One of the economic pillars of Oman Vision 2040 and a key sector to achieve diversification plans, the tourism industry in the Sultanate of Oman is witnessing rapid growth.
With the development of many new mega projects, this sector is expected to increase the GDP’s non-oil revenues and attract direct foreign investments. The country is fortunate to be blessed with a rich history and numerous natural and cultural assets. Naturally, this has fuelled growing investments in the sector.
Omran Group, the government’s real estate and tourism development arm, will develop the projects including Yeti Sustainable City, Eastern Commercial District in Madinat Irfan, Port Sultan Qaboos Waterfront Project in Muttrah, Four Seasons Hotel Muscat, Souq Al Hafa, Al Sharq District Project and Diar Ras Al Hadd Project.
An amount of RO 193 million, which is an increase equivalent to 257 per cent, compared to RO 53 million in 2021, has been allocated in the budget for this purpose.
Omran owns, manages and invests in many tourist assets across the country amounting to over 26 hotels and resorts with over 3,800 hotel rooms, ranging from luxury hotels and large-scale beach resorts to conference hotels and business hotels downtown, joint tourism as well as heritage and environmental destinations.
It was in the beginning of 2021 that Oman Investment Authority (OIA) announced the restructuring of its tourism and real estate investments by transferring them to Omran Group.
Omran has already unveiled the master plan and brand identity of ‘Yiti’ Sustainable City, which is one of the largest integrated tourism developments in the country.
It is set to act as a hub for tourism and a new model for urbanisation, connecting to and extending the capital city of Muscat through a multi-phased expansion.
The Yiti Development Master Plan is a multi-tiered, sustainable model that will continue to contribute to the nation’s economy. The scale of the development will directly contribute to the socio-economic development of the country and position Yiti as a unique destination that offers a mix of tourist, cultural and real estate offerings in the future.
It will be spread over four phases, offering a plethora of opportunities for domestic and foreign direct investments alike. This 4-phased development approach considers the accessibility to infrastructure, connection to main roads and ease of development and promote an organic expansion.
Situated in close proximity to the new international airport and enjoying excellent transport connections to the capital area and beyond, Madinat Al Irfan will become the gateway to the Sultanate of Oman; creating a new downtown for residents, businesses and visitors.
The city will establish an integrated, sustainable and inclusive community, catering for different ages, income groups and ethnicities.
As unique tourism and cultural landmark, Mina Al Sultan Qaboos Waterfront Project will play an instrumental role in creating new job opportunities and enhancing the country’s position as a distinctive global tourism destination for local and international visitors.
This flagship national project aligns with Omran Group’s mandate in creating unique destinations and experiences that contribute to the country’s economic diversification and socio-economic development, in line with Oman Vision 2040 and the National Tourism Strategy.
Diar Ras Al Hadd, Oman, is an idyllic site close to the city of Sur. This eco-themed project delivers a number of unique tourist attractions within the master plan and the heritage village, which will celebrate the rich heritage and culture of the country.
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