Oman's hospitality sector increasingly attracts foreign investments
Oman expects boost in hotel development in 2013/2014
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Dubai: Mohammed Mahfoodh Al Ardhi, chairman of Sundus Investments and Vice Chairman of National Bank of Oman, sounded upbeat over the growth prospects of Oman's hospitality sector.
While speaking at the ninth Arabian Hotel Investment Conference (AHIC) currently taking place at Madinat Jumeirah in Dubai, he said that the growth potential of tourism is phenomenal and urged investors to tap the lucrative market.
Al Ardhi was speaking at the session titled: 'Why Build a Hotel in Oman? Tapping into the Decision Making Process of a Hotel Owner'. An experienced investor in real estate and finance, Al Ardhi shared his strategic research and financial analysis on the investment opportunities in Oman.
Sundus Investments' role in furthering the nation's ambitions of serving as a premier global tourism hub was also highlighted during the address yesterday at the Middle East's annual meeting point for the region's most prominent and experienced hotel investors, developers, operators and advisers.
Ahead of his talk at the conference, Al Ardhi said: "In a dynamic economy such as Oman, tourism is a vital sector that offers lucrative investment opportunities. Sundus Investments is fortunate to have received an overwhelming support from government departments in its efforts to consolidate the country's tourism offerings. We have recently signed an agreement with Rotana Hotel to shape iconic entertainment and retail developments and expand the hospitality landscape in the region.
"We are confident that Sundus and Rotana's symbiotic partnership will significantly contribute towards achieving Oman's Vision 2020."
The Sultanate of Oman's plan, Vision 2020, reinforces the government's commitment to boosting the tourism sector to diversify the economy and stimulate comprehensive development. As part of these efforts, prestigious projects are currently underway with plans to add nearly 2,000 hotel rooms to the country's three, four and five-star hotel inventory by the end of 2013.
Al Ardhi added: "AHIC offers a strategic platform to highlight Oman's strategic course in the tourism sector over the next few years. We at Sundus Investments also look forward to gaining fresh industry insights from the noted panellists at the conference."
AHIC is a leading hotel investment conference that gives business leaders from international and local markets the opportunity to connect across the region. With an advisory board that boasts over 40 regional industry leaders, this year's event is themed 'Connecting the Dots' to reiterate AHIC's core mission of 'bringing together people and delivering knowledge'.
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