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FINANCIAL NEWS
Oman’s construction sector contributes 5 percent to GDP
18 Sep 2014
(MENAFN) Oman’s construction sector contributed 5 percent of the country’s gross domestic product (GDP) in 2013, amounting to USD4.28 billion, Times of Oman reported.
During the last five years, the construction sector registered an average annual growth of 5.5 percent, while the combined capital invested by the contracting firms has reached USD22.78 billion.
This growth is mainly ascribed to the government’s five-year plan, which saw that it assigned around USD6.47 billion a year to develop infrastructure, as well as building several large projects during that time in various sectors, including roads and bridges, airports, sea ports, sewage network and water network.
Meanwhile, the Oman’s Ministry of Labor announced that out of 723.143 employees currently working in the construction sector, 665.679 are foreigners while 57.464 are Omanis.
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