New Consumer Goods market report from Business Monitor International: "Oman Tourism Report Q2 2015"
Boston, MA -- (SBWIRE) -- 02/10/2015 -- Oman's tourism sector remains a key area of economic growth, with several domestic and international developers showing strong interest in building luxury hotels and resorts in the sultanate. BMI retains a positive view on Omani tourism as we enter 2015.
Oman's tourism sector has grown substantially in recent years. Asia represents the largest market for inbound travel and is expected to continue to do so over the forecast period. We are forecasting growth in arrivals from Asia of 37.3% over the 2014-2018 period, to reach 450,210. Europe represents the second-largest source market for Omani tourism. Here, we are forecasting arrivals to increase by 12.8% between 2014 and 2018 to reach 348,930.
The Omani government continues to promote tourism as one of the key sectors that will move the economy away from a reliance on hydrocarbons. It has also started to take a more active role, managing the development of the industry and attempting to attract foreign investment. The creation of Omran in 2005 to develop major projects and manage assets and investment across the sector was an illustration of the government's strong support for tourism.
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One area where Oman could do more to improve its tourism offering is in the provision of budget to midscale hotels. In November 2014, Travel Weekly reported on comments from Oman Air's Chief Operating Officer, Abdulrahman al-Busaidy, who told a tourism conference that a lack of affordable hotel rooms is holding back Oman's overall tourism development.
In BMI's Risk Rewards Index, Oman ranks seventh regionally with a score of 45.71. Oman's score has increased since the last quarter and BMI continues to hold a favourable view on the sultanate, which offers good growth prospects in both arrivals and revenues over our forecast period.
Key BMI Forecasts
- In 2015, we expect 1.14mn tourist arrivals to Oman - up by 3%.
- Accordingly, tourism receipts are forecast to reach USD2.24bn in 2015 - an increase of 5%.
The Oman Tourism Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for tourist expenditure; government expenditure on tourism; passenger arrivals and departures by mode of transport, reason for travel, origin and destination; and the accommodation market.
BMI's Oman Tourism Report provides industry professionals and strategists, corporate analysts, associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Omani tourism industry.
- Benchmark BMI's independent tourism industry forecasts for Oman to test other views - a key input for successful budgetary and planning in the Omani tourism market.
- Target business opportunities and risks in the Omani tourism sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Oman.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. KPIs and latest activity).
BMI Industry View
This contains a synopsis of our forecasts, and any changes, together with an overview of key trends and developments in the tourism industry, and an assessment of the impact of various economic and national factors which might affect the sector. It also covers new transport projects, new hotel developments, and acquisitions.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the tourism sector and within the broader political, economic and business environment.
BMI Industry Forecast Scenario
Forecasts to end-2019 for all key indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecasts:
- Inbound Tourism: Total arrivals (?000 and growth % y-o-y), arrivals by region (?000 and growth % y-o-y), arrivals by country (?000 and growth % y-o-y), top 10 source countries for arrivals.
- Outbound Tourism: Total departures (?000 and growth % y-o-y), departures by regional destination (?000 and growth % y-o-y), departures by country (?000 and growth % y-o-y), top 10 destination countries.
- Travel & Receipts: Methods of travel for arrivals (air, ship, rail) (?000 and growth % y-o-y), international tourism receipts for transport (USDbn and growth % y-o-y), international tourism receipts for travel items (USDbn and growth % y-o-y).
- Hotels: Hotel industry value (USDbn and growth % y-o-y), number of hotels (?000 and growth % y-o-y), total overnight stays (?000 and growth % y-o-y), length of stay, occupancy rate (%), number of total
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