MUSCAT: The hospitality sector in the Sultanate of Oman would be recording a compounding growth at the rate of 6.3 per cent between 2022 to 2026, a report by Dubai-based capital consultancy has revealed.
According to the report, the initiatives taken by the Sultanate government to improve the country’s tourism landscape seems to be driving force behind this steady growth of the sector.
Oman aims to generate more than $22.5 billion annually from tourism by 2040, and in accordance to this ambition, the country has laid out plans to create a range of tourism-related investments across the Sultanate.
Read More
- HH Sayyid Shihab presides over recital of Prophet’s life story at Al Alam Palace
- Oman’s CPA shuts travel agency in Rustaq over failure to deliver promised services
- Oman expands organic farm Yuzu to boost food security and local production
- Oman to host ICESCO delegation in Dhofar to strengthen cultural diplomacy and cooperation
- Dhofar Municipality launches wage support scheme for seasonal Omani workers
These plans include establishing amusement parks, nature tourism, water parks and recreation centres in governorates of the country to promote international and domestic travel.
The number of international tourists coming to Oman is expected to register a compounding annual growth rate of 36.9 percent, to reach 3.7 million people in 2026, the report claims.
The latest report on the hospitality sector in the Gulf Cooperation Council countries has highlighted that the industry will return to pre-pandemic levels in 2022, recording a growth of 74.8% year-on-year, and its revenues amounting to $26.3 billion.
