15 Galfar Engineering And Contracting

      16. 6.3.16 Khalid Bin Ahmed & Sons LLC

      17. 6.3.17 Oman Gulf Company LLC

      18. 6.3.18 Ray International Group*

    4. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MAJOR INFRASTRUCTURE DEVELOPMENT PROJECTS (PROJECT DESCRIPTION, VALUE, LOCATION, SECTOR, CONTRACTORS)

    1. 8.1 Existing Infrastructure

    2. 8.2 On-going Projects

    3. 8.3 Upcoming Projects

  9. 9. FUTURE OF THE CONSTRUCTION SECTOR IN OMAN

  10. 10. APPENDIX

  11. 11. DISCLAIMER

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please Enter a Valid Message!


Complete your payment details below

Shipping & Billing Information

Payment Information