Fitch upgrades Oman tourism sector outlook

Oman Saturday 13/August/2022 23:42 PM
Fitch upgrades Oman tourism sector outlook

Muscat: Fitch Solutions upgraded its positive forecast for the Sultanate of Oman’s tourism sector recovery during 2022 and 2023 with an expected stronger growth during the mid-term forecasts period 2024- 2026.

The report of Fitch Solutions Agency pointed to the presence of remarkable recovery for the tourism sector in the Sultanate with which took effect from the fourth quarter of 2021.  The report also expected the growth to continue during the upcoming years on account of the economic diversification programmes of Oman Vision 2040.

The tourism development plans executed by the government through the programme for recovery from impact of Covid 19 pandemic, the digital marketing initiatives and the announcement of new investments in the tourism sector would also lend strength to the growth, it said.

The report provided analysis of experts, independent forecasts and information of competitiveness on the Sultanate’s tourism industry and the economic forecast of the sector, worldwide.

The report on the Sultanate’s tourism sector is established on the sources of Fitch Solutions including independent evaluation, tourism spending forecasts, government spending on tourism, indices for arrival and departure of passengers in accordance with the means of transport, reason for travel, the country of origin and destination among other aspects.

Meanwhile, the Ministry of Heritage and Tourism reaffirmed that the incentives the government has announced have directly contributed to mitigating the severity of the impacts of Covid 19 pandemic on the tourism sector and its employees.

The Ministry stated that it is executing the comprehensive tourism development plan approved for development of the sector through the governance programmes, management and competence building, planning and investment programmes, the programmes of quality, sustainability, competitiveness, in-country value and employment market programmes besides the integrated tourism programmes and the support of local community programmes.

The Ministry of Heritage and Tourism also reaffirmed that the international reports on the tourism sector are considered effective tools for independent evaluation of the development efforts and would contribute to boosting the competitiveness of the tourism sector, attraction of investment and the support of tourism movement. 

Fitch is a global independent agency that evaluates  credits risks and strategic decisions through reliable data, research and analysis of international markets and macro-economy data availing from its over 100 years of experience in over 20,000 destinations, worldwide.