Oman ranked 9th globally for tourism industry potential

 Oman has been ranked ninth in the world for its potential tourism industry growth by a prestigious global firm.

In its economic impact report for 2017, the World Travel and Tourism Council placed the Sultanate ninth in the world in terms of overall tourism industry growth, while Tanfeedh driven projects have put Oman in the third place out of 185 countries for capital investment growth. 

“It is very promising to see the Government of Oman focusing on Travel and Tourism as part of its economic diversification strategy. Although immediate global economic pressures could impact travel and tourism performance, the long-term plan of sustained investment in the sector will prove rewarding for employment generation and GDP growth,” Vikram Loomba, director of Advisory Services at PwC said.

According to the research, tourism’s total contribution to Gross Domestic Product (GDP) in 2017 will grow by 8.3 per cent to reach OMR2 billion and investments in the sector are expected to grow by more than 10 per cent to top OMR300 million. Visitor exports or the amount spent by tourists in the country is expected to rise by 8.5 per cent in 2017 to nearly touch OMR1 billion.

Leisure travel, which contributed to nearly 70 per cent of the direct GDP, is expected to grow by 8.1 per cent to top OMR1 billion this year. Comparatively, business spending accounted for only 30 per cent of the direct GDP from the tourism sector, thereby emphasising Oman’s leisure tourism potential. The report estimates that over the next decade, the tourism sector is expected to touch nearly OMR4 billion, contributing 9 per cent of the total Omani GDP in 2027 while employing more than 106,000 people, representing 9.2 per cent of the total jobs.

“Travel and tourism is the largest generator of employment in the world, and a relatively young Omani population could benefit immensely from this initiative,” Loomba stated.

He added that smaller industries in Oman stand to grow exponentially if they are encouraged to operate in the tourism sector.

“Whilst generating employment through the tourism sector is important, the greatest benefits to Oman can be obtained through encouragement of entrepreneurship in the travel and tourism industry. Creating opportunities for SME (small and medium enterprise) businesses to thrive in the travel and tourism sector is crucial towards private sector participation and has a multiplicative effect on GDP; larger national or regional initiatives will thus translate into localised opportunities as well," he explained.

Source: Timesofoman