New Consumer Goods market report from Business Monitor International: "Oman Tourism Report Q2 2014"
Boston, MA -- (SBWIRE) -- 04/11/2014 -- The Oman Tourism Report explores the investment potential that Oman offers to large tourist industries, particularly global hotel groups, as they seek to maximise the growth opportunities in the local market. Final full-year 2013 data for Oman's tourism industry performance were unavailable as this report was being compiled. Consequently, we leave our key tourist arrivals forecasts unchanged this quarter, although we have now extended our forecast period out to 2018 for all key tourism industry indicators. All indications are that 2013 will have proved another positive year for Omani tourism, in line with BMI's views on the subject.
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Looking forward, BMI retains a very optimistic stance towards Oman's tourism sector. Overall, BMI continues to believe that Oman's tourism sector is well positioned for growth, with the country's relative political stability, geographical proximity to the sizeable tourism source markets of India and Iran, and wealth of historical sites rendering it enticing to foreign visitors. Oman has four sites listed on UNESCO's World Heritage List, compared with two each for Bahrain and Saudi Arabia, one for the UAE and Qatar, and zero for Kuwait.
According to the World Travel & Tourism Council, the sector made a direct contribution of 3.0% of GDP in 2012, on track for the Vision 2020 target. According to Oman's statistical authority, the total amount of hotel guests grew by 9.5% annually in 2012, reaching 1.84mn, while tourism revenue rose by 13.3%. However, the industry remains reliant on domestic visitors, who accounted for 45% of hotel visitors. One further growth area for Oman is medical tourism. Medical tourism is on the rise in Oman, boosted by - among other factors - the growing prevalence of private insurance. Owing to the country's high-calibre medical facilities, many foreign patients are choosing to receive treatment in the country ahead of destinations such as the US or Europe. BMI will report on the progress of medical tourism in future quarters.
- BMI currently forecasts a 24% increase in tourist arrivals over the 2014-2018 period, to 1.35mn. Over the same period, we forecast total tourism receipts to increase from US$1.78bn in 2014 to US$2.27bn in 2018, an increase of 27.5%. This will reflect higher spending per capita, as well as an overall rise in tourist numbers.
- BMI believes that the number of hotels and other accommodation establishments in Oman will increase across our newly extended forecast period to 2018. The country is currently perceived as offering extremely attractive investment opportunities for hotel groups and other tourist-related industries, largely owing to rising domestic tourism and regional tourism, supported by an increase in higher disposable incomes.
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