RIYADH: The Kingdom of Saudi Arabia recorded a rise in Tourists’ spending by 23% during the first quarter of the year reaching SR 45 billion ($12 billion). Saudi Central Bank reported a SR 24 billion surplus in travel spending in 2024, a 46% higher than the previous year. This rise is in line with Saudi Arabia’s Vision 2030 with the country’s intent to become one of the top 10 destinations for global tourism.
A World Economic Forum study indicates that international tourism and travel sector’s contribution to the global GDP is set to rebound to the pre-pandemic levels this year. Saudia Arabia rose from its position of 50th to 41st in the international tourist arrivals in 2024 due to increased travel demand, tourism investment and better flight availability.
It shows that Saudi Arabia is gradually expanding its cultural and entertainment sectors by participating in the Oscars and Cannes Film Festival. UN World Tourism Organization recognized Saudi Arabia’s tourism sector for its innovation and achieved Vision 2030’s goal of 100 million visitors seven years early. The goal has been revised to reach 150 million international visitors by 2030.
The new regulatory improvements “Visiting Investor” visa has also helped the industry’s growth.
