The World Journey & Tourism Council’s (WTTC) 2024 Financial Impression Analysis (EIR) as we speak unveiled a promising future for Oman’s Journey & Tourism sector. With robust authorities assist and strategic initiatives, the sector is poised to not solely get well however to achieve unprecedented heights this 12 months.
In response to the worldwide tourism physique’s newest analysis, in 2023 the Journey & Tourism sector’s GDP contribution surged by nearly 35%, totalling OMR 2.8BN, and is on observe to surpass earlier information.
The sector witnessed a sturdy job progress of 15%, now using 191,500 people nationwide.
Final 12 months, worldwide guests injected OMR 1.1BN into the economic system, a outstanding 69% enhance from 2022, whereas spending by home travellers rebounded to OMR 1.4BN.
Oman as a Premier Vacation spot
Oman’s standing as a prime vacationer vacation spot within the Center East is clearer than ever, due to strategic authorities funding and assist.
These efforts are usually not solely rejuvenating the economic system however are additionally setting the stage for additional will increase in worldwide journey spending and total financial contribution from the sector.
Julia Simpson, WTTC President & CEO, mentioned; “Oman’s Journey & Tourism sector is on the cusp of an historic revival in 2024.
“The Oman Authorities is a powerful assist of Journey & Tourism and is aiming to attain unprecedented financial progress and job creation.”
Dr. Hashil Al Mahrouqi, CEO of OMRAN Group added; “The numerous progress of Oman’s Journey & Tourism trade demonstrates the strong assist of Ministry of Heritage and Tourism and Oman Investement Authority, and their dedication to realising the trade’s potential via strategic enablers and developments throughout the nation.
“As Oman’s grasp developer for sustainable tourism locations and progressive city communities, we attempt in direction of contributing to those promising prospects and stay dedicated to accountable tourism growth and selling Oman as a premier journey vacation spot via our ‘Go to Oman’ model and digital distribution options, with the final word objective of fostering Oman’s Socio-Financial progress.”
What Does This 12 months Look Like?
The worldwide tourism physique is forecasting thatthe sector will develop its GDP contribution to greater than OMR 3.3BN in 2024, 7.6% of the nation’s economic system, and is projected to make use of greater than 206,000 individuals throughout the nation, with one in fourteen individuals working within the sector.
Home customer spending is predicted to proceed rising, to achieve OMR 1.5BN, beating the 2019 degree by simply over 8%. Though worldwide customer spending is forecast to nonetheless be behind 2019 ranges by OMR 142.3MN, it’s anticipated to proceed rising via 2024.
What Does the Subsequent Decade Look Like?
The worldwide tourism physique is forecasting that the sector will develop its annual GDP contribution to OMR 5.4BN by 2034, 9.8% of Oman’s economic system, and is projected to make use of greater than 265,600 individuals throughout the nation, with one in 13 residents working within the sector.
Throughout the Center East
The Center Jap Journey & Tourism sector grew by greater than 25% in 2023 to achieve nearly $460BN. Jobs reached almost 7.75MN and worldwide spending grew by 50% to achieve $179.8BN. Home customer spending grew by 16.5% to achieve greater than $205BN.
WTTC is forecasting that Journey & Tourism throughout the area will proceed to develop all through 2024 with the GDP contribution set to achieve $507BN. Jobs are forecast to achieve 8.3MN, worldwide customer spending is forecast to achieve $198BN and home customer spending is predicted to achieve greater than $224BN.
