Saudi Arabia has set a new record in spending by foreign visitors in 2023, as per preliminary data from the Saudi Central Bank. (SAMA)
The Kingdom’s tourism spending reached SAR 135 billion, marking the highest expenditure by foreign visitors in the country’s history and representing a growth rate of 42.8% compared to 2022.
Saudi Arabia also recorded an increase of 56% in the number of incoming tourists in 2023 compared to 2019, topping the United Nations Tourism ranking in terms of the growth of international tourist arrivals from among the countries hosting major tourism destinations.
The Middle East region is the only region that surpassed pre-COVID-19 growth levels with a 122% recovery rate in international tourist arrivals during the year 2023 compared to four years prior.
Earlier this month, the Saudi Ministry of Tourism celebrated reaching 100 million tourists by the end of 2023, achieving this target seven years ahead of the timeline set by Saudi Vision 2030.
In March, Saudi Arabia’s Ministry of Tourism, in collaboration with the Ministry of Investment, unveiled the Hospitality Sector Investment Enablers Initiative, an ambitious project to increase and diversify tourism offerings and destinations across the Kingdom.
The initiative aims to attract investments in the hospitality sector, with a value of around SAR 42 billion, projecting estimated revenues of about SAR 16 billion to the Kingdom’s GDP by 2030.
