Prime Highlights:
- Spending on overseas tourism during 2024 was SR153.61 billion ($40.95 billion), an increase of 13.82% over the previous year.
- 30 million foreign visitors traveled to the Kingdom during 2024, 9.5% more than the previous year, and non-religious overseas tourism accounted for the lion’s share of international trips.
Key Facts:
- Surplus in travel balance during 2024 was SR49.78 billion, 7.81% more than the previous year.
- Total economic value of tourism was SR498 billion, 12.45% of the Kingdom’s GDP, which was more than 11.5% of the previous year.
Key Background:
Saudi tourism registered a dramatic rise with Vision 2030, the kingdom’s diversification strategy away from oil dependence. Tourist spending in 2024 recorded an all-time record surplus of SR153.61 billion ($40.95 billion) and recorded a year-on-year increase of 13.82%. The record all-time surplus record in the travel balance also reached SR49.78 billion and recorded a year-on-year increase of 7.81%.
There were 30 million international visitor arrivals in 2024, an improvement of 9.5% over 2023. Most importantly of all, however, has been the massive contribution of non-religious tourism towards driving this increase, and Saudi Arabia does not appear to be paying the price of breaking up religious tourism concentrate in terms of product diversification. With a record number of individuals now flocking to the Kingdom’s commercial, cultural, and entertainment centers, the nation is in excellent position on the international tourism front.
Its economic contribution to the nation has been remarkable in the way of directly and indirectly feeding hospitality, transportation, and retailing businesses. Tourism and travel business in 2024 added SR498 billion and was the support beam of 12.45% of Saudi Arabian GDP, while the last year it was 11.5%. Uncontrolled growth of such an extent makes tourism number one in economic diversification and job creation and foreign investment.
In exchange for its sponsorship, the government of Saudi Arabia has initiated blanket policy reforms in 100 percent foreign-owned enterprise in strategic sectors, investment facilitation legislation, and special economic zones. The reforms have established Saudi Arabia as a world tourist and visitor hub, which is the pinnacle of its long-term tourism growth strategy.
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