Project Oman Expo 2023: Oman Construction Boom in Numbers
Project Oman 2023, held from October 23rd to 25th at the Oman Convention & Exhibition Center, Muscat, marked a pivotal moment for key construction, technology, and infrastructure players in the region. As the latest addition to IFP Group’s “Project Series,” this international exhibition showcased cutting-edge technology, solutions, and building materials at work. The event, more than a trade fair, served as a dynamic platform for B2B matchmaking, highlighting investment opportunities in Oman and fostering international trade relations and business partnerships.
Al Marwan Builds, Connects, and Expands in Oman
Established in 1978 in Sharjah, UAE, Al Marwan Heavy Machinery has become a leading name in heavy equipment rental and sales. With a significant presence in the Middle East, including five operating offices and yards in the UAE, a branch in Riyadh, Saudi Arabia, and its newest addition in Muscat, Oman, the company has shown consistent growth. As the exclusive distributor of KOBELCO crawler cranes and excavators in the UAE and Oman, Al Marwan also offers an array of certified pre-owned machines from global brands, encompassing a wide range of construction equipment.
Strategic Participation in Project Oman Expo
Al Marwan Machinery’s participation in Project Oman Expo was a strategic step, highlighting its latest, exclusive KOBELCO excavators offer available until the end of November of 2023. This event provided an invaluable opportunity for the company to engage directly with stakeholders from across the GCC and the Middle East, informing them about their tailored solutions for customers in Oman, specifically.
Contractors operating KOBELCO machines in Oman were facing difficulties in sourcing OEM spare parts for their equipment, which is what Al Marwan came to Oman to resolve. Their reliable spare parts distributing network gives customers access to excavator or crawler crane parts when they need them, which is a crucial aspect when managing a large construction equipment fleet, especially in a country experiencing a construction boom, as we’ll shortly see.
A Closer Look at Oman's Construction Market
Oman’s construction sector is a cornerstone of its economy, contributing 9% to the nation's GDP. The market is expected to grow at a CAGR of 6.9% between 2022 and 2026, with current construction projects valued at $328 billion. The manufacturing industries, including heavy industry sectors like petrochemical derivatives, steel, and aluminum, are also significant contributors, which directly increased their GDP share from 19.8% in 2017 to 29% by 2020.
Fostering Economic Diversification
Oman is actively working towards reducing its reliance on oil and gas by diversifying its economy. The new five-year development plan (2021-2025) places a strong emphasis on construction, ensuring optimal resource utilization and investment opportunities across various governorates. The government’s allocation of $13.77 billion in the 2020 budget for development projects, including substantial investments in industrial, service sector, infrastructure, and oil and gas projects, underlines this commitment.
A Glimpse into the Private Investment Sector
The construction and infrastructure market in Oman, currently with $327.63 billion worth of projects, is poised for significant activity in the coming years. The construction industry, accounting for 9% of Oman’s GDP, is the country's largest employer, with 2,410 active construction projects valued at over $190 billion. This includes urban construction, oil & gas, transportation, utility, and industrial sector projects, each contributing substantially to the nation's development.
Key Projects Shaping Oman's Landscape
Oman's vision for the future is encapsulated in several ambitious projects. These include the Khazaen Economic City ($6.7 billion), the Quriyat ITC project ($1 billion), and the Mina Al Sultan Qaboos Waterfront ($2 billion). These projects not only reflect the scale of development but also Oman's strategic planning in shaping its economic landscape, primarily through driving the infrastructure and construction sectors forward.
With a robust economic plan, significant government investments, and a diverse range of ongoing projects, Oman is steadily positioning itself as a key player in the regional construction industry. Al Marwan, with its extensive range of services and commitment to quality, is well-positioned to play a pivotal role in this burgeoning sector.
