Fast Market Research recommends "Oman Infrastructure Report Q1 2014" from Business Monitor International, now available

Boston, MA -- (SBWire) -- 01/03/2014 --After slow growth at 1.8% in 2012, we believe Oman's construction industry picked up in 2013 with more moderate growth at 2.2%. However, we are more optimistic over the medium-to-long term where we forecast average annual growth at 5.1% between 2014 and 2023. The country has an impressive pipeline of projects, particularly in the transport infrastructure sector, that will boost strong industry growth from 2014 onwards. This is supported by the government's US$78bn five-year (2011-2015) spending plan and investment associated with a burgeoning tourism industry. However, a potential downside to our forecast over the longer term is slower economic growth derived of declining oil revenues, which could undermine the government's ambitious infrastructure spending plans.

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Key developments in the sector:

- The government's five-year spending plan (2011-2015) includes OMR30bn (US$78bn) of expenditure, the majority of which will be allocated to social and transport infrastructure. In addition, the government announced in October 2013 that the country will spend over US$50bn in infrastructure projects in the next 15 years. From this budget, US$20bn are earmarked to the transport sector - including Oman National Railway - which is where we see the strongest pipeline of projects.
- In April 2013, Oman International Container Terminal (OICT) started construction work on its modern terminal at the Port of Sohar in Oman. The project will increase the terminal's container handling capacity to 1.5mn twenty-foot equivalent units (TEUs) from the current 800,000TEUs. The project will entail an estimated investment of nearly OMR50mn (US$129.5mn). The second phase of the terminal's development project centring Terminal D will entail further expansion scheduled to be concluded by 2018. The completion will add further capacity of 2.5mn TEUs.
- In June 2013, it was announced that 40 companies, including major internationals, purchased the tender documents for the Diba-Lima-Khasab carriageway DBO project, confirming our long-held belief that Oman presents a great opportunity for investment. Later on, 31 companies expressed their interest to tender for the project. Major interested parties include Leighton Middle East, Strabag Oman, Kayson, Sinohydro, Hyundai Engineering & Construction, Bechtel, VINCI and Galfar.

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