The tourism sector has played a pivotal role in the diversification of the nation’s economy, contributing to the achievement of one of the key objectives of Vision 2030 seven years ahead of schedule, boasting an impressive 106 million tourists.
Saudi Arabia has set a new record in the spending of overseas visitors, according to the balance of payments data released by the Saudi Central Bank. The total spending of visitors is estimated at around 45 billion riyals (12 billion USD) during the first quarter of 2024, showing a growth rate of 22.9 percent compared to the first quarter of 2023.
The Saudi Ministry of Tourism announced that this figure has resulted in a surplus in the travel item of the balance of payments. The surplus during the first quarter of 2024 is estimated at approximately 24 billion riyals (6.4 billion USD), marking an increase of over 46 percent compared to the surplus in the same period in 2023.
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Expenditure by Saudi travelers abroad is estimated to be around 21 billion riyals (5.6 billion USD) during the same timeframe, based on preliminary data from the Saudi Central Bank’s travel item in the balance of payments.
The increase in spending by visitors arriving in Saudi Arabia from abroad is part of the continuous success achieved by the country’s tourism sector. In 2023, Saudi Arabia ranked first in the United Nations’ list for tourism growth rate of international tourists and tourism revenue among the major global tourist destinations.
Recovery of the Tourism Sector
Global indicators have documented the country’s progress in the tourism sector. The United Nations’
