Saudi Arabia’s Tourist Spending Reaches $40 Billion in First Half of 2024, Minister Reports

RIYADH:  In the first half of 2024, Saudi Arabia’s tourist expenditure soared to approximately SR150 billion ($40 billion), reflecting a robust 10 percent increase compared to the same period in the previous year. This substantial growth underscores the Kingdom’s success in positioning itself as a premier global tourism destination, attracting an increasing number of international visitors. As Saudi Arabia continues to develop its diverse array of attractions, including breathtaking natural landscapes, luxurious resorts, and cultural heritage sites, its appeal to tourists worldwide is rapidly expanding.

New Tourist Visa to Boost Visitor Numbers

Tourism Minister Ahmed Al-Khateeb, during a recent conference, emphasized the Kingdom’s ongoing commitment to boosting its tourism sector. In a bid to attract more international visitors, Saudi Arabia will introduce a new tourist visa next month, a strategic move to further enhance the sector’s growth​ (AlKhaleej Today).

Ambitious Tourism Targets for 2030

The ambitious target set by Saudi Arabia to host 150 million tourists annually by 2030 showcases the Kingdom’s dedication to transforming into a premier global tourism destination. The latest data from the General Authority of Civil Aviation revealed a 17 percent increase in passenger air traffic, with 62 million passengers recorded in the first half of 2024 compared to 53 million in the same period last year. This was supported by a 12 percent increase in flights, rising to 446,000 from 399,000 in 2023.

Significant Growth in Tourism Metrics

Al-Khateeb shared impressive statistics, stating, “We achieved 60 million visits and approximately SR150 billion in tourist spending in the first half of 2024.” This reflects a notable 10 percent rise in both visitor numbers and expenditure compared to the previous year. He further described Saudi Arabia as a “continent,” highlighting its vast natural beauty and diverse landscapes, including mountains, resorts, Red Sea beaches, and vibrant cities, which collectively offer a wide array of tourism products to global travelers​ (Fitch Solutions).

Initiatives for Local Workforce Development

To enhance opportunities and training for Saudis, the Ministry has implemented initiatives aimed at raising salaries and conducting over 100,000 training courses annually. This proactive stance encourages private-sector investment in Saudi human capital, with the private sector playing a crucial role in shaping the tourism landscape.

Tourism Development Fund’s Impact

The Tourism Development Fund (TDF), launched in June 2020, has significantly contributed to building the country’s infrastructure. The fund has financed over 100 projects worth SR35 billion, encompassing small to medium-sized ventures and larger-scale initiatives. In the Asir region alone, the TDF has allocated SR1 billion to 10 projects, enhancing hospitality offerings and underscoring the Kingdom’s commitment to regional development through strategic investment.

Transparency and Stakeholder Support

To support stakeholders and enhance transparency, the Ministry announced the launch of detailed tourism statistics on its website. An annual report will provide valuable insights for the media and investors, detailing every statistic and figure relevant to Saudi Arabia’s tourism sector. According to the latest data, the total number of tourists reached 109.3 million in 2023, with 81.9 million being local tourists and 27.4 million international visitors. The economic impact of this influx is substantial, with international tourists spending SR141.2 billion and local tourists SR114.4 billion, bringing the total tourism expenditure to SR255.6 billion in 2023.

Exceptional Growth in the Tourism Sector

The minister highlighted the 153 percent growth in tourism compared to 2019, with the Asir region receiving 8 million tourists last year who spent around $3 billion. This remarkable growth underscores Saudi Arabia’s strategic efforts and investments in the tourism sector, aiming to make the Kingdom a leading global tourist destination.

Through ongoing efforts and strategic initiatives, Saudi Arabia’s Tourist Expenditure is poised to meet its ambitious tourism objectives. By capitalizing on its unique attractions, such as stunning natural landscapes, world-class resorts, and rich cultural heritage, and making extensive investments in infrastructure and tourism development, the Kingdom is attracting visitors from all over the globe. These comprehensive strategies are driving significant growth in the tourism sector, positioning Saudi Arabia as a leading global destination and ensuring it remains a top choice for international travelers.