Muscat: As Oman works toward its long-term development targets outlined in Vision 2040, the country's tourism and hospitality industries are experiencing rapid expansion. A new Growth Perspectives video produced by Oxford Business Group (OBG) in collaboration with Omran Group looks at how investment, creativity, and sustainable practices are assisting to establish tourism as a major contributor to national progress.
The video, titled Oman's Tourism and Hospitality Sectors Undergo Transformative Growth, focuses on the country's goal of attracting 11 million visitors each year by 2040, supported by around OMR20 billion ($51 billion) in planned investment in the industry, according to the National Tourism Strategy 2040.
Particular emphasis is placed on the contribution of the hospitality industry, which is expected to grow at a compound annual rate of 6. 3% by 2026, according to Oman's National Centre for Statistics and Information (NCSI).
The film emphasizes the necessity of providing a wide range of options, including luxury resorts, business hotels, and ecolodges, and details Oman's efforts to match tourism development with environmental, social, and governance (ESG) standards.
The industry's development is being driven by a focus on cultural preservation and sustainable development, in accordance with Oman's National Tourism Strategy.
Strategic projects like the $1 billion eco-urban project Sustainable City Yiti in Muscat show how Oman is integrating infrastructure development with climate-conscious planning. The government is also capitalizing on the country's rich cultural legacy and natural beauties, such as UNESCO World Heritage sites and varied scenery around its governorates.
Dana Carmen Agarbicean, OBG's Country Director for Oman, believes that the country's rising popularity as a tourist destination demonstrates successful public-private cooperation and a definite strategic strategy.
"Oman's tourism and hospitality industries are growing increasingly crucial components of economic diversification. Targeted expenditure, institutional coordination, and a focus on sustainable, inclusive development all contribute to the sector's growth. "
This Growth Perspectives Video is part of the Oxford Business Group's larger research for The Report: Oman 2025, which will focus on the country's investment prospects and economic growth. The study will also include an in-depth interview with Hashil bin Obaid Al Mahrouqi, the Omran Group's Chief Executive Officer.
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