Investment opportunities in tourism showcased in Saudi
The Ministry of Heritage and Tourism, in collaboration with the Embassy of the Sultanate of Oman in the Kingdom of Saudi Arabia, hosted an event called ‘Oman in a 360° Perspective’ on Tuesday. It aimed at highlighting the investment prospects in the tourism sector in the sultanate and promoting these in the Saudi market.
Graced by H H Sayyid Faisal bin Turki al Said, Oman’s Ambassador to Saudi Arabia, the event in Riyadh saw participation of key authorities, numerous tourism companies and investors. It was designed to shed light on the significant ongoing and upcoming tourism projects and services in Oman, emphasising the need to bolster partnerships between tourism sector entities of the two countries.
H H Sayyid Faisal underscored the event's critical role in bringing together investors from Oman and Saudi Arabia. Its objective was to enable a deeper understanding of the tourism investment opportunities available in Oman and to build confidence among Saudi investors regarding their involvement in Omani tourism projects.
The event featured visual presentations and facilitated bilateral discussions between representatives of entities dedicated to tourism development in both countries.
H E Azzan bin Qasim al Busaidi, Undersecretary for Tourism in the Ministry of Heritage and Tourism, informed that the event aligned with efforts to activate strategic partnerships in the tourism sector. It sought to enhance collaborative opportunities and open new avenues for the tourism sector with Saudi Arabia, leveraging the existing facilities and tourism development plans. He noted that tourism is a pivotal sector for economic diversification as outlined in Oman Vision 2040.
The ministry is committed to implementing these plans through cooperation with both government and private sectors and facilitating collaborations aimed to market and provide a diverse range of tourism products and experiences.
In 2023, Oman witnessed a remarkable increase in tourist arrivals, reaching 4mn visitors, marking a 36.7% increase compared to 2022. This growth underscores the sector's role in attracting investment, developing a varied and integrated tourism industry that supports local communities, and creates employment opportunities for Omani nationals.
Participants at the event in Riyadh included the Ministry of Commerce, Industry and Investment Promotion, the National Investment and Export Promotion Programme, Omran Group and several companies engaged in the sultanate's tourism sector.