Oman is a member of the United Nations and the Gulf Cooperation Council. It is one of the top 25 countries in the world rich in oil reserves. The economy of the country is focused on export of oil, tourism, shipping, and manufacturing. Tourism industry is the fastest growing industry of the country and with it comes growth and expansion of the hospitality industry.The hospitality industry of Oman is expected to be worth US$1 billion by 2022 according to a report published by the Alpine Capital, a financial services firm. According to the 2010 Human Development Report by the United Nations, Oman has seen tremendous growth in the last forty years.
Hospitality industry comes under the umbrella of services industry. It goes hand-in-hand with the tourism industry. The purpose of hospitality industry is to serve customers and leave an indelible impression on them while making profits at the same time. The hospitality industry provides services such as safe stay, delicious food and beverages, safe and timely pickup and drop at the airports/railway stations for customers, leisure activities (swimming pool, gym, therapeutic-massage, yoga sessions), nightclubs and bars. The main focus of this industry is customer satisfaction and the cornerstone is disposable income. Cruise ships and luxury trains are also a part of this industry. Level of services is very important when talking about the hospitality industry- splendid service is required and expected.
Reasons to Invest in the Hospitality Industry in Oman
- If you are planning to take your brand to the Middle East, Oman is a wonderful option as the number of international tourists is expected to reach 3.4 million by 2022. As a result, the entire hospitality industry will gain a positive momentum.
- The government initiatives and investments are a driving force for the expansion of the hospitality industry. It is also a call for action for those who are interested in investing in this industry.
- The government of Oman is trying to attract foreign investment by cutting down the bureaucraticand other administrative hurdles. It provides subsidized loans and there is no screening of foreign investment.
- The government is also trying to ease visa regulations to promote tourism.
- The Ministry of Tourism of Oman issues tourist licenses to various kinds of hotels, resorts, casinos, convention centres and travel agencies to attract investment.
- According to the World Travel and Tourism Council, Oman is the third country in the world for investments in this sector.
- Oman Convention and Exhibition Centre that provides space for meetings, exhibitions, business events and theatrical performances attract people from all over the globe. Consequently, increasing the demand for hotels. This will increase revenue per available room, making your business profitable.
- Oman`s economy is expected to grow at a rate higher than the average growth rate of other Gulf Cooperation Council countries.
Avenues that lie ahead in the Hospitality Sector
Now that you know how lucrative this industry is, your mind must be flooded with ideas. You can latch onto any of the business opportunity that this sector has to offer. Let us be of service to you and give you a picture of what you can do to be a part of this industry.
- Online travel agencies that help in booking tickets online and give an insight into what is there to explore.
- Transportation services are vital to the hospitality sector. Providing buses, cabs or scooters for taking travellers around the city is a good business to start.
- Lodging is just a basic necessity and can be of different types such as a hotel, motel, inn or bed and breakfast. It is a sure way to earn revenue and make profit if advertised the right way.
- Open a nightclub for revellers who want to dance to the rhythm and forget their monotonous daily life.
- Open a retail store or a gift shop that focuses on selling souvenirs, traditional clothing or other artefacts that the place is famous for.
- Provide exploration services to travellers who are keen on exploring the cultural, natural and historical heritage.
These are just a few business ideas that you can think around if you are planning to form a company in Oman. Oman has much to offer such as its rich cultural heritage for people who are curious to explore particularly the millennial. It has a young workforce with high literacy rate which makes it a downright perfect market to start a business. Especially if you are planning to enter the hospitality sector you need people who have the right skills and who can take on the role of serving customers with satisfaction, matching the international standards.
For setting up a business you need the right kind of help which we are more than welcome to provide. Business Setup Worldwide has advisors in Oman that will give you the much needed advice. We will provide you with services such as company registration services, secretarial services, accounting services, visa services and tax services in Oman. If you still have any queries you may contact us , we will be delighted to help you in your endeavour.