San Francisco, Aug 19 (ONA) – A new report issued by US business and media service consultancy agency Market Watch commended the Sultanate’s efforts in economic diversification. 

It pointed out that such efforts are expected to boost Oman Vision 2040 and materialize in the growth of the non-oil sector between 2020 and 2026.

The report said that Middle East countries are likely to witness a wave of rebuilding in the forthcoming years, along with the development of infrastructure in a manner that conforms with countries current infrastructure building criteria in advanced countries like the United States and China. The drive will also lead to the emergence of large-scale business enterprises like economic cities, medical cities, hotels and office-driven businesses.

The report noted that countries work hard to consolidate their non-economic sectors like real estate and hospitality which are expected to post 5.5% multiple growth over the next six years in the Middle East and North Africa (MENA) region.

The agency reported that business, hospitality and residential property sectors are expected to grow at a steady pace in the MENA region due to expected infrastructure sector growth over the years to come.