Is Oman’s construction industry waking up? ...United Arab Emirates

In recent years, we have seen a significant decline in the number of construction contracts awarded in the sultanate. Long gone are the days it would appear of the major projects such as Muscat and Salalah Airport and the Muscat Expressway. Of course, this has almost exclusively been due to the budget deficit the country has had to run and the subsequent downgrading of its sovereign credit rating to non-investable status. When we combine this with the effects of COVID-19 to the country’s position, we saw a major decline in industry activity from 2017 onwards. Looking at the market though, there are some positive signs of life. This certainly won’t lead to the levels seen in the somewhat halc

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