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Saudi Arabia Boasts Highest Tourism Growth among G20 Countries

Saudi Arabia achieved the highest growth in international tourism among G20 countries in the first seven months of 2024, reported the Saudi Press Agency (SPA).

Noticeable Increase

According to recent data from the United Nations Tourism Organization, the Kingdom secured a noticeable increase of 73% in international tourist arrivals.

The September 2024 World Tourism Barometer also indicates that tourism revenues witnessed an impressive 207% surge compared to the same period in 2019.

The Kingdom welcomed approximately 17.5 million international tourists during the first 7 months of 2024.

Significant Growth

In 2023, the Kingdom recorded a 56% increase by attracting 27.4 million visitors compared to 2019. Thus, it became the leading country in tourism growth among major destinations according to the UN.

Moreover, the travel sector witnessed a historic surplus of SAR 48 billion in 2023, representing a 38% year-on-year growth.

Thriving Sector

The International Monetary Fund described 2023 as a milestone in Saudi Arabia’s thriving tourism sector as the total number of annual visitors exceeded the Vision 2030 target of 100 million.

The World Travel & Tourism Council announced that Saudi Arabia’s tourism sector’s overall (direct and indirect) contribution to GDP reached 11.5% in 2023 and is expected to increase to 16% by 2034.

Strong Resilience

This remarkable surge crystalizes Saudi resilience in the face of regional geopolitical events as tourism inflows remained strong even after the outbreak of the Israel-Gaza conflicts in October 2023. Demand for hotel rooms remained high in 2023 and the latest data for 2024 has shown strong year-on-year growth, suggesting likely higher tourism revenues in 2024.

Further progress in this growing sector is highly anticipated especially with ongoing development of tourism-led Giga projects such as Red Sea, Diriyah Gate, and AlUla.

 

Related Topics:

IMF Applauds Saudi Arabia for Surpassing Vision 2030 Tourism Goals

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