OMRAN Group’s Strong 2024 Performance: What It Means for Tourism Investment Opportunities in Oman
Muscat: The Oman Tourism Development Company (OMRAN Group) has reported robust financial and operational performance in 2024, highlighting its ongoing commitment to advancing tourism development and supporting sustainable economic growth in Oman through close collaboration with key stakeholders.
In 2024, the Group achieved a net profit of RO 25.2 million and generated total revenues surpassing RO 58.3 million, reflecting strong operational efficiency and consistent excellence across its business functions.
These results were presented at the Group’s recent Board of Directors meeting, where the Board emphasized its dedication to strengthening OMRAN’s role in fostering economic diversification and enhancing its impact as a key driver of tourism development and investment in the Sultanate.
Demonstrating its capability to attract premium investments, OMRAN secured over RO 156 million in Foreign Direct Investment (FDI) during 2024. This aligns with Oman Vision 2040 and national initiatives to boost FDI inflows and increase various economic sectors’ contributions to GDP.
In the hospitality sector, the Group hosted 820,365 guests across its hotel portfolio, marking a 6% increase from the previous year. The average occupancy rate rose by 2.6% to 45%. A landmark achievement was the official opening of the JW Marriott Muscat, enhancing Oman’s luxury hospitality offerings.
Furthering its strategy to position Oman as a premier global luxury tourism destination, OMRAN announced several major projects, including the Middle East’s first Club Med Resort to be developed in Musandam, and a strategic partnership with Santani Wellness Resorts to establish wellness tourism in Al Dakhiliyah Governorate.
Reinforcing its dedication to sustainability and local value creation, the Group achieved a 40% In-Country Value Index in 2024, with total expenditures exceeding RO 19 million supporting SMEs, which made up 34.7% of total procurement spending. Additionally, OMRAN created 370 new jobs for local talent, achieving an Omanisation rate of 94% within Oman Tourism Development Company SAOC and 53% across the Group, underlining its commitment to empowering Omani nationals and stimulating the local economy.
Aligned with its vision to enhance corporate governance, OMRAN launched its Environmental, Social, and Governance (ESG) Framework in 2024, reinforcing its pledge to global sustainability standards, transparency, and operational excellence.
The impressive 2024 results underscore OMRAN Group’s leading role as a catalyst for tourism development in Oman. Through innovative projects, strategic alliances, and forward-thinking initiatives, the Group continues to fortify its position and contribute significantly to Oman’s path towards a diversified and sustainable economy.
Special Analysis by Omanet | Navigate Oman’s Market
OMRAN Group’s robust financial results and strategic developments in 2024 signal a significant boost for Oman’s tourism sector, offering rich opportunities for investors and businesses in luxury hospitality, wellness tourism, and foreign investment attraction. Smart investors should leverage the government-backed push for economic diversification and sustainability, while entrepreneurs could benefit from the rising demand for innovative tourism experiences and increased local procurement that supports SMEs.
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