Article:
Saudi Arabia’s travel and tourism industry witnessed a remarkable surge in 2023, with a staggering 32% growth, contributing a substantial SR444.3 billion ($118.4 billion) to the nation’s GDP. The World Travel and Tourism Council’s latest report underscores unprecedented milestones in GDP expansion, job creation, and visitor expenditure.
Exceeding all expectations, Saudi Arabia welcomed a record-breaking 100 million tourists in 2023, surpassing its ambitious Vision 2030 target. The influx of visitors fueled substantial job growth, with the sector adding 436,000 jobs, elevating the total employment to 2.5 million.
International visitor spending saw an impressive 57% surge, reaching SR227.4 billion, while domestic spending witnessed a robust increase of 21.5%, totaling SR142.5 billion. These figures signify not only the nation’s allure as a tourist destination but also its growing appeal among domestic travelers.
Projections for the future paint an even more promising picture, with the travel and tourism sector expected to make significant contributions to the GDP. Forecasts indicate a GDP contribution of SR498 billion in 2024, with further growth anticipated to reach SR836.1 billion by 2034. These projections underscore the sector’s pivotal role in Saudi Arabia’s economic diversification and its journey towards sustainable development.
The remarkable growth of Saudi Arabia’s travel and tourism industry reflects the nation’s commitment to fostering a vibrant and inclusive economy, driven by innovation and strategic investments. As the sector continues to thrive, it not only propels economic prosperity but also enhances the nation’s global standing as a premier tourist destination.
