Saudi Arabia Sets Record in Visitor Spending as Tourism and Entertainment Sectors Thrive
In a remarkable achievement, Saudi Arabia has set a new record in foreign visitor spending, accumulating over SR102.6 billion ($27.36 billion) in the initial three quarters of 2023. This significant increase, a 53 percent compared to the same span in 2022, was reported by the Saudi Central Bank. The travel sector’s surplus reached SR37.8 billion, a 72 percent surge over 2022 figures, largely attributed to the robust growth of tourism spending. This positive impact of the tourism sector on the Kingdom’s economy is an indication of the successful implementation of strategic plans aimed at reducing dependence on oil revenues.
Boosting Tourism and Economic Growth
The Ministry of Tourism, in its pursuit to amplify tourism’s contribution to the local economy, has set a target to boost tourism expenditure to SR289 billion ($77.1 billion) by 2024. The ambitious plan, part of the Saudi…