Travel, Tourism & Hospitality
Oman unveils $3.8bn worth of investment opportunities
Oman has announced 18 investment opportunities worth over RO1.5 billion ($3.8 billion). Of these, six are in tourism sector including an integrated development Yeti and Musandam Adventures project, while the rest are linked to circular economy sector.
Oman's Ministry of Commerce, Industry and Investment Promotion, in cooperation with the government and private sectors, has announced 18 investment opportunities worth more than RO1.5 billion ($3.8 billion) in the sultanate, reported Oman News Agency.
Of these, six projects are in tourism sector worth RO974 million and the rest 12 are linked to circular economy sector for waste management projects worth RO528 million.
Scope of work includes a recreational park, a zoo and aqua park with international specifications, as well as a commercial area, an educational and entertainment center, a residential area, and hotels, stated the report.
Minister of Heritage and Tourism Salim Mohammed Al Mahrouqi affirmed that these proposed projects represent an integrative and promising model.
"They are the first group of many investment opportunities, particularly in the tourism sector, which are estimated at more than RO15 billion during the next 20 years," he stated.
According to him, these projects represent the starting point for building a solid base for the tourism sector and the addition of a diversified dimension to the national economy. It is expected that these projects will be completed within the next four years.
Asila Salim Al Samsami, Undersecretary for Investment Promotion, said the move comes as part of the ministry's initiatives to find investment opportunities for various sectors and in partnership with the Muscat National Development and Investment Company (ASAAS), Oman Tourism Development Company (Omran), Oman Environmental Services Holding Company (be'ah) and Jabal Bausher Heights Real Estate Development Company.
For some investment opportunities, feasibility studies and market assessment studies are required, she added.
Omran CEO Engineer Hashel Obaid Al Mahrouqi said the group was working to provide investment opportunities for local and international partners and to attract leading brands in the field of hospitality, culture and entertainment to the Sultanate of Oman.
The three projects proposed for investment by Omran are the Phase Two of its integrated tourism project "Yeti", the business center project in Madinat Al Irfan in Muscat and Musandam Adventures project, which includes the establishment of an adventure center and a marina and hotel., said the ONA report.
The first phase of the same project will witness the inauguration of the zip line, which will be opened in 2022, forming a starting point to enhance tourism experiences and products in the Governorate of Musandam.
Asaas CEO Sulaiman Ahmed Al Kindi said the company was about to complete the multi-use Al Raya Complex project in the Ministries District in the Governorate of Muscat.
"The project is one of the major public-private partnership projects in the country. Integrated operations are expected to start in March 2023, thus turning Oman into a historic tourist destination," he added.