Saudi Arabia's Tourism Expenditure Surges 13.82% to $409.5 Billion in 2024

Saudi Arabia's inbound tourism expenditure reached an unprecedented high of $410 billion in 2024, marking a significant achievement for the kingdom's tourism industry. According to data from the Saudi Central Bank, the country's inbound tourism spending surged to 1536.1 billion Saudi riyals, equivalent to $409.5 billion, representing a year-on-year increase of 13.82%. This substantial growth underscores the kingdom's efforts to diversify its economy and attract more international visitors.

The surge in tourism expenditure is part of a broader trend of increased travel and leisure activities within Saudi Arabia. The country's residents also saw a notable rise in outbound spending, which grew by 16.94% to 1038.4 billion Saudi riyals. This dual increase in both inbound and outbound tourism spending has resulted in a record-high annual tourism surplus of 497.8 billion Saudi riyals, a 7.81% increase from the previous year.

The influx of tourists is not a fleeting phenomenon but a sustained trend, reflecting the pivotal role of tourism in reshaping Saudi Arabia's economy and global image. In 2024, the kingdom welcomed approximately 30 million international visitors, a 9.5% increase from the previous year. This growth is driven by the kingdom's strategic initiatives to promote non-religious tourism, which now constitutes a significant portion of its international tourism offerings. As more visitors explore Saudi Arabia's cultural, entertainment, and commercial attractions, the country's tourism appeal is expected to grow, with visitors likely to stay longer.

The direct and indirect contributions of the tourism sector, encompassing transportation, hospitality, and other related industries, have had a profound impact on Saudi Arabia's economy. In 2024, the total economic impact of tourism and travel reached 4980 billion Saudi riyals, equivalent to 12.45% of the country's GDP, up from 11.5% the previous year. This highlights the sector's growing importance in driving economic growth and development.

As part of its "Vision 2030" initiative, Saudi Arabia is undergoing a rapid transformation, placing tourism and international investment at the core of its future development. The kingdom has implemented various measures to attract foreign investment, including allowing 100% foreign ownership of certain projects, streamlining investment laws, and establishing economic zones. Additionally, significant investments are being made in developing tourism infrastructure, such as hotels, airports, and scenic attractions.

The kingdom's hospitality sector is also expanding, with over 42.6 thousand hotel rooms available, and the proportion of international chain hotels is expected to increase from 47% to 65%. Major global brands such as Accor, Hilton, and Marriott are increasing their presence in Saudi Arabia, further enhancing the country's tourism offerings and attracting more visitors.