Luanda, June 16, 2026 (Lusa) — The chief executive of the African Bank of Oman (ABO) on Tuesday advocated drawing on “patient capital” from the Middle East to develop tourism in Angola, highlighting investors’ “appetite” for the Angolan market.

António Dinis Mendes was speaking to journalists during a press breakfast in Luanda, where he emphasised that tourism is one of the priority sectors for ABO, which officially commenced operations on 31 March 2026, in line with the government’s strategy.

The executive presented figures on the sector’s importance, noting that it already accounts for around 10% of Gross Domestic Product (GDP) in some African countries, unlike Angola, where it is less than 1%, arguing that the country could benefit from Oman’s experience.

He compared the sultanate with Angola, both in terms of GDP and dependence on oil — currently less than 70% in Oman —, noting that the country has also been implementing programmes of privatisation and economic diversification.

The discussion also touched on topics such as infrastructure and access, with Dinis Mendes noting the costs of road construction in Africa, between $1 million and $5 million (between €921,000 and €4.6 million) per kilometre,, downplaying this issue when it comes to niche tourism, which generates higher revenues and is “more resilient”, a segment that Angola should prioritise over mass tourism.

Dinis Mendes explained that there are various ways to finance tourism, including the approach ABO proposes to develop, channelling “patient capital”, that is, with extended payback periods, sourced from Middle Eastern investment funds such as Kasada, a hotel fund backed by the Qatar Investment Authority and the Accor group, dedicated to Sub-Saharan Africa,, which could also constitute a new source of foreign exchange, provided that the reinvestment of the foreign exchange generated by the sector is ensured.

“Angola has not yet had any experience of accessing funding from the Middle East, which, for its part, is also seeking to internationalise its economies,” he emphasised.

ABO’s role will be that of an intermediary, providing access to investment funds, but the manager noted that there is a lack of business experience and that tourism requires planning.

“Without planning, without structure, there is no business,” he stressed.

Regarding events and business tourism, he considered that Angola, particularly Luanda, has seen significant development, and that international tour operators will be an asset.

“We cannot always assume that foreigners come to take money out of Angola,” he said, highlighting the significant local content associated with the tourism sector.

On the other hand, he highlighted the inadequacy of certain instruments, such as Notice 9 of the National Bank of Angola (BNA), which establishes the Special Credit Scheme for the construction, refurbishment and improvements to tourist developments, catering establishments and similar venues; he considered its financing limit of up to 200 million kwanzas (around €190,000) to be insufficient.

He also highlighted the need to support investors so that they do not encounter difficulties in repatriating capital.

He emphasised that Angola is competing with other African countries and that investors opt for destinations offering the best returns; therefore, projects must be viable, sustainable and capable of repaying the investment.

He highlighted, as a competitive advantage, that Angola is a new market for international investors to add to their portfolios.

The meeting took place on the eve of the Angola Investment Summit, an international tourism investment summit organised by the Ministry of Tourism in partnership with the Global Tourism Forum Institute (GTFI), which is being held in Luanda from Wednesday to Friday.

In 2025, Angola was the African country with the highest growth in international arrivals, 30% according to UNWTO data, and the government has identified the sector as one of the key pillars of economic diversification, alongside agribusiness and the manufacturing industry.

The African Bank of Oman positions itself as a bridge between Angola and the Middle East.

The bank has a share capital of 18.24 billion kwanzas (around €17.31 million), fully subscribed by its shareholders, and currently employs 26 staff.

RCR/ADB // ADB.

Lusa