Over the past few years, there has been a significant escalation in project activity in Oman with several notable megaprojects completed such as the Duqm refinery, the new Muscat international airport, and the Batinah expressway scheme. And with more than $170bn worth of projects planned or under way, Oman offers a strong pipeline of future opportunities.
The Covid-19 pandemic and weak oil prices had a significant negative effect on Oman’s project market in 2020 with less than $5bn worth of project contracts awarded in the first ten months of year.
Faced with an economic downturn, the outlook for Oman’s future projects market will hinge on foreign investment in its major industrial hubs in Sohar, Duqm and Salalah. Chinese investment in particular will be key as part of its Belt and Road Initiative to benefit from Oman’s position on the main East-West shipping axis.
Also critical will be the development of the sultanate’s PPP project plans to obtain more private sector involvement in the funding, construction and operation of future projects. In the absence of major government capital expenditure, private sector financing will be pivotal in getting projects moving again.
Furthermore, with tourism being a key component of Oman’s Vision 2040, a swift revival of this sector after the Covid-19 pandemic will be important for the sultanate’s recovery, as developers prepare to complete nearly $7.5bn of tourism and tourism-related projects by the end of 2023.
The accession of Sultan Haitham bin Tariq al-Said in January 2020 is another critical factor to Oman’s progress, and the new Sultan has had a major impact in 2020, making significant changes to the government and the devolution of powers to both ministers and regional governors.
Oman 2021 is the latest premium intelligence report from MEED, the leading provider of Middle East business intelligence.
The report assesses the drivers of Oman’s projects market and the opportunities for international and local business. These opportunities and their challenges are analysed along with the political and economic environment.
The report provides investors, contractors, manufacturers and consultants with a powerful resource that will help them to identify new opportunities, set strategy, and mitigate risk in one of the Middle East’s most important markets.
Included in Oman 2021:
- Detailed analysis of the opportunities for business and projects in Oman
- Comprehensive review of the impact of Covid-19 on the Oman market
- Outlook for policy and investment in the Sultanate
- A review of the vision and reforms of Sultan Haitham bin Tariq al-Said
- Project opportunities with client and procurement details
- Investment drivers and client spending plans
- Understand risks and set strategy in the Oman market
- Complete assessment of the economic outlook for the Oman
- Updates on Oman’s Vision 2040 development plan
- Analysis of all major business sectors in Oman including: oil & gas; power & water; construction, petrochemicals, transport and renewables
- Detailed assessment of Muscat’s Public Private Partnership (PPP) plans