MUSCAT: His Highness Sayyid Taimur bin Asaad al Said, Chairman of the Board of Governors of the Central Bank of Oman (CBO), presided over the opening of the ‘Investment in Tourism: Opportunities and Challenges of Sustainable Finance’ conference, held on May 23, 2023, on the sidelines of the regional meeting of the United Nations World Tourism Organization, hosted by the Sultanate of Oman.
The conference brought together prominent figures to address crucial aspects of financing tourism development in the region.
A central theme of the conference was the critical role of sustainable finance in fostering the tourism sector's long-term viability. HH Sayyid Taimur emphasized the need for financing solutions that contribute to lasting economic and social development.
Similarly, Oman's Minister of Heritage and Tourism, Salem bin Mohammed al Mahrouqi, underscored the importance of sustainable financing models in achieving comprehensive development goals.
Discussions highlighted the importance of collaboration between governments, the private sector, and financial institutions. The focus was on fostering joint efforts and regional cooperation to address challenges and solidify the Middle East's position as a global tourism destination.
While attracting external investment is crucial, the conference also stressed the importance of building local capacity. Maximizing local content through community participation, product support, and job creation was identified as a key factor in achieving sustainable and inclusive growth.
The need for innovation in financing mechanisms and partnerships emerged as another prominent theme. Speakers emphasized the importance of exploring alternative financing models and forging strategic alliances to attract the significant investment required for tourism development.
The conference also delved into global tourism investment trends. Natalia Bayona, Executive Director of the UNWTO, provided insights into these trends and highlighted the growing influence of the Middle East as a tourism investment destination. The importance of collaborative efforts between various stakeholders to ensure a successful and sustainable tourism sector was a key takeaway.
The Oman conference served as a valuable forum for stakeholders to explore strategies for overcoming challenges and attracting investment to the region's burgeoning tourism industry. By focusing on sustainable financing, collaboration, and local capacity building, the Middle East can position itself as a major player in the global tourism market.
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