Travel and tourism sector contributes 11.4% to GCC's GDP
Muscat: The latest data released by the GCC Statistical Centre (GCC-Stat) indicate that the travel and tourism sector's contribution to the GCC's gross domestic product (GDP) by the end of 2024 reached approximately 11.4%, with a value of OMR95 billion (USD 247.1 billion). The data also demonstrates that the growth rate of the sector's contribution to the GCC's GDP increased by approximately 31.9% compared to the figures recorded in 2019.
The Centre revealed that the sector's contribution to the global GDP in 2024 amounted to 2.2%. It also pointed out that the sector's contribution to the GCC's GDP is expected to reach 13.3% in 2034 insomuch as RO 142.8 billion (USD 371.2 billion). The average annual growth rate of the sector's contribution during the period from 2024 to 2034 is expected to exceed 4.2%.
On the other hand, statistics indicate that the average annual growth rate in the number of tourists traveling between GCC countries during the period from 2019 to 2023 reached 41.5%, which accounted for 26.5% of the total international tourists arriving in GCC countries in 2023.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
5 hours ago
- Observer
OIA announces job creation, global partnerships, and strong returns in 2024
Muscat: The Oman Investment Authority (OIA) revealed a series of achievements and performance indicators from its 2024 operations during its annual media briefing held on Sunday. As part of its efforts to support national employment and economic diversification, the Authority announced the creation of 1,393 direct job opportunities for Omani nationals across its companies and affiliated institutions. During the event, OIA said it also completed six successful divestments, redirecting the proceeds towards new investment opportunities, thereby enhancing the sustainability and dynamism of its assets. The Authority expanded its global investment reach by allocating funds to 13 new international funds, while also establishing new strategic partnerships with both Turkey and Jordan, in line with its drive to enhance international cooperation. OIA further noted an increase in Omanisation rates, reaching 93% in the Authority itself and 77.7% across affiliated companies, underlining its commitment to empowering national talent in the investment sector. In support of local entrepreneurship, the Authority reported a total expenditure of RO 265.5 million on small and medium enterprises (SMEs) in 2024. Key financial milestones The media briefing also showcased several headline financial achievements. OIA's total assets surpassed RO 20 billion, underscoring its growing scale and investment footprint. Furthermore, profits exceeded RO 1.5 billion, reflecting strong returns on investments and prudent financial management. The Authority reaffirmed its role in contributing to the national economy, with its entities channelling RO 800 million into the state budget, helping fund development projects and essential services.
Observer
a day ago
- Observer
Mahas Industrial City investments surpass RO 41 million
KHASAB: Total investments in Mahas Industrial City in Musandam Governorate have exceeded RO 41.7 million by the end of 2024, according to the Public Establishment for Industrial Estates (Madayn). The city, located in the Wilayat of Khasab, spans an area of 1.5 million square metres and has seen the completion of key infrastructure works, including a 7-kilometre road network, sidewalks, solar-powered street lighting, water and sewage networks, a water tank, a sewage treatment plant, a guard gate, and a protective channel for the main valley. Mubarak bin Salem al Ghailani, Acting Director General of Mahas Industrial City, reported that eight new projects were approved in 2024 with investments exceeding RO 2.5 million, covering more than 49,900 square metres. The city now has a total leased area of 229,600 square metres and employs around 320 people. In 2024, three building permits were issued, along with several map approvals and work permits, all in line with Madayn's regulatory framework. Eight land surveying requests were also processed. Al Ghailani also noted that construction is ongoing for the Madayn Pioneer Complex, which is intended to support startups and SMEs. Spread over 10,000 square metres, the complex will feature 10 ready-built, expandable factories, external parking, and full support facilities. Mahas Industrial City aims to attract investments in food security, logistics, and light to medium industries. Its strategic location on the Strait of Hormuz and proximity to Khasab Port, Khasab Airport, and regional markets such as the UAE and Iran offer logistical advantages for investors. — ONA
Observer
a day ago
- Observer
Attractive investment environment stimulates growth in Oman
The Sultanate of Oman's ongoing efforts to enhance its financial and economic position by managing its financial commitments and by reducing its public debt, have led to a steady improvement in its credit ratings and have improved investor confidence in the Omani economy. Consequently, these positive indicators have also created an attractive investment environment that stimulates growth across various economic sectors in the country. Oman's economy has achieved a surplus of RO 540 million against the budgeted deficit of RO 640 million for the financial year 2024 and the GDP at constant prices rose by 1.7%, to reach RO 38.305 billion in 2024 compared to 2024. Further, Oman has reduced its public debt by RO 660 million which stood at RO 14.6 billion by the end of 2024 compared to the previous year. Percentage wise the external debt of the Sultanate of Oman is 38% of the GDP which is far below, compared to our GCC neighbors Bahrain which is estimated at 134% of the GDP at the end of 2024 followed by Qatar at 41% and Kuwait at 39% (2023). UAE with 32% and Saudi Arabia with 25 % (2023) are closely behind. In line with Oman's progress, the credit rating agencies have given a positive outlook for the Sultanate which is quite encouraging and promising. By the end of September 2024, S&P had upgraded Oman's credit rating from 'BB+' to 'BBB-', thus restoring its investment-grade status after years of downgrades due to the financial crisis associated with falling oil prices and the Covid-19 pandemic. Similarly other credit rating agencies like Fitch and Moody's had also revised Oman's outlook from stable to positive. It is very important to understand that a credit rating of BBB- is better than BB+. BBB- is considered investment grade, while BB+ is considered non-investment grade or speculative grade. Generally, higher ratings indicate a lower risk of default and a greater capacity to meet the country's financial obligations. Factors affecting credit ratings vary for governments, corporate bonds, including economic conditions, political stability, industry dynamics, and company-specific factors. Oman is proud of this evolving economic landscape and is at the same time remain mindful of the global challenges, including ongoing geopolitical tensions and trade disruptions which are quite unfortunate. But we recognize the unique opportunities they present for the Sultanate. As we move forward let's hope to regain the peace and harmony that existed amongst our brothers which had been the hallmark of the flourishing communities in the Middle East. Let us continue to lead with purpose, serve with integrity, and build with the same spirit that has carried the people of Oman throughout the ages.
