According to fresh data, Saudi Arabia’s tourism expenditure increased by 23 percent annually in the first three months of the year to reach SR45 billion ($12 billion).
According to information provided by the Saudi Central Bank, there was a surplus of SR24 billion in the balance of payments for travel, which includes both domestic and foreign visitor expenses. The first quarter of 2023 had a rise of 46%.
The Kingdom is pushing ahead with its Vision 2030 economic diversification strategy, and the rise in visitor spending is in line with the Kingdom’s goal of being among the top 10 worldwide tourism destinations by 2024.
A May report from the World Economic Forum predicted that this year will see a return to pre-pandemic levels for both foreign visitor arrivals and the travel industry’s share of the global gross domestic product.
According to the WEF’s Travel & Tourism Development Index 2024, the Middle East leads in terms of recovery rates for foreign visitor arrivals. Saudi Arabia has improved the most, moving up from 50th place in 2019 to 41st place in 2024.
increasing demand for travel, supported by investments in tourism and cultural attractions and increasing flight availability globally, is the driving force behind this rebound.
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