RIYADH – Saudi Arabia saw a record-breaking year in terms of travel and tourism as statistics imply a resounding victory for the kingdom.
In 2023, the travel and tourism sector grew by more than 32%, contributing a record-breaking SR444.3 billion to Saudi Arabia’s Gross Domestic Product, representing 11.5% of the entire economy. This exceeds the previous record, endorsing the policies introduced by the royal family.
In terms of employment opportunities, jobs supported by this sector increased by 436,000, reaching over 2.5 million, accounting for nearly one in five jobs in the country.
The figures imply that sector employment in Travel & Tourism has increased by almost 24% since the previous peak.
In terms of spending, international visitor spending increased by almost 57% to reach SR227.4 billion, breaking the previous record by SR93.6 billion; domestic visitor spending grew by 21.5% to reach SR142.5 billion.
Interestingly, Saudi Arabia welcomed 100 million tourists in 2023 seven years ahead of its target while the holy kingdom is now aiming to attract 150 million tourists by 2030.
The data released by World Travel & Tourism Council confirms that the government is diversifying its revenue stream for which the steps are bearing fruit.
Ahmed Al-Khateeb, Minister of Tourism of Saudi Arabia and Chairman of the Executive Council of UN Tourism, commented on the figures that tourism is a key pillar of the Kingdom’s Vision 2030 economic diversification plans, with more than $800 billion earmarked by 2030.
As far as the future projections are concerned, the WTTC forecasts that the travel and tourism sector will grow its annual GDP contribution to a whopping SR836.1 billion by 2034, almost 16% of the Saudi Arabian economy, and will employ more than 3.6 million people across the country.
It bears mentioning that besides making the spots attractive and easing visa restrictions, the government has also announced to launch the airline named Riyadh Air with a mission to make a mark in the aviation sector.
