Muscat: Fitch Solutions has predicted a 23.5 percent growth in the number of people visiting the sultanate this year.

The fourth quarter report for 2023 issued by BMI, an economic solutions entity affiliated with Fitch Solutions, has revealed that the analysts expected the number of visitors to the Sultanate of Oman will touch 3.6mn by the end of this year.

The BMI report shows that the total number of international tourists arriving in Oman in 2023 is likely to reach 3.6mn, up by 23.5 percent compared to 2022.

The Ministry of Heritage and Tourism (MHT) drew a comprehensive plan to attract 11mn visitors annually by 2040. The plan includes having new tourism and heritage projects that may contribute to raising the volume of total investments in the sector.

MHT emphasized that it closely monitors international indicators related to the tourism sector, which helps the ministry to understand market trends and analyze the performance of the tourism sector at the global level and its reflections locally.

Bigger investments subsequently contribute to the development and strengthening of a country’s economic cycle.

The Sultanate of Oman achieved a growth rate in the tourism sector of 31 percent over the Middle East region during the second quarter of 2023, ahead of both the United Arab Emirates, which achieved a growth of 29 percent, and Jordan 7 percent.

Fitch Solutions indicated that expectations indicate growth in the tourism sector in the medium term until 2027 in light of strong investments being pumped into new tourism projects, and the tourism strategy 2040 that is being implemented.

The report indicated that over the next twelve months, there remain some risks that may threaten the growth of the global tourism sector due to the state of uncertainty in the global economic environment. These risks include the consequences of rising commodity prices, food and fuel, energy price inflation, and global geopolitical challenges.

According to the Ministry of Heritage and Tourism, it plans to attract a volume of investments of about RO3 billion riyals for the period from 2021 to 2023, within the national program for attracting investments.

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