Saudi tourism ‘to grow 11%’ pa next decade
Saudi Arabia’s travel and tourism sector will grow an average 11 per cent annually over the next decade, making it the Middle East’s fastest-growing market, the World Travel & Tourism Council (WTTC) has said.
Annual growth in the industry is set to bolster the overall economic recovery of the kingdom, the global tourism body said in a statement on Monday. By 2032, the sector’s contribution to Saudi Arabia’s gross domestic product could reach nearly 635 billion Saudi riyals ($169bn), representing 17.1 per cent of the kingdom’s total economy, it said.
In May, the kingdom achieved the second biggest improvement in ranking among 117 countries featured in the World Economic Forum’s index on travel and tourism. From 2019 to 2021, Saudi Arabia moved up to 33rd position from 43rd, as its score rose by 2.3 per cent.
Employment in Saudi Arabia’s travel and tourism sector could double over the next 10 years, creating more than 1.4 million jobs, to reach almost three million employed within the sector by 2032, the WTTC forecasts.
By 2023, Saudi Arabia’s travel and tourism sector contribution to the national economy could surpass pre-pandemic levels, when it is projected to rise 2 per cent above 2019 levels, to reach nearly 297bn riyals.
By the end of 2022, the sector’s contribution to the kingdom’s GDP is expected to grow 15.2 per cent to nearly 223bn riyals, amounting to 7.2 per cent of the total economic output, while employment in the sector is set to grow by 16.1 per cent to reach more than 1.5 million jobs.
