Tourism

Oman tourism body reports huge profit rise

By Inga Stevens

August 6, 2024, 3:50 AM

Tourists visiting Nizwa Fort in Oman. Tourism is estimated to account for 7.6% of Oman's GDP by the end of this year

Omran revenues surge across sector
11.9% passenger growth at airports
MICE tourism a priority

Oman Tourism Development Company (Omran Group), the executive arm of the sultanate responsible for delivering the 2040 National Tourism Strategy objectives, has reported a record performance for 2023.

Omran’s net profit amounted to almost OMR32 million ($82 million) last year, a year-on-year increase of 199 percent, the result of “outstanding operational performance” and a renewed commitment to improving operational expenses.

Revenue rose by 44.6 percent year on year, with the total value of the group’s assets reaching OMR671 million.

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The high revenues from resorts, hotels, existing projects and new tourism experiences and products contributed significantly, the group said in a statement, reflecting positive revenue growth in the wider industry as a whole.

Revenues for three to five-star hotels rose 8.6 percent in the first half of 2024, according to data from the National Centre for Statistics and Information.

This growth is due to a 10.7 percent rise in hotel guests.

Meanwhile, Oman’s airports reported a 12 percent year-on-year growth in passenger traffic during the first six months of 2024.

The country wants to capitalise on MICE – meetings, incentives, conferences and exhibitions – in order to compete for the $600 billion sports tourism industry in the Middle East.