Project tenders issued by Oman jumped by more than 50 per cent in 2024 as the Gulf state is using a surge in oil prices to increase development spending.

Awarded projects have also recorded a sharp rise over the past few years and they covered infrastructure, transport and other sectors, according to the Oman Tender Board (OTB), the country’s top tendering authority.

Figures by OTB Secretary General Badr Al-Maamari showed the value of tenders issued by the Board in 2024 totaled around 1.5 billion Omani rials ($3.9 billion), up by nearly 61 per cent over 2023, when it stood at OMR930 million ($2.4 billion).

His figures, published on Wednesday by local media, also showed awarded projects climbed to one of their highest levels of around OMR2 billion ($5.2 billion) in 2023, far above the 2021 project value of OMR500 million ($1.3 billion) in 2021.

“Development projects tendered and awarded to local and foreign companies have recorded large growth over the past few years,” Maamari said.

He said infrastructure and services accounted for nearly 44 percent of the 2024 project tenders while the health and transport sectors amounted to 20 percent each.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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