ITCs as a path of economic diversification

The Firm for Business and Economic Consulting
Oman made an early and deliberate pivot to Integrated Tourism Complexes (ITCs) as a vehicle of economic diversification — projects designed to attract foreign investment, anchor tourism in the domestic economy and give visitors a reason to stay rather than pass through. That decision sits within a broader story: under Oman Vision 2040, tourism has become a cornerstone of diversification, contributing directly about 2.7% of Gross Domestic Product (GDP), or RO 1.14 billion in 2025 — almost half of the 5% the Vision aspires to achieve. Two decades on, that pivot has delivered something greater than investment alone.
However, the ITC value proposition is beyond the foreign investment and real estate story. There are a multitude of economic boons that materialise as a result of such projects. An ITC combines a number of economic activities under one proverbial roof. Designed to attract inbound visitors who seek to establish residency in Oman, these projects offer an opportunity for freehold ownership of real estate and, more importantly, for prolonged stays in the country. Moreover, investment in the properties provides a lucrative diversification opportunity for both locals and foreigners who find Oman an attractive destination.
In its recent study, The Firm for Business and Economic Consulting measured the socio-economic impact of Al Mouj Muscat on the Omani economy over the past two decades. The study has shown that Al Mouj Muscat has contributed a total of RO 878 million to the Omani economy. This impact stems from infrastructure and real estate development and its direct effects on different economic activities within the Omani economy.
How does an ITC create this value? The study identified a number of pathways through which Al Mouj Muscat has contributed to the Omani economy; these activities included Construction, Real Estate, Hotels & Accommodation, Food & Beverages and Retail. What is more important is the value created at each stage of development. The impact it has on the national economy emphasises the connectivity of different economic activities.
The real estate story is supported by continued growth in return values for investors and property values over the past 20 years. That story has also drawn RO 843 million in foreign direct investment — the ITC model delivering precisely what it was designed to do. This impact is further reinforced by meaningful in-country value of spending, reaching 43.6%, matching other vibrant sectors of the economy.
The in-country value or local content is realised through different channels. Direct value is created in construction and real estate services; beyond that, it includes small businesses that operate in retail, food & beverages and services across Al Mouj Muscat. This ecosystem creates a hive of economic activity that generates jobs and supply chains that permeate beyond the project itself.
The impact is felt in a number of areas including over 2,200 permanent jobs created and high Omanisation rates within Al Mouj Muscat, standing at 67%. Moreover, the inclusion factor sees more than 40% female participation in senior leadership, a relatively high share within the wider region. Equally important is the development of a cadre of specialised talent that is well equipped to manage ITC projects.
ITCs can create hubs for local and international communities. Events are economic catalysts that an ITC’s infrastructure can crowd in — a marina, a golf course and public spaces offer ready venues that the wider economy would otherwise lack. The study estimated the combined impact of the events hosted at Al Mouj Muscat, from international sailing to an annual marathon, at RO 245 million, with a further RO 86 million in media and promotional value — exposure that markets Oman as a destination well beyond any single event.
Ultimately, what the study finds is that the impact is not a collection of figures but a pattern. One project, conceived as an Integrated Tourism Complex, has advanced the economic, social and environmental aspirations of Oman Vision 2040 at once — value created and kept within the country, opportunity opened to Omanis, an environment left richer than it was found. No single number carries that conclusion; it is their convergence in one place that does. This is what ‘integrated’ means.
Yet the fuller measure of economic transformation is capability. Twenty years of building, operating and hosting — events, an international marina, a marathon — leave behind more than infrastructure. They leave Omani firms that have delivered to international standards, a workforce that has run world-class operations and institutions that know how to host the world. As Oman and the wider region deepen their commitment to tourism, the lesson learned here is that an ITC can create a truly diversified ecosystem. Diversification, in the end, is not a target to be reached but a capacity to be built. That is what an Integrated Tourism Complex such as Al Mouj Muscat offers Oman Vision 2040: not only the numbers that check its boxes, but the national capability that makes transformation permanent.

  Adham al Said, PhD.Founding Partner