Oman’s tourism minister said the country’s government is set to invest up to $1 billion in the tourism sector to boost the countrys economic growth, as the country embarks on a massive tourism investment program.
Omani Tourism Minister Ibrahim Al Mabarak announced at a conference on the future of Oman, held in Dubai, on Thursday that the government will invest $1.5 billion in tourism by the end of 2018.
Oman’s Minister of Tourism Abdul Aziz Al Maktoum said the government is already investing $1bn in the country.
Al Makbari also said that Oman is on track to boost its gross domestic product (GDP) by 5% to 6% in 2020, which is expected to be the largest increase since the late 1960s.
“The government is investing $5 billion, which we believe is the highest number of investments in Oman,” Al Makrabi told delegates at the conference.
“We hope to increase this number further in the future.”
The announcement comes after Oman signed a $1-billion deal with a private company, the Emirates Tourism Group, to bring up to 10,000 foreigners to the country each year for five years.
Oman, which had a population of just over 6 million at the end 2016, now has over 15 million foreigners.
Oman has also invested $200 million to build a new terminal in Abu Dhabi to handle the international flights and cruise ships.
The government hopes that the UAE-based company will help boost Oman’s foreign exchange reserves.
Al Mabbarak said the UAE’s investment will help diversify Oman’s economy.
Oman is the third-largest exporter of tourists in the Middle East, and the third in the world, after China and India.
Oman also has a large domestic tourism industry, and Al Mammarak said that the investment will provide the country with a sustainable domestic economy.
Al Alwaeiri, the minister of tourism, said that he wants Oman to become a global destination for tourists, and said the investments will help the tourism industry grow.
Oman hosts about 50 million foreign visitors a year, according to the government.
Oman will host the 2020 World Cup in 2022, and it will host a series of international events, including the Asian Games in 2020.
Oman and other GCC states have been working to improve tourism since it was formed in 2007.
Al Maat has hosted the 2022 World Cup, and Dubai hosted the 2016 Olympics, which was hosted by the GCC.
Oman currently hosts the 2022 African Cup of Nations.