The latest indicators on the performance of the hotel sector in the Sultanate of Oman showed that its revenues have doubled since the beginning of 2022. As hotel establishments rated, three and five stars were able during the first ten months of this year to achieve occupancy rates of approximately 32.5 percent on an annual basis, with the recovery of travel and the abolition of closure restrictions in many countries of the world.
Statistics issued by the National Center for Statistics and Information revealed that revenues grew by 96.6 percent from January until the end of October, to reach 138.2 million riyals ($359.43 million).
Tourism in Oman faces competition from countries in the region, such as the UAE and Saudi Arabia, as the Saudi economy has boosted other forms of tourism that are not religious, by pumping investments of more than $50 billion since 2016 to achieve “Vision 2030”.
The Sultanate of Oman moved towards diversifying its economy, focusing on tourism as a promising alternative to the energy sector, which in the years preceding the emergence of the epidemic accounted for 86 percent of state revenues, while the decline in oil prices negatively affected the budget.
Source (Al-Arab Newspaper of London, Edited)
