Oman hospitality sector to grow $3.5bn in 10 years
Oman’s hospitality sector is expected to grow by 6.1% per annum over the next 10 years to around $3.5bn (OMR 1.344bn) by 2026, a new report reveals
Oman’s hospitality sector is expected to grow by 6.1% per annum over the next 10 years to around $3.5bn (OMR 1.344bn) by 2026, a new report reveals.
According to the Cluttons’ Muscat Outlook report, the overall projections indicate that the outlook for the tourism sector in Oman is very positive as the government’s goal for tourism and hospitality is to contribute 3% of GDP in the next five years.
Faisal Durrani, head of research at Cluttons, said: “As our report highlights, this increase, combined with the completion of the landmark $1.8bn airport in the Omani capital is expected to spur development activity on the airport fringes, whilst also lifting overall economic sentiment.
“Sentiment plays a paramount role in markets such as Oman, which is often underestimated.”
Durrani also highlighted that the development of a new airport in the capital will send out a strong message that Muscat will be open to tourists, all with rejuvenated and enhanced facilities, giving way to a rise of visitors to the city.
“It is our view that this will help to drive the continued development of the hospitality sector across the Sultanate, particularly for facilities with a strong leisure tourism focus,” he added.