Visitors’ Spending in Saudi Arabia Grows by 22.9%

Saudi Arabia witnessed 22.9% growth in the spending of visitors coming from abroad during the first quarter of 2024 compared to the first quarter of 2023, reported Saudi Press Agency.

Their total spending exceeded 45 billion riyals. The Kingdom witnessed a surplus in the travel sector estimated at 24 billion riyals, with a growth rate of the surplus exceeding 46 % compared to the same period in 2023.

Last March, the Saudi Central Bank revealed that tourists visiting Saudi Arabia spent around SAR 134 billion in 2023, according to Ekhbariya Economy.

The bank pointed out that the tourists’ expenditure in Saudi Arabia increased by 42% in 2023. The Kingdom achieved a surplus in travel balance of payment of SAR 48 billion, growing by 37% in 2023.

The Saudi Ministry of Tourism announced that tourists, both from within the country and abroad, exceeded 100 million people.

The international tourist count stood at 27.4 million. This was a significant increase of 56% from 2019 and 65% from 2022.

The Saudi government implemented strategic initiatives to boost tourism. These included infrastructure improvements and cultural festivals, simplified visa procedures and enhanced international connections. Moreover, Saudi Arabia is leveraging its rich cultural heritage  and promoting unique cultural experiences to attract tourists, like the Riyadh Season.

The Kingdom has been deeply investing in this sector as it has set a plan to inject $80 billion in private funding.

Saudi Arabia announced that its objective is to welcome 150 million tourists annually by 2030. This achievement is set to contribute 10% to the GDP and create one million new jobs in the sector.

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