APRIL 18, 2023

Oman to raise investments by $1.8bn for new tourism and heritage projects

In a recent announcement, The Ministry of Heritage and Tourism has revealed Oman’s plan to increase its investments for projects deliverable by 2025 by $1.8bn (AED6.61bn), which would bring the total investments in the industry up to $7.79bn (AED28.6bn). The Omani News Agency (ONA) reported that the Ministry has already approved 363 projects across many governorates and valued at $6bn (AED22bn), expected between 2021 and 2025. Salem bin Mohammed AlMahrouqi, Oman’s Minister of Heritage and Tourism, said that the industry is one of the enabling sectors for achieving economic diversification and driving direct investments in the country.

The bulk of the investment was allocated to integrated tourism complexes, the news agency noted, as Oman aims to construct 12 complexes at $10.1bn (AED36.7bn), including the The Wave, Barr Al Jissah Resort, Salalah Beach Resort, Yiti Integrated Tourism Development, Jabal Sifah and Blue City. Moreover, another package of complexes is under development for Muscat, Musandam, and AlSharqiyah South governorates, estimated at a total of $6.5bn (AED23.9bn).

AlMahrouqi also said that at least 127 new hospitality projects are underway, costing more than $883mn (AED3.24bn), underlining the successful development of 124 hotels completed in 2021 and 2022 at an investment cost of $361mn (AED1.33bn).