Oman is one of the leading regions for foreign direct investment in the tourism industry

Muscat: The Sultanate of Oman is among the top five regional destinations for foreign direct investment in the tourism sector between 2018 and 2023, according to United Nations tourism data.

Oman followed closely behind the UAE, Saudi Arabia, Egypt and Qatar, with the UAE, Saudi Arabia and Oman together attracting nearly 70% of capital investment.

The Sultanate of Oman announced 13 greenfield projects with a total capital investment of $1.83 billion, an average of $141.1 million per project.

The country’s FDI destinations are Muscat (7 projects) and Dhofar (3 projects). The main investors in the Sultanate of Oman are the United States (3 projects), China, the United Arab Emirates, Cyprus and France.

In an exclusive interview with Al-Monitor, Natalia Bayona, Executive Director of the United Nations Tourism Organization, said: “In terms of foreign direct investment, Oman has seen a continuous increase in tourism investment over the past five years. In the Middle East ranking, Oman is fifth. So it’s not bad. All in all, it’s in the top five. The main investors in Oman are the United States, with $522 million, China, $348 million, the UAE, $348 million, and France and Cyprus, $174 million.”

She added that there is a lot of potential for collaboration. “I like what the region is doing. That’s why we have set up a UN Tourism Regional Office in Riyadh to serve the entire region, focusing on education, innovation, investment and rural development.

But we’re also working from there. We’re offering courses, skills management, and innovation competitions to help all members bring the best that they have and of course showcase it to the world. So collaboration is really important and key. Secondly, I see a lot of collaboration, for example, in terms of investment, I see a lot of public and private investment and knowledge sharing across the region.”

Natalia said that the 2022 World Cup in Qatar is an example of regional cooperation. Yes, I think not only Qatar, but other countries have benefited a lot. “It is a great example. Absolutely. I feel that the World Cup has helped a lot in strengthening this region. Of course, the numbers are there, and this is not accidental. Tourism in Qatar has increased by 90%. Yes, this is part of their excellent work, and attracting large events also helps the development of the region, which not only helps sports, but also business and science, so that the region is connected. In this way, you can promote better understanding.”