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In a remarkable development, Saudi Arabia’s visitor spending skyrocketed to an all-time high of SAR 102.6 billion (USD 27.36 billion) in the first three quarters of the previous year. This represents a significant 53 percent increase from the same period in 2022, as reported by Wego.
The Ministry of Tourism unveiled this milestone in a recent announcement, underscoring the considerable surge in tourist expenditure. Outbound travelers from the Kingdom made a substantial contribution, with expenditures totaling SAR 64.8 billion between January and September. This resulted in a travel sector surplus of SAR 37.8 billion, a figure that mirrors the difference between inbound and outbound spending. Notably, this surplus was a staggering 72 percent higher than the corresponding period in 2022.
#SaudiArabia achieved its highest historical record in inbound visitor spending until the end of Q3 2023, as per Travel Account Data in the Balance of Payments. The spending exceeded SAR 100 billion, achieving a surplus of SAR 37.8 billion and a growth rate of 72%, compared to… pic.twitter.com/vV9dkOikDD
— وزارة السياحة (@Saudi_MT) January 1, 2024
The UN’s World Tourism Organization lauded Saudi Arabia’s extraordinary performance, highlighting its exceptional growth in inbound tourism among the G20 nations throughout the first three quarters of 2023.
The Saudi Press Agency has reported a strong revival in the Kingdom’s tourism sector following the COVID-19 pandemic, with a noticeable uptick in both domestic and international visitors across various tourist destinations. This robust resurgence underscores the Kingdom’s resilience and its continued appeal as a premier tourist destination.