CEO Insights Magazine

The Arabian Peninsula envisions diversifying its oil-based economy into everything from technology to sports, and tourism is a deliberate attempt to realize a new vision and set a new image. For the first time in its modern history, the Middle Eastern countries, including Oman, is stepping its foot off the accelerator of the Oil business. The private corporate sector has enormous responsibilities on its shoulders. Attracting travelers from around the globe to Oman is a big part of this future.

According to the recently released World Travel and Tourism Council (WTTC) Economic Impact Research (EIR) report, Oman fosters a bright future for Oman’s Travel & Tourism sector. The report states that the country’s tourism industry is set to recover and reach new heights this year. The VisaGuide. World report predicts that as a result of this, the sector will enhance its GDP contribution to over OMR 3.3 billion in 2024, representing 7.6 percent of the country’s total economy. The industry is also likely to employ over 206,000 individuals across the country, with one in every fourteen people working within this sector.

Simultaneously, domestic visitor spending is also expected to flare in magnitude, hitting OMR 1.5 billion and surpassing the 2019 figure by approximately eight percent. On the other hand, international visitor spending is still expected to fall short of 2019’s OMR 142.3 million. However, it is projected to keep growing throughout 2024. We dedicate this special yearly issue of CEO Insights to the business leaders in Oman. Do let us know your thoughts.