Riyadh: Tourism spending in Saudi Arabia surged by 23% in the first quarter of the year, reaching a remarkable SR45 billion ($12 billion), according to recent data from the Saudi Central Bank.
The Saudi Central Bank's latest figures reveal that the travel balance of payments, which includes foreign tourist spending and Saudi residents’ expenses abroad, achieved a substantial surplus of SR24 billion.
This marks a significant 46% increase compared to the same period last year.
Vision 2030 strategy
This boost in visitor expenditure reflects the Kingdom's bold ambition to become one of the world’s top 10 tourist destinations by 2024, in line with its Vision 2030 strategy.
Global tourism trends
The Kingdom's rapid rise in the tourism sector is part of a broader global trend, as the World Economic Forum (WEF) projects that international tourist arrivals and the global travel industry will return to pre-pandemic levels this year.
Saudi Arabia’s ranking in the WEF’s Travel & Tourism Development Index has leaped from 50th place in 2019 to 41st in 2024, showcasing its impressive recovery and growth.
Factors driving resurgence
This resurgence is fueled by increased demand for travel, substantial investments in tourism and cultural attractions, and enhanced global flight connectivity.
Saudi Arabia's cultural scene is also booming, with art exhibitions and a growing entertainment industry adding to its international appeal. The Kingdom's participation in prestigious events like the Oscars and Cannes Film Festival highlights its expanding global influence.
Achieving targets early
In a remarkable achievement, the UN World Tourism Organization lauded Saudi Arabia’s tourism sector for innovation, surpassing its Vision 2030 target of 100 million visitors seven years ahead of schedule.
This milestone comes on the heels of Saudi Minister of Tourism Ahmed Al-Khateeb’s announcement of a revised target of 150 million visitors by 2030.
Regulatory advancements
Regulatory advancements, including the new “Visiting Investor” visa approved by the Ministry of Investment and Foreign Affairs, have further supported the sector’s growth and expansion.