BMI Industry Research, a subsidiary of Fitch Solutions, expected inbound tourism to Saudi Arabia to grow by 18.9% to reach 31.3 million visitors during the current year. It noted that last year witnessed the return of inbound tourism to the Kingdom to pre-pandemic levels, with an estimated 26.3 million visitors, reported Al Arabiya.
The company said in a report seen by the Arab World News Agency (AWP) that the number of tourists coming to the Kingdom will continue to rise between 2024 and 2028. It will reach 36.1 million visitors in 2028, representing an annual growth rate of 6.7% on average during that period.
BMI added that tourism growth in the Kingdom will be supported by increasing marketing efforts to promote it as a recreational tourist destination and investments in establishing hotels and resorts. The report expected the Kingdom’s revenues from international tourism to rise by about 19% to $23.9 billion in 2024, thanks to the growth in the number of visitors, before rising again to $28.1 billion in 2028.
The Kingdom’s revenues from tourism amounted to about $20 billion in 2023, according to BMI estimates.
The report indicated that Saudi Arabia continues to market mega projects, as the Kingdom is investing strongly in developing an entertainment and luxury brand centered around the Red Sea Development Company, while making similar efforts with regard to the (Amaala) project in Riyadh.
It said that the Saudi government remains committed to diversifying the economy and looks forward, within the framework of Vision 2030, to investing in a number of non-oil sectors, including tourism.
According to the Saudi Press Agency, last year, the Kingdom achieved one of its tourism goals for the year 2030, which is to welcome 100 million tourists annually from home and abroad. It set a new goal of achieving 150 million visitors by 2030.
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