Saudi Tourism Spending Reaches Record $26.7 Billion in Nine Months
Saudi Arabia saw a record $26.7 billion spent by foreign tourists in the Kingdom in the first nine months of last year, according to government data.
The Ministry of Tourism announced the foreign visitors spending record based on data from the Saudi Central Bank (SAMA).
Total spending during the first three quarters of 2023 surpassed SR100bn ($26.7bn).
By the end of Q3 of 2023, the surplus in the travel item in the balance of payments was estimated at around SR37.8bn ($10.3bn), reflecting a growth rate of 72 per cent compared to the surplus recorded during the same period in 2022.
The Kingdom’s tourism sector has fully recovered, witnessing a remarkable 150 per cent increase compared to the pre-Covid-19 levels.
This revival has been evident across diverse tourist destinations, which attracted an increasing number of both domestic and foreign visitors.
Reports from the World Tourism Organization show that the Kingdom emerged as a leader among G20 countries in terms of growth of incoming tourists during the first three quarters of 2023.
Moreover, the Kingdom has secured the second position among the fastest-growing tourist destinations globally.
