Kingdom of Saudi Arabia Sees Nearly 23% Growth in Foreign Visitor Spending
In a remarkable achievement, the Kingdom of Saudi Arabia experienced a significant 22.9 percent increase in spending by foreign visitors during the first quarter of 2024 compared to the same period in 2023. The total amount spent by these visitors exceeded an impressive SR45 billion ($12 billion).
Furthermore, there was a surplus of SR24 billion in the travel category, showcasing a remarkable growth rate of over 46 percent compared to the first quarter of 2023.
According to preliminary data from the Central Bank of Saudi Arabia, spending by Saudi travelers abroad reached approximately SR21 billion during the same period.
This surge in spending by foreign visitors is just one of the many successes experienced by the thriving tourism sector in the Kingdom.
In fact, Saudi Arabia claimed the top spot on the UN tourism list for the growth rate of international tourists and tourism revenues among the leading global tourist destinations in 2023, surpassing figures from 2019.