Saudi tourism achieved a new record of incoming visitors’ spending, which exceeded SAR 100 billion ($26.6 billion) during the first three quarters of 2023.
This rapid growth is attributed to the Kingdom’s proactive strategies to increase tourist numbers © Mena Today
Saudi tourism achieved a new record of incoming visitors’ spending, which exceeded SAR 100 billion ($26.6 billion) during the first three quarters of 2023.
On Monday, the Ministry of Tourism announced that the Kingdom recorded the highest ever spending by inbound tourism until the end of the third quarter of 2023, which reached SAR 102.6 billion, with 53% growth year-on-year.
The travel surplus in the balance of payments rose by 72% compared to the same period in 2022, reaching SAR 37.8 billion at the end of the third quarter, according to data on the travel item in the balance of payments, the ministry added.
This comes as Saudi Arabia achieved a staggering 150% recovery rate in its tourism sector compared to pre-COVID-19 levels, outpacing the global recovery rate of 87% and leading the Middle East with a 120% recovery, according to a report by the UNWTO.
This rapid growth is attributed to the Kingdom’s proactive strategies to increase tourist numbers, especially following the launch of several new tourist destinations.
Saudi Arabia also ranked second among the fastest growing tourist destinations in the world.
Saudi Economy Minister Faisal Alibrahim said on Friday that the $600 billion of expanded investment and trade with the United States mentioned by Saudi Crown Prince Mohammed bin Salman includes investments as well as procurement from the public and private sectors.
Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al-Saud will visit Damascus on Friday and meet with top officials in the new Syrian administration, a Syrian official said on Thursday.
Saudi Arabia will continue supporting Lebanon and is optimistic about the country's future after a ceasefire brought an end to a war between Israel and the militant Iran-aligned Hezbollah group, the kingdom's foreign minister said from Beirut.
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