$26 Billion Spending by Visitors to Saudi Arabia in 2023

The Saudi Ministry of Tourism announced that the Kingdom achieved a new record in spending by international visitors, according to balance of payments data released by the Saudi Central Bank. The total spending by visitors exceeded 100 billion riyals ($26.6 billion) for the first three quarters of 2023. This figure resulted in a surplus in the travel item of the balance of payments, with an estimated surplus of approximately 37.8 billion riyals, reflecting a growth rate of 72% compared to the surplus in 2022 for the same period. These achievements come at a time when tourism in Saudi Arabia has fully recovered, with the recovery rate in the Kingdom's tourism sector reaching 150% compared to pre-COVID-19 levels. Reports from the World Tourism Organization revealed that Saudi Arabia ranked first among G20 countries in the growth rate of incoming tourist numbers during the first three quarters of 2023 and secured the second position among the fastest-growing tourist destinations in the world.