Oman's economy is heavily reliant on its oil production. In fact, according to the tradingeconomics website, the nation's petroleum sector accounts for around 87% of budget revenues and 51% its GDP.
Despite the decline in global oil prices, Oman isn’t planning to cut spending on infrastructure projects, especially on those seen as vital to economic diversification.
However, 2019 started on a positive note for the construction sector in Oman. In the budget statement issued by the Ministry of Finance, it was stated that the government had allocated RO 3.7 billion for infrastructure development and industrial projects. There was also a greater emphasis on creating an investment environment that would enable the private sector – whether through PPPs or fully private projects – to play a larger role in projects.
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OTHER MENA REGIONS
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