As one of the smaller but significant oil producer in the GCC region, Oman was required to diversify its economy due to the declining oil prices in the global oil market. Despite the slipping oil prices, the country has not stopped making any investment in the oil & gas sector. Two projects including Sohar Refinery Expansion project and Khazzan and Makarem Gas Field Development project can clearly reveal this strategy of the country. However, the country is placing more emphasis on infrastructure development. Top five construction projects that are currently under execution include:

Oman National Railway Project aims to build thousands of kilometers of tracks with 50 tunnels, 40 bridges, 50 terminals and yards.
Construction is also booming in Salalah city. Its deepwater port is undergoing some major changes, freezone is being expanded, and new state-of-the-art diagnostic & wellness centre are being constructed.
4,000 housing units and office buildings will be constructed in Muscat under the Wave Development Project.
Omagine Mixed-use scheme is aiming to build restaurants, hotels, resorts, shops, entertainment venues and other leisure facilities.
Transport connectivity will improve in Al Batinah after the completion of Batinah Expressway Construction project.

These big ticket investments in infrastructural development reveal that the Oman Sultanate will soon emerge as a niche grey market in the Gulf Cooperation Council (GCC) region.
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