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FINANCIAL NEWS
L&T to construct ministry building in Muscat
20 May 2010
(MENAFN) An official at the Omani government said that the Sultanate has awarded a $46.76 million contract to India’s Larsen & Toubro (L&T) to construct Oman’s new Labor Ministry building in the capital city, Reuters reported.
The old building can no longer meet the needs of an expanding economy that requires new recruitments, the official added.
The ministry said in a report that labor requirements were increasing by 8 percent a year with new government projects. Oman is home to more than one million foreign workers, 8 percent more than in 2009, according to government figures.
The sultanate declared a budget surplus of $1.1 billion in the first quarter of 2010, compared with a deficit of $43 million in the same quarter last year, as earnings rose due to strong oil prices.
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