$112bn Oman projects in focus
Muscat, October 24, 2013
Opportunities in Oman’s $112 billion market for major projects will be explored at a major forum which opens in Muscat next week.
A total of 50 speakers will address the Meed Oman Projects Forum 2013, which will be held at Grand Hyatt Muscat from October 28-30.
It will be attended by 200 delegates from the sultanate, the Middle East region and the world beyond, said a statement.
The conference is supported by Oman’s Ministry of Commerce & Industry and will hear an opening address from Ahmed bin Hassan Al Dheeb, Undersecretary, Ministry of Commerce & Industry.
Figures compiled by Meed Projects show 40 major projects are being executed or planned in the sultanate. Of these, almost 25 per cent are for major projects in the construction sector, which is dominated by plans to build a new town in Duqm.
A similar amount of capital investment is planned in the transport sector. This includes the $15 billion national rail programme. Oil and gas projects combined account for almost $40 billion of major projects being executed or planned in Oman, said the statement.
Oman is already pushing ahead with many major projects. Around $40 billion worth of them are under execution, though some of the larger ones are at an early stage of development. But the largest portion of the Omani major project programme is yet to come to the market. More than $50 billion of major projects are under design or study, it said.
The pace of execution of the major programme is expected to be swift, the report said. Some $56 billion of major projects under execution or planned are due for completion by the end of 2017. All $112 billion of projects are due for completion by the end of 2022, Meed Projects figures show.
The forum will hear a progress update about the Duqm port and special economic zone, which is Oman’s largest single megaproject with budgeted investment of $20 billion. Duqm is to be the location of a 250m barrel oil storage facility and a range of new industries.
“We’re delighted with the response to this year’s forum,” said Meed Events chairman Edmund O’Sullivan. “The speakers are first-class and we are very grateful to the Minister of Economy HE Dr Ali Al Sunaidy and his colleagues for their wonderful support. This conference will be set a new benchmark for everyone doing business in and with Oman.” – TradeArabia News Service