ALL BASES COVERED
An amalgamation of local companies and unique experiences in Oman has created an original flavor that is further differentiating Oman's tourism offering from other countries and in the process attracting scores of tourists from all across the world.
Oman is the Arab world's culture-rich masterpiece. With a pristine coastline, a large and diverse expat population, and an ancient soul intertwined with modernization, it's a tourist destination that many would today venture toward in a heartbeat. Oman's years of dependence on oil is now shifting to other means. Business is thriving on the back of immense opportunities and tourism is slowly driving the Sultanate to the vision set in motion by the late Sultan Qaboos bin Said.
The growth of Oman's tourism sector can be attributed to a host of factors. On one hand, a mix of modern cities and untouched diverse landscapes sets Oman apart from neighboring countries such as the UAE and Saudi Arabia. On the other hand, a combination of world heritage sites and authentic Arabian experiences lures in more visitors every year. Notably, the number of inbound tourists topped 3 million in 2019, up from 1.5 million in 2008. The government expects the number to rise to 11 million by 2040, thanks to initiatives such as the National Tourism Planning Initiative (NTPI), the Tourism Investment Special Unit (TISU), the Special Tourism Entrepreneurship Program (TEP), the Signature Experiences Program (SEP), and the Host Community Participation and Benefits Program.
In short, all the above-mentioned initiatives are aimed at satisfying the needs of all types of tourists, filling the missing gaps, and further differentiating Oman's tourism offering from other countries. Up until May 2020, the success of tourism-related government policies has been nothing short impressive. Oman is becoming increasingly known among tourists as a land where choices are in abundance, in particular the multitude of services offered by SMEs, family businesses, and other tailor-made touristic expeditions.
Family-owned businesses are offering tourists a chance to explore the Bedouin lifestyle. Out and about in the Wahiba desert, tourists are able to indulge in the thrill of 4x4 sand driving, devour a delicious meal in the authentic Omani style, or enjoy traditional Omani music. Meeting desert tribes brings forth a surreal experience unmatched by any destination across the world as it allows tourists to be part of a unique untouched culture.
The government is not only training host communities to encourage tourism-related business start-ups and promote local culture and experiences but also connecting local entrepreneurs with national and international businesses to capitalize on global trends and strengthen the national brand. What is more, a tourism reinvestment fund for host communities has been established to promote the production of authentic crafts and build related technical and management capacities.
As a result, today SMEs and family-owned businesses are responsible for some of the most highly sought-after experiences in Oman. Be it extreme sports in the Jebel Sham wadi, turtle nesting and hatching in Ras al Jinz and Ad Daymaniyat islands, or the dhow cruise countrywide, all experiences are offered by small sustainable businesses. In a bid to take the overall experience up a notch, the government has set up the Oman Experience Agency, which is tasked with designing, delivering, and managing the growth of tourism experiences as well as creating value for tourists, local communities, and enterprises.
Growth in tourism has truly given birth to better and more diverse opportunities for Omanis and helped preserve invaluable cultural and natural assets. More importantly, it has helped show the world that Oman is an open and friendly place to visit, do business, and invest. And while the government's efforts in terms of encouraging the growth of SMEs and creating a social responsibility framework are commendable, more work needs to be done on improving access to finance for tourism SMEs and family-owned businesses.
ALL BASES COVERED
TABLE OF CONTENTS
Focus: Future foreign policy
Friends to all, enemy to none
In championing the late Sultan Qaboos' non-interference foreign policy, the new ruler of Oman, Sultan Haitham bin Tariq Al Said, is determined to work for friendship and peace, justice and harmony, and coexistence and positive constructive dialogue.
read articleInterview
David Kalife, CEO, Oman Oil Marketing Company (OOMCO)
Despite Oman's fuel market slowing down, OOMCO increased its sales volume of lubricants by 36% in 2019 and is constructing a greenfield bunker terminal at the Port of Duqm. The company has transformed while growing its expertise in Marketing and Digital.
read articleInterview
Azzan Al Busaidi, CEO, Ithraa
Azzan Al Busaidi is an expert in competitiveness and economic growth. He was appointed CEO of Ithraa in 2019 after 17 years spent covering managerial roles in the organization. Al Busaidi was previously Ithraa's director general of planning and studies and is a strong advocate of the potential of digitization. He holds an MBA from the University of Strathclyde and a BSc in Economics from Sultan Qaboos University.
read articleInterview
Qais bin Mohammed Al Yousef, Minister of Commerce, Industry & Investment Promotion & Former Chairman, Oman Chamber of Commerce and Industry
Private Omani companies will be able to benefit greatly from the Fourth Industrial Revolution by enhancing their local value-added strategies and upskilling the workforce.
read articleInterview
Tahir Bin Salim Bin Abdullah Al Amri, Executive President, Central Bank of Oman (CBO)
The Central Bank of Oman's job is to ensure there is adequate liquidity in the system and that banks remain robust and resilient to meet the credit requirements of all segments without undermining financial stability.
read articleB2B
Capital markets
CMA and MSM are supporting Vision 2040 by providing financing to government companies that intend to go public, financing expansion of existing and new IPOs, and widening the investors base in Oman by enhancing and developing the investment funds and insurance industries.
read articleInterview
Khalid Al Balushi, CEO, Khazaen Economic City
International investors and business owners can benefit from Khazaen Economic City's strategic location and its close proximity to the main gateways of the country to import, process, manufacture, distribute locally, and export their goods and services.
read articleFocus: Port 4.0
Destined for greatness
Investments in world-class infrastructure have generated huge rewards for Oman. The goal now is to leverage technology as a disruptive enabler, build human capacity across the public and private logistics sectors, and drive operational efficiencies to build an integrated logistics business environment that is benchmarked against the world's best.
read articleFocus: Gap in tourism services
All bases covered
An amalgamation of local companies and unique experiences in Oman has created an original flavor that is further differentiating Oman's tourism offering from other countries and in the process attracting scores of tourists from all across the world.
read articleB2B
Engineering design
Renardet Engineering Consultants and Design Unit Engineering are recognized experts in their fields. While the former is an international company strongly committed to excellent engineering consultancy services and environmental practices, the latter is an Oman-based team of architects and engineers that incorporates local culture and traditions.
read articleB2B
Construction materials
Oman's construction sector is facing a host of challenges, but Hempel Paints and Al Maha Ceramics are confident that a mix of forward-thinking business models, unique products, and strong government initiatives will help them through turbulent times and generate positive returns in the long run.
read articleInterview
Salim Razvi, CEO, Oman Academic Accreditation Authority (OAAA)
Focusing on higher education institutional accreditation, program accreditation, and the updating and maintaining of the Oman Qualifications Framework, OAAA is helping further advance higher education in the Sultanate.
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