New Construction market report from Business Monitor International: "Oman Infrastructure Report Q2 2013"
Boston, MA -- (SBWIRE) -- 05/13/2013 -- BMI View: The Omani construction and infrastructure sectors have defied global recession trends thanks to backing from oil-fuelled state coffers. The Oman Central Bank December 2012 Report shows that over H112, construction industry value was OMR633.4mn. Consequently, we have adjusted our growth estimates and forecasts to bring it more in line with the industry's development. We estimate real growth of 11.9% year on year for 2012, with industry value reaching OMR1.5bn. For 2013, we forecast growth of 8.4%, with construction industry value of OMR1.7bn.
Cement production figures are also rising, with growth mostly driven by solid economic performance and an expanding tourism sector. Oman's near-term economic outlook remains broadly positive, with heavy government spending stimulating an uptick in activity across the economy. However, with hydrocarbon revenues likely to have reached their peak, while expenditure is set to rise in view of the draft 2013 budget's expansionary fiscal outlook, our Country Risk team sees the surplus narrowing to 4.0% of GDP in 2013.
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Key developments in the sector:
- Growing demand for water in Oman is seeing the usual players winning contracts for new projects. ACWA Power and Malakoff International, two of the biggest names in the Gulf Cooperation Council (GCC) independent water and power space, are developing desalination plants in the country. Despite repeated downgrades to the country's water demand outlook, the regulatory framework in Oman will protect investors, as long-term water purchase agreements are signed to support projects. A number of projects in Oman's water sector are under way or in the pipeline to support growing demand. Oman Power And Water Procurement Company (OPWP) is planning two new projects - in Quarayyat and Suwayq - which will expand capacity by 405,000 cubic metres per day (m3/d) by 2018. Further along in the pipeline are the Barka and Ghubra projects, which will have a notable impact on capacity from late-2013.
- The tender board of Oman has evaluated proposals from five bidders for the development of a US $400mn independent water project at Ghubra, in Muscat, Water-Technology reports. The tender was awarded in November 2012 to the consortium led by Cadagua, also including Galfar Engineering and Contracting Company and VA Tech Wabag. Project work will involve designing, building, financing, operating and maintaining a desalination plant with capacity of 42mn gallons per day (Mgal/d) and is expected to cost US$350mn. Ahmed Saleh Al Jahdhami, chief operating officer of OPWP said that project will be completed by 2014.
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