Search SaudiArabiaPR.com

Home >> Travel & Tourism

Saudi Arabia's Travel & Tourism Breaks All Records

Monday, June 10, 2024/ Editor -  

Share

Home >> Travel & Tourism

London, UK: The World Travel & Tourism Council’s 2024 Economic Impact Research (EIR) has revealed a record-breaking year for Travel & Tourism in Saudi Arabia, with new records in GDP contribution, sector jobs and visitor spend.

Saudi Arabia’s Travel & Tourism sector is now soaring past all previous records, testament to the country’s commitment to becoming a global tourism hot spot.

Last year, the sector grew by more than 32% to contribute a record-breaking SAR 444.3BN to Saudi’s GDP, representing 11.5% of the entire economy. This exceeded the previous record by almost 30% and underscores the sector’s pivotal new role in the nation’s economic framework.

Jobs supported by the sector grew by 436,000 to reach more than 2.5MN, representing almost one in five jobs in the country.

Although the jobs lost during the pandemic were fully recovered in 2022, today’s announcement shows sector employment in Travel & Tourism has increased almost 24% since the previous peak.

International visitor spending surged by almost 57% to reach SAR 227.4BN, breaking the previous record by SAR 93.6BN, while domestic visitor spending grew by 21.5% to reach SAR 142.5BN.

Seven years ahead of its target, Saudi Arabia welcomed 100MN tourists in 2023. Today, the country is surging toward even greater heights and has set a more ambitious aim of attracting 150MN tourists by 2030.

Julia Simpson, WTTC President & CEO said; 'Saudi Arabia’s Travel & Tourism sector's extraordinary achievements last year mark a pivotal moment in its journey towards becoming a global tourism leader.

“This success is a direct result of the Kingdom's visionary commitment to the sector, showcasing an impressive fusion of cultural heritage and innovative tourism initiatives. As the sector continues to expand, it promises to play a crucial role in the nation's diversified economic future, while contributing significantly to global Travel & Tourism development.

Minister of Tourism of Saudi Arabia and Chairman of the Executive Council of UN Tourism, His Excellency Ahmed Al-Khateeb said “The latest data from WTTC provides further evidence of the rapid success we have achieved in transforming Saudi Arabia’s tourism industry.

“Tourism is a key pillar of the Kingdom’s Vision 2030 economic diversification plans and we have made great strides promoting investment in the sector - with more than $800 billion earmarked by 2030 - as well as creating new jobs and growing the contribution of tourism to GDP.”

What Does This Year Look Like?

Travel & Tourism is forecast to continue growing at pace in 2024, with GDP contribution set to reach SAR 498BN, while jobs will increase by more than 158,000 jobs to reach nearly 2.7MN.

International visitor spending is projected to reach SAR 256BN, almost double the previous high point, and domestic visitor spending is forecast to reach SAR 155.2BN

What Does the Next Decade Look Like?

The global tourism body is forecasting that the sector will grow its annual GDP contribution to a staggering SAR 836.1BN by 2034, almost 16% of the Saudi Arabian economy, and will employ more than 3.6MN people across the country, with one in five people working in the sector.

What Does the Region Look Like?

The Middle Eastern Travel & Tourism sector grew by more than 25% in 2023 to reach almost $460BN. Jobs reached nearly 7.75MN and international spending grew by 50% to reach $179.8BN. Domestic visitor spending grew by 16.5% to reach more than $205BN.

WTTC is forecasting that the Middle Eastern Travel & Tourism sector will continue to grow throughout 2024 with the GDP contribution set to reach $507BN. Jobs are forecast to reach 8.3MN, international visitor spending is forecast to reach $198BN and domestic visitor spending is expected to reach more than $224BN.


Previous in Travel & Tourism

Next in Travel & Tourism


Home >> Travel & Tourism Section

Latest Press Release

Captivating Circus Shows Mesmerize Visitors at Mercato during Dubai Summer Surpr ...

Saeed Saleh Al Ghamdi appointed as new Board Member at GII Holding LLC

Saudi Arabia orders four additional Airbus A330 MRTTs

MyAlice Expands Operations to Saudi Arabia with AstroLabs to Revolutionize Custo ...

LG named the official partner of the Esports world cup 2024 in Saudi Arabia

Opensignal Unveils Impressive 5G Speeds and Advancements Across Saudi Arabia's M ...

Greenpeace MENA: KSA' announcement of Major Oil and Natural Gas is deeply concer ...

Egis Secures Saudi Arabia's Top Environmental License for Sustainable Developmen ...

#W7Worldwide Looks to Break New Barriers in 2024 After a Record Year of Excellen ...

Cigna Healthcare Names Leah Cotterill Middle East and Africa CEO, outside KSA

Catrice's drops new summer favorites: Slim Eye Shadow Palettes and Kohl Kajal!

Get Ready to have your Summer glow-up with essence Cosmetics' summer collection ...

Intersec Saudi Arabia gears up for its biggest edition to date by welcoming over ...

Saudi Arabian stars set for Esports World Cup

Marina Rinaldi celebrates grand opening of luxury store in Saudi Arabia

Weekend Max Mara opens boutique in Riyadh Park Mall, Saudi Arabia.

Step into the World of Chocolate Craftsmanship with behind-the-scenes shangri-la ...

Big wins for Robert Whittaker, Alexander Volkov, and Shara Magomedov on historic ...

Sudan is Facing an Unprecedented Hunger Catastrophe, Say UN Agency Chiefs

For the first time in the Kingdom: Bupa Arabia launches insurance benefits upgr ...