MUSCAT: The focus of the upcoming season is domestic tourism, with corporations exploring insurance coverage to ensure the smooth operation of their businesses, according to expert panellists at the OER Business Summit held under the auspices of Khalid bin Hilal al Maawali, Chairman of Majlis Ash’shura.
Shabib al Maamari, Managing Director of Visit Oman, stated that Oman's tourism season typically runs from September. However, there have been cancellations extending into the first quarter of next year, particularly from large groups that bring thousands of people. Al Maamari emphasised the importance of these customers, as they often return with their families.
The tourism sector has been affected by regional geopolitics, leading to the cancellation of a major event scheduled for November. Despite the challenges ahead, Al Maamari stressed the need for resilience and collaboration within the sector, with a primary focus on domestic tourism for the next season.
He highlighted how staycations have become popular, with new products like farms being developed to attract visitors. Al Maamari defined domestic tourism not only as travellers within Oman but also from the region seeking safe and new experiences. He sees this as an opportunity to position Oman as a secure destination for travellers.
Meanwhile, Azzan al Asmy, Group Managing Director, Hema Energy, noted the impact of geopolitical situations on their company's operations, emphasising the need for more storage and hubs in the country to ensure smooth operations.
In times of uncertainty, effective risk management becomes crucial.
Sunil Kohli, CEO of Dhofar Insurance Company, explained that insurance companies play a vital role in risk management and transfer. They provide coverage for assets, helping industries recover quickly in the event of a claim.
Kohli mentioned an increase in companies seeking business interruption, political violence, and war risk coverage in recent days, highlighting the importance of insurance in maintaining business continuity and resilience.
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