The Saudi Central Bank reported a remarkable surge in tourism revenue in the first quarter of 2023, according to Saudi Press Agency.
This period saw revenues more than triple, reaching 37 billion Saudi riyals (approximately $9.86 billion). This represents a significant increase from the previous year and indicates the sector’s rapid growth.
Tourist Influx
The Kingdom welcomed about 7.8 million tourists during the first three months of 2023. This record-breaking number marks a 64% increase compared to the same period before the pandemic in 2019. The growth in tourist numbers significantly contributed to the increase in revenue.
Economic Diversification
This surge in tourism revenue aligns with Saudi Arabia’s broader strategy to diversify its economy beyond oil. The increase in tourism has positively impacted the balance of payments for the sector, leading to a surplus of 22.8 billion riyals in the first quarter, a marked improvement from a deficit in the previous year.
Vision 2030 Goals
Part of this growth can be attributed to the Kingdom’s Vision 2030 goals, which aim to attract 100 million new visits and contribute 10% to the gross domestic product by the tourism sector. The strategy also includes creating 1 million new jobs in the sector by 2030.
Global Ranking, Future Projections
In 2022, Saudi Arabia ranked 11th globally in the international tourism revenue index. The World Travel & Tourism Council (WTTC) projects that the travel and tourism sector in Saudi Arabia will grow by an average of 11% annually over the next decade.
This growth could lead to the sector contributing nearly 635 billion riyals to the country’s GDP by 2032, representing 17.1% of the total economy.
Overall, the Saudi Central Bank’s report showcases a thriving tourism sector that is set to play a pivotal role in the Kingdom’s economic future.
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