Oman has awarded more than $11 billion worth of contracts in the first eight months of the year, and is on track to beat the $14.8-billion deals signed in 2014, a report said.
The pace has been set by a raft of major projects, including the multi-billion-dollar Khazzan and Makarem tight gas development, the $900-million Yibal Khuff sour gas development, the $630-million Salalah independent power project, and the estimated $600-million Miraah solar power plant, according to the latest data from Meed Projects, an online projects tracking service.
Also anticipated this year are awards on the first segment of the Oman Rail project, expected to be worth in excess of $1 billion, the four multi-billion-dollar main packages on the Liwa plastics scheme, and the Barka and Sohar independent water projects, valued at about $500 million each.
Updates on Oman’s major infrastructure, transport, power, water, social and tourism projects will be shared at this year’s Oman Projects Forum taking place this month (October 26 to 28) in Muscat. The forum is under the patronage of Dr Ali Massoud Al Sunaidi, Minister of Commerce and Industry.
“Whether Oman beats last year’s record for contract awards will largely depend on the award of a handful of major contracts by the end of 2015,” said Ed James, Meed Projects director of Content and Analysis. “However, with most of them at an advanced stage of tender evaluation, we are hopeful that awards will be made soon.”
Oman has traditionally been a small market by regional standards, with about $8 billion-worth of contracts awarded each year. However, the past 18 months have seen a steep change in activity in the sultanate as the government looks to proceed with a number of key projects such as the Muscat International Airport, the modernisation of the Sohar refinery and the planned railway network.
The Oman Projects Forum 2015 offers critical insight into Oman’s $140.6-billion projects pipeline.