Ministry begins evaluation of tourism projects for financing

Oman Saturday 03/June/2023 19:22 PM
By: Times News Service/ With ONA inputs
Ministry begins evaluation of tourism projects for financing

Muscat: The Ministry of Heritage and Tourism has begun preparing a comprehensive matrix to evaluate projects that are eligible for financing.

The focus will be on the strategic importance of the project, its location, elements of sustainability and operation, the total cost of investment, added value, local content, implementation plan and innovation, and linking the project vertically and horizontally with supply chains and intertwining with the rest of the sectors.

Coinciding with the launch of the ‘Oman Future Fund’,  Salim Mohammed Al Mahrouqi, Minister of Heritage and Tourism, said: “Creating a national fund of this level represents an effective tool in financing tourism investment, overcoming the challenges facing investors in this sector, and accelerating the implementation of projects in a way that supports building a diversified and integrated tourism sector, and represents an important step to empower the ministry.”

“In order to achieve its objectives in the sector and create new opportunities for ambitious youth and entrepreneurs to achieve their aspirations and turn them into successful projects, it is hoped that they will enhance and create job opportunities and increase the volume of investment in the tourism sector,” added Salim Mohammed Al Mahrouqi.