Oman targets 11 million tourists by 2040

Oman’s tourism and hospitality sectors are experiencing dynamic expansion as the country continues to implement its long-term Vision 2040 development roadmap.

A newly released Growth Perspectives Video by Oxford Business Group (OBG), produced in collaboration with Omran Group, explores how strategic investment, innovation, and sustainable practices are reshaping the sector.

Titled “Oman’s Tourism and Hospitality Sectors Undergo Transformative Growth,” the video outlines the Sultanate’s aim to attract 11 million tourists annually by 2040, supported by a projected OMR 20 billion (approximately $51 billion) investment under the National Tourism Strategy 2040.

A key area of focus is the hospitality sector, which is projected to grow at a compound annual rate of 6.3% by 2026, according to figures from Oman’s National Centre for Statistics and Information (NCSI).

The video also highlights the growing diversity in tourism offerings, ranging from luxury resorts and business hotels to eco-lodges, reflecting the country’s alignment with environmental, social, and governance (ESG) standards.

In line with the broader goals of Vision 2040, Oman’s tourism development is rooted in cultural preservation and sustainability. Notable initiatives such as the $1 billion Sustainable City Yiti project in Muscat demonstrate how the country is integrating eco-friendly urban planning with tourism infrastructure development.

Oman continues to leverage its rich cultural assets and natural beauty—including UNESCO World Heritage sites and diverse geographic landscapes—to position itself as a key destination in the region.

Dana Carmen Agarbicean, OBG’s Country Director in Oman, noted that the country’s rise as a tourism hub is a direct result of well-coordinated public-private collaboration and strategic clarity.

“Oman’s tourism and hospitality industries are emerging as vital components of economic diversification. Their growth is being driven by targeted investments, effective institutional support, and a firm commitment to inclusive and sustainable development,” she said.

The video forms part of Oxford Business Group’s broader research for The Report: Oman 2025, which will offer in-depth analysis of the country’s investment landscape. The report will also feature an exclusive interview with Omran Group CEO Hashil bin Obaid Al Mahrouqi.

Oxford Business Group is a renowned global research and advisory firm operating in over 30 countries. Through a suite of offerings—including its Economic News & Views, CEO Surveys, video platforms, and The Report publications—OBG delivers insightful macroeconomic and sector-level intelligence across emerging markets.