The Saudi Ministry of Tourism announced that, during the first half of 2024, Saudi Arabia experienced a remarkable 8.2 percent increase in spending by inbound visitors compared to the same timeframe in 2023, totaling approximately SAR92.6 billion ($24.6 billion).
Saudi Arabia achieves a new semi-annual record with SAR 41.6 billion in surplus in the travel account of the balance of payments during the first half of 2024, recording a growth of 8% in spending of inbound visitors compared to the same period in 2023.#AmbitionandProsperity pic.twitter.com/Rjz0pS1SMU
— وزارة السياحة (@Saudi_MT) October 3, 2024
Additionally, the Kingdom reported a travel account surplus of around SAR41.6 billion ($11 billion).
Read more: Saudi Arabia cancels hotel licensing fees to boost tourism investment
This rise in visitor spending highlights the substantial advancements made within the tourism sector. According to UN Tourism data, Saudi Arabia outperformed other G20 nations in both international tourist arrivals and the growth rate of international tourism receipts in the first seven months of 2024 compared to the same period in 2019.
Moreover, this information emphasizes the success of the tourism ecosystem in establishing the sector as a global leader. This accomplishment is attributed to the adoption of best practices in tourism development, improvements in tourism-related services and products, and collaboration with government entities to foster the growth of the Kingdom’s tourism industry.
Overall, this achievement showcases the concerted efforts of the tourism ecosystem to elevate the sector to a position of global prominence and enhance its contribution to the Kingdom’s economic development.
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