Oman’s hospitality industry is experiencing a surge—almost 50% growth in the number of tourists visiting the country this year. Now, the industry is expected to grow over 90% year on year and reach $700 million by the end of 2022, says Alpen Capital’s GCC Hospitality Industry Report.
The report credits the Omani government’s efforts in improving the tourism landscape as the primary reason behind the upward trend. The impact of good work done by the government will be long term and the country’s hospitality industry is expected to achieve a compound annual growth rate (CAGR) of 6.3% to reach $900 million between 2022 and 2026.
Buoyed by this success, the Omani government aims to earn over $22.5 billion annually from tourism by 2040. To achieve this target, it plans to build various points of attraction for local and international tourists at different locations, including theme parks, nature tourism, water parks, and entertainment centers.
Additionally, the Oman Tourism Development Authority (Omran) recently collaborated with a Dubai-based developer for the first phase of the Yiti Tourism Master Plan. This $1 billion project will focus on developing a sustainable mixed-use facility in the country.
The Ministry of Heritage and Tourism also signed various agreements to construct tourism projects, including a four-star hotel, a restaurant, and a glass walkway.
The report says that these “projects together are likely to increase international tourist arrivals in the country, which is estimated to grow at a CAGR of 36.9% over the four-year period to reach 3.7 million in 2026.”
Most Innovative Companies comes to the Middle East this October! Click here to know more.