Omran Group reports strong financials with OMR25mn net profit in 2024
Muscat: Oman Tourism Development Company (Omran Group) announced robust financial and operational results for 2024, reaffirming its central role in advancing tourism development and sustainable economic growth in the Sultanate of Oman. The Group achieved a net profit of OMR25.2 million with revenues surpassing OMR58.3 million, reflecting its operational efficiency and institutional excellence.
During its recent meeting, Omran Group's Board of Directors reviewed these accomplishments and discussed ongoing financial and operational developments. The Board emphasised the Group's continued commitment to supporting economic diversification efforts and enhancing quality tourism investments across Oman.
The financial results demonstrate Omran Group's success in attracting strategic investments, including foreign direct investment exceeding OMR156 million in 2024. This achievement aligns with Oman Vision 2040's objectives to increase foreign investment inflows and expand various economic sectors' contributions to GDP.
In the hospitality sector, Omran Group strengthened its operational performance by welcoming 820,365 guests across its hotel properties in 2024, representing 6% growth compared to the previous year. The Group achieved an average occupancy rate of 45%, marking a 2.6% year-on-year increase. The year also saw the official opening of JW Marriott Hotel Muscat, which has become a distinguished addition to Oman's luxury hospitality landscape.
As part of its strategy to position Oman as a premier global tourism destination and attract world-class hospitality brands, Omran Group announced several landmark projects. These include a partnership to develop the Middle East's first Club Med resort and a strategic collaboration with Santani Wellness Resorts to enhance medical tourism in Al Dakhiliyah Governorate.
Demonstrating its commitment to sustainability and local value creation, Omran Group achieved a 40% local value-added index. The Group allocated over OMR19 million to support small and medium enterprises, which accounted for 34.7% of total expenditure. Omran Group's nationalisation efforts resulted in 370 new job opportunities for Omani talent, with Omanisation rates reaching 94% in the parent company and 53% across subsidiaries.
The Group further strengthened its corporate governance practices by launching its Environmental, Social, and Governance (ESG) Framework in 2024. This initiative institutionalizes sustainability principles and enhances transparency while adhering to global best practices across all operations and projects.
These positive results underscore Omran Group's continued leadership as the primary driver of tourism sector development in Oman, achieved through close collaboration with relevant authorities including the Ministry of Heritage and Tourism.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
19 minutes ago
- Times of Oman
Project for biogas and bio-CO2 production launched in Oman
Muscat: Oman Environmental Services Holding Company "be'ah" and OQ Trading have signed a cooperation agreement to develop a national project focused on producing biogas (biomethane) and bio-carbon dioxide through processing organic waste at landfills and future biofacilities managed by be'ah. This collaboration aims to transform environmental challenges into promising economic opportunities by utilizing approximately 20 million cubic metres of biogas extracted from these sites – comprising roughly 40% biomethane (renewable fuel) and 60% bio-CO₂ for sustainable industrial applications. The agreement establishes a roadmap for technical-economic feasibility studies, infrastructure assessment, and commercial marketing opportunities for project outputs, creating promising local investment opportunities aligned with Oman Vision 2040 goals. Both companies emphasised that this partnership represents an integrated model of national collaboration between energy and environmental sectors, combining be'ah's waste/resource management expertise with OQ Trading's global energy capabilities to reinforce Oman's position as a regional clean energy hub. Engineer Tariq Ali Al Amri, CEO of be'ah, stated that the project marks a new milestone in energy recovery from organic waste through sustainable methods, converting environmental challenges into developmental and economic opportunities. He noted biogas and bio-CO₂ production will reduce emissions, support Oman's net-zero goals, enhance waste management efficiency, and provide alternative energy sources. Said Talib Al Maawali, OQ Trading's Middle East Executive Director, described the project as an attractive opportunity to diversify Oman's energy mix in line with 2050 carbon neutrality targets and global trends toward sustainable, low-carbon energy solutions. He considered this initiative a strategic nucleus that will stimulate further waste-to-energy investments and enhance clean energy value chains.
Times of Oman
31 minutes ago
- Times of Oman
National Finance Company joins hands with Dar Al Atta'a for Udhiyah coupons
Muscat: National Finance Company, a leading firm in Oman in the field of finance, has joined hands with Dar Al Atta'a Association, through its Himmah Volunteer Team for organising a campaign for dispersing coupons of the Udhiyah 'the ritual sacrifice of sheep' in the Muscat Governorate. The initiative aims to disperse gift coupons of Udhiya for the needy families in areas, including Muttrah, Al Amerat and Seeb. The National Finance company continues with its corporate responsibility to boost the initiatives aimed at improving the lives of the individuals and to disseminate the spirit of solidarity and social coherence among the members of society. Tariq bin Sulaiman Al Farsi, Chief Executive Officer of the National Finance, said that the company believes in the significance of contributions for decent life for all members of society through such initiatives. He also reiterated the company's mission and message not just as a finance corporation but also as a social establishment supportive to society during each event. With our support to the families during Eid Al Adha, we seek to further cement the culture of mercy, compassion and social responsibility as to make a positive impact on the community ties and to further cement the culture of the company, he added. Himmah Volunteer Team of the company has always been a motivating factor for change, he said, adding that the team works on motivating the employees and all stakeholders to achieve sustainable results with impact on society. In 2024, the team expanded its activities to include a number of community initiatives such as social care, education and environment preservation, he added. The recent cooperation with Dar Al Atta'a represents a solid partnership established on common values and vision for responsible citizenship. The two parties continue with bridging the gaps and preserving dignity and enhancement of equal opportunities among the various sectors of society. Such initiatives are taken at large for the public interest.
Times of Oman
36 minutes ago
- Times of Oman
Oman, Bahrain explore strengthening trade and investment cooperation
Muscat: Faisal Abdullah Al Rowas, Chairman of the Board of Directors of Oman Chamber of Commerce and Industry (OCCI), on Tuesday received Abdulla Adel Fakhro, Minister of Industry and Commerce of the Kingdom of Bahrain. The two sides discussed ways to enhance trade and investment cooperation between Oman and Bahrain, expanding opportunities for private sector partnerships in both countries through joint ventures and knowledge exchange, contributing to bilateral relations and economic integration. The meeting also reviewed opportunities in key economic sectors of mutual interest and explored mechanisms to activate the private sector's role in establishing joint projects that support economic development in both nations. Al Rowas emphasised the significant progress in economic relations between Oman and Bahrain, expressing hope that this meeting would lead to further initiatives boosting trade and investment cooperation while opening new avenues for business owners in promising economic sectors. He highlighted the private sector's pivotal role in driving future cooperation through strategic partnerships and high-quality projects that align with both countries' development visions—"Oman Vision 2040" and "Bahrain 2030"—while praising the efforts of the Oman-Bahrain Investment Company and the Oman-Bahrain Friendship Society in strengthening bilateral ties. The meeting was attended by several OCCI board members, executive officials, and representatives from both sides.
