Investment opportunities for firms in 15 historic landmarks

Muscat: Tourism being one of the promising sectors in the Sultanate of Oman, the Ministry of Heritage and Tourism is currently offering investment opportunities for local companies and enterprises in managing 15 historic landmarks (castles and forts) to showcase the cultural heritage and enhance its contribution to economic growth.

Officials said that this step comes within the framework of the Ministry’s strategy that aims at sustaining the national heritage sites besides developing the tourism experiences at these heritage sites.

Officials also said the Ministry of Heritage and Tourism achieved the goals of Oman 2040 vision.

While the target was to reach 33,000 hotel rooms by the end of 2025, the Ministry’s statistics indicate that the achieved indicator stood at 32,371 by the end of September 2023.

Meanwhile, the target for the number of tourists, set at 2.5 million by the end of 2023, was exceeded to a total of 2.9 million visitors by the end October 2023.

The target percentage of the tourism sector’s contribution to the gross domestic product (GDP) at constant prices for the year 2025, set at 2.75 percent, was almost accomplished in 2022, when GDP at constant prices for that year stood at about 2.4 percent.

The Ministry of Heritage and Tourism exerts its efforts to utilise statistical data and figures in a systematic manner to create indicators that can support decision-making process, and to achieve the Oman Vision 2040 targets for enhancing the tourism sector.

Accordingly, the MHT always conducts a quarterly comprehensive evaluation of its plans and programmes related to the goals of Oman 2040 and compare them with the achieved statistical indicators, which will help the implementation of tourism plans and initiatives.

Amira bint Ali Al Mahrouqiyya, Acting Director of the Department of Information and Statistics at MHT, said that the Ministry of Heritage and Tourism’s attention to the statistical data and figures will contribute to help in achieving the targets of Oman Vision 2040 related to the tourism sector.

She also said the occupancy rate index is considered one of the most important indicators that contribute to evaluate the performance of hotel establishments in the governorates.

She also pointed out that, the issuance of the Tourism Law is considered a qualitative leap in the process of organising and developing the tourism sector, while the executive regulations are compatible with the modern changes in the tourism sector.

As for the reflection of indicators on investment in the tourism sector, whether through the quantity or quality of investments and what serves the sector, she emphasised that the MHT has worked to issue an investment target estimated at OMR3 billion for the year 2025.