Oman’s project awards surge 260% to $3.3bn in Q1: Report

Oman’s project awards surge 260% to $3.3bn in Q1: Report

Muscat – The total value of projects awarded in Oman during the first quarter of 2024 reached $3.325bn, marking a significant surge of 260% compared to the $922mn worth of projects awarded in Q1 2023, according to the GCC Projects Market Report released by Kuwait-based Kamco Investment. The report noted that the Omani projects market […]Muscat – The total value of projects awarded in Oman during the first quarter of 2024 reached $3.325bn, marking a significant surge of 260% compared to the $922mn worth of projects awarded in Q1 2023, according to the GCC Projects Market Report released by Kuwait-based Kamco Investment.

The report noted that the Omani projects market recorded the fastest growth in the GCC in terms of the value of contract awards in the first quarter of this year. The growth in Oman’s contract awards during the first quarter remained notably higher than the overall growth in the GCC’s contract awards.

Robust growth in GCC project awards despite challenges

Defying regional and global geopolitical challenges, GCC project awards increased by 20.3% year-on-year during Q1 2024, reaching $45bn compared to $37.4bn during Q1 2023.

The trend also defies oil production cutbacks, which have all weighed on economic growth in the region, as