RIYADH: Saudi Arabia’s balance of payments for tourism surged 327 percent in the first half of 2023 to SR40 billion ($10.67 billion) compared to the year-ago period, showed data released by the Saudi Central Bank, also known as SAMA.
Between January and June, foreign visitors’ expenditures in the Kingdom amounted to SR83.7 billion, a substantial increase from SR36.4 billion recorded in the corresponding period the previous year.
The balance of payments for tourism marked a 34 percent rise in the second quarter to SR22.8 billion compared to the same quarter last year, with foreigners spending SR46.6 billion in the same period.
This rise comes amid Saudi Arabia’s rise to the second position globally in terms of the growth rate of incoming tourists during the first seven months of 2023, as announced by the Ministry of Tourism on Tuesday.
According to the Ministry of Tourism, the Kingdom saw a 58 percent growth in tourist numbers up to the end of July compared to the same period in 2019.
The data was sourced last month from the UN World Tourism Organization and came from the UNWTO World Tourism Barometer.
Riyadh also hosted World Tourism Day on Sept. 27-28, reflecting the Kingdom’s commitment to the global tourism sector.
Saudi Tourism Minister Ahmed Al-Khateeb said the ranking strengthened the country’s status as a global tourist destination.
The substantial rise in arrivals reflected travelers’ confidence in the variety and quality of tourism options available within the Kingdom.
These achievements result from the Kingdom’s significant efforts to boost its tourism industry, a key component of its Vision 2030 plan.
These initiatives include promoting its rich historical and cultural heritage, hosting various music festivals and sports events and investing in tourism infrastructure to accommodate the growing number of tourists.
Saudi Arabia has actively sought foreign and domestic investments in the tourism sector, fostering partnerships with international hospitality and tourism companies.
Regulatory changes, such as the relaxation of visa restrictions and updates to tourism-related regulations, have further supported the growth of the tourism industry.
These efforts have begun to yield results, with a noticeable increase in tourist arrivals and tourism-related activities in the country.
