Saudi Arabia’s tourism revenues during the third quarter 2023 reached about 19 billion riyals, while incoming tourism revenues to the Kingdom reached 102 billion riyals in 9 months from 2023.
Saudi Arabia’s tourism industry witnessed an extraordinary surge in the first quarter of 2023.
The country welcomed approximately 7.8 million tourists, marking its highest quarterly performance ever.
This influx of tourists represents a significant growth of 64% compared to the same period in 2019.
Record-breaking Revenue
The increase in tourist numbers translated into a remarkable rise in tourism revenue. The first quarter of 2023 saw the revenue from tourism more than triple. It reached to 37 billion Saudi Riyals (approximately $9.9 billion).
This marked a 225% increase compared to the first quarter of 2022. Such a significant rise in revenue underscores the growing importance of the tourism sector in the Saudi economy.
Economic Transformation
This growth in tourism is part of Saudi Arabia’s broader strategy to diversify its economy beyond oil. The country aims to make tourism a key contributor to its economy, with ambitious goals set for the coming years.
This includes increasing annual visits to 100 million by 2030, contributing 10% to the gross domestic product.
Infrastructure, Accessibility Enhancements
To support tourism goals, Saudi Arabia is heavily investing in infrastructure and accessibility. Firstly, this includes new tourism projects, better hospitality services, and aviation improvements. Additionally, a key project is Riyadh Air, a new airline starting in 2025. It aims to serve over 100 global destinations by 2030.
Moreover, Saudi Arabia now ranks as the second-fastest growing tourist destination as of early 2023. The World Travel & Tourism Council (WTTC) predicts the travel sector will grow 11% yearly over the next decade. Consequently, this makes it the Middle East’s fastest-growing market.
Finally, the first quarter of 2023 was significant for Saudi Arabia’s tourism. It saw unprecedented tourist numbers and revenue.
This highlights the nation’s efforts to diversify its economy and become a key global tourism player.
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