Saudi Arabia leads G20 in tourism growth with 73% rise in international visitors

The UN World Tourism Barometer reports that the Kingdom welcomed 17.5 million international tourists during this timeframe, showcasing its growing allure as a global travel destination. File
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Updated 22 September 2024
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Saudi Arabia leads G20 in tourism growth with 73% rise in international visitors

RIYADH: Saudi Arabia has emerged as a leader in tourism growth among G20 nations, experiencing a remarkable 73 percent increase in international visitors in the first seven months of 2024 compared to 2019.

The UN World Tourism Barometer reports that the Kingdom welcomed 17.5 million international tourists during this timeframe, showcasing its growing allure as a global travel destination.

This surge is part of Saudi Arabia’s Vision 2030 initiative, which aims to diversify the economy and reduce dependence on oil revenues. The National Tourism Strategy targets attracting 150 million visitors by 2030 and boosting tourism’s contribution to the gross domestic product from 6 percent to 10 percent. These goals reflect the Kingdom’s commitment to strengthening its tourism sector and enhancing its global appeal.

“Saudi Arabia cements its global leadership and takes the first spot among G20 countries in international tourist arrivals growth, with a 73 percent increase in the first seven months of 2024 compared to the same period in 2019,” stated the Saudi Tourism Ministry on X.

During the G20 tourism ministers’ meeting in Brazil on Sept. 21, Saudi Tourism Minister Ahmed Al-Khateeb emphasized the Kingdom’s dedication to fostering cultural connections worldwide while promoting sustainable growth in the sector. The report also highlighted a 207 percent surge in Saudi Arabia’s international tourism revenues during the same timeframe compared to 2019.

Global outlook

The UN Tourism report noted that international tourism has rebounded to 96 percent of pre-pandemic levels in the seven months through July 2024, driven by strong demand in Europe and the reopening of markets in Asia and the Pacific. Approximately 790 million tourists traveled internationally during this period, reflecting an 11 percent increase compared to 2023 and just 4 percent below 2019 levels.

“International tourism is on track to consolidate its full recovery from the biggest crisis in the sector’s history. The ongoing rebound comes despite a range of economic and geopolitical challenges, highlighting the strong demand for international travel as well as the effectiveness of boosting air connections and easing visa restrictions,” said UN Tourism Secretary-General Zurab Pololikashvili.

He emphasized the importance of thoughtful tourism planning to ensure that the significant socio-economic benefits of tourism are matched with inclusive and sustainable policies.

The report also indicated that the Middle East has led the sector’s growth, with international arrivals increasing by 26 percent above 2019 levels in the first seven months of 2024.

Africa welcomed 7 percent more tourists in the first seven months, compared to the same period in 2019. 

“Europe and the Americas recovered 99 percent and 97 percent of their pre-pandemic arrivals respectively during these seven months. Asia and the Pacific recorded 82 percent of its pre-pandemic tourist numbers,” said UN Tourism. 


Closing Bell: Saudi benchmark index edged up to close at 10,549

Updated 01 January 2026
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Closing Bell: Saudi benchmark index edged up to close at 10,549

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.

Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.

The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.

Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.

On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.

Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.

The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.

Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.

The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.