MUSCAT: Oman’s construction sector is expected to grow by 3.4% in real terms in 2022, after five successive years of contraction and a particularly steep decline of 8.3% in 2021, according to a report.
“The industry’s growth in 2022 will be supported by a favourable base, coupled with rising oil prices and the continuous expansion of oil and gas production,” a report by Business Wire stated.
“Despite regaining growth momentum, the Omani construction industry’s output is expected to remain below the pre-pandemic levels (2019) throughout the forecast period.
Moreover, the ongoing supply chain crisis, cement shortages and rising building and raw materials prices pose a downside risk to the industry’s output in the short term,” the report noted.
Read More
- HH Sayyid Shihab presides over recital of Prophet’s life story at Al Alam Palace
- Oman’s CPA shuts travel agency in Rustaq over failure to deliver promised services
- Oman expands organic farm Yuzu to boost food security and local production
- Oman to host ICESCO delegation in Dhofar to strengthen cultural diplomacy and cooperation
- Dhofar Municipality launches wage support scheme for seasonal Omani workers
However, the construction industry is expected to register annual average growth of 4.2% between 2023 and 2026, supported by investments on the construction of oil, electricity, transport, and housing infrastructure projects.
