Construction & Real Estate
From The Report: Oman 2023
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Construction activity will be key to realising the objectives of Oman Vision 2040, which prioritises diversifying the economy away from a reliance on hydrocarbons revenue. Public-private partnerships present an opportunity to accelerate progress towards strategic goals such as affordable housing while also preserving public finances. Matching real estate supply with the precise demands of the residential and commercial segments will remain important as economic activity recovers from the Covid-19 pandemic. Meanwhile, the opportunity for non-Omanis to obtain residency visas through property investment is expected to raise the sultanate’s appeal to international investors in 2023 and beyond. Construction remains one of Oman’s largest non-hydrocarbons sectors and is therefore an important driver of economic diversification. The sector contracted by 16.9% in real terms in 2020, based on the latest available data from the Central Bank of Oman and the National Centre for Statistics and Information.