Saudi Arabia’s tourism industry is experiencing a significant boom, with international tourist spending soaring in the first quarter of 2024.
Record Spending by Inbound Visitors
The Kingdom witnessed a remarkable 22.9% increase in inbound visitor spending during Q1 2024 compared to the same period in 2023. This translates to a total spend exceeding SR45 billion ($12 billion), a major boost for the Saudi economy.
Saudi Arabia’s travel account, which tracks inbound and outbound tourism spending, also recorded a positive surplus. This surplus reached SR24 billion ($6.4 billion), reflecting a significant 46% growth over Q1 2023.
Saudi Tourists Travel Abroad
While inbound visitor spending surged, outbound travel from Saudi Arabia also increased. According to the Saudi Central Bank, Saudi residents spent an estimated SR21 billion ($5.6 billion) on international travel during Q1 2024.
This significant rise in tourism spending highlights the success of Saudi Arabia’s National Tourism Strategy. The strategy aims to diversify the economy by attracting more international visitors and establish the Kingdom as a global tourism leader.
Efforts to Enhance Tourism
The Saudi tourism system’s dedication is evident in achieving this milestone. Efforts include collaborating with government entities, implementing best practices in tourism development, and continuously improving tourism services and products.
The Ministry of Tourism, along with other key players in the Saudi tourism system, are credited with these achievements. Increased tourism not only benefits the tourism sector itself, but also contributes significantly to the overall growth of the Saudi national economy.
Also Read: Diriyah Project Takes Center Stage at Harrods in London
2 thoughts on “Saudi Tourism Boom: Tourist Spending Surges in Q1”