Boston, MA -- (SBWIRE) -- 02/20/2014 -- The Omani construction industry posted a compound annual growth rate (CAGR) of 4.54% during the review period (2008-2012). This growth was supported by private and public investment in infrastructure, residential, commercial and institutional construction projects in an effort to diversify the country's economy and reduce its dependence on oil. Under the Eighth Five-Year Plan (2011-2015), the government is investing heavily in infrastructure construction to enhance transport around Oman. Consequently, the industry output is expected to post a CAGR of 10.38%. Continued economic diversification efforts by the government from oil- to non-oil-based growth are likely to yield successful results as the economic outlook for 2013-2017 is positive, with the economy set to continue to expand at an annual rate of 5.0-6.0%.
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- According to UN population statistics, Oman's life expectancy at birth improved from 68.4 in 1990 to 72.9 in 2012, due to declining mortality rates. The life expectancy for females and males reached 75.5 and 71.1 years respectively in 2012, up from 69.8 and 67.2 respectively in 1990. The crude death rate declined from 5.7 per thousand people in 1990 to 3.8 per thousand people in 2012.
- Oman's working-age population as a proportion of the total population remained at around 68.0% during 2003-2012, and the UN projects it to increase to 72.0% by 2022. The median age climbed from 17.6 years in 1990 to 27.5 years in 2012, and is likely to increase to 32 years by 2017 according to UN population projections.
- Oman, a middle-income economy, is heavily dependent on its oil reserves. Oil and gas are the major growth drivers, contributing more than half of the nominal GDP and two-thirds of net fiscal revenues. The government has actively pursued a policy of industrialization, diversification and privatization with the aim of reducing its dependence on oil to 9.0% by 2020.
- The Eighth Five Year Plan (2011-2015) is focused on providing and maintaining economic stability and a balanced growth of 3.0% at constant prices. The plan aims to implement this by growing the construction industry; the government has allocated OMR42.7 billion for the duration of the plan, with a particular focus on furthering the role of the private sector and social services.
Companies Mentioned in this Report: Galfar Engineering & Contracting SAOG, Al Hassan Group of Companies, Bahwan Engineering Company LLC, Douglas OHI LLC, Carillion Alawi LLC
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