Oman’s tourism and hospitality sectors undergo transformative growth

In this Growth Perspectives video, OBG highlights the transformative growth of Oman's tourism and hospitality sectors, and the key factors driving it. As the sultanate sets its sights on attracting 11m tourists annually by 2040, the tourism and hospitality sectors have opened up and major improvements made to key infrastructure. Oman has promoted key non-oil sectors like tourism and positioned the sector as a key driver of national progress. Oman Vision 2040 underscores tourism’s potential to contribute over OR3.3bn to GDP by 2024, outlining $51bn in investment to the sector by 2040, up to 90% of which is expected to come from the private sector. The hospitality subsector, integral to this growth, is expected to achieve a compound annual growth rate of 6.3% by 2026. Innovative projects are helping Oman align tourism development with sustainability, such as the Sustainable City Yiti, a $1bn, 1m-sq-metre eco-urban initiative in Muscat. Additionally, Oman has a range of attractive tourism assets – natural landscapes, cultural heritage and a welcoming population, as well as destinations like Atana Musandam and Alila Jabal Akhdar. Oman is thus positioning itself as a premier destination for travellers while ensuring the benefits of growth are shared across its economy and society.