International visitor spending in Saudi Arabia hits $13bn in Q1 

Saudi Arabia is accelerating its Vision 2030 push to position tourism as a pillar of economic diversification. Getty
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Updated 02 July 2025
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International visitor spending in Saudi Arabia hits $13bn in Q1 

  • Rise pushed Kingdom’s travel account surplus to SR26.78 billion
  • Saudi Arabia welcomed 115.9 million tourists in 2024

RIYADH: International tourists spent SR49.37 billion ($13.16 billion) in Saudi Arabia during the first quarter of 2025, a 10 percent increase compared to the same period last year, recent data showed. 

According to figures released by the Saudi Central Bank, also known as SAMA, the rise pushed the Kingdom’s travel account surplus to SR26.78 billion, up 11.7 percent year on year, underlining the sector’s growing contribution to the country’s non-oil economy. 

This comes as Saudi Arabia accelerates its Vision 2030 push to position tourism as a pillar of economic diversification, raising its target to 150 million annual visitors by 2030 after surpassing the 100 million mark ahead of schedule. 

In 2024, the sector hit a milestone, with international tourism revenue soaring 148 percent from 2019 — the fastest growth among G20 nations. 




Domestic trips almost doubled, according to the annual report figures, rising from 47.8 million to 86.2 million. Shuttertsock

Saudi Tourism Minister Ahmed Al-Khateeb, commenting on the sector’s performance following the release of the Ministry of Tourism’s 2024 Annual Statistical Report in June, said the document “showcases the sector’s remarkable growth and its role in enabling Saudi Vision 2030, a record performance achieved with the support and guidance of the Kingdom’s visionary leadership.” 

The report said that Saudi Arabia welcomed 115.9 million tourists in 2024 — 29.7 million inbound and 86.2 million domestic trips — easily surpassing the Vision 2030 milestone of 100 million visits, five years ahead of schedule. 

Total visitor spending reached SR283.8 billion, of which SR168.5 billion came from international travelers and SR115.3 billion from domestic tourists. 

Since Vision 2030’s launch, Saudi tourism has expanded at breakneck speed. Inbound arrivals have climbed from 17.5 million in 2019 to 29.7 million in 2024, a 70 percent jump, while their spending ballooned by 63 percent, from SR103.4 billion to SR168.5 billion over the same period. 

Domestic trips almost doubled, according to the annual report figures, rising from 47.8 million to 86.2 million over the same period. 

The sector’s success is underpinned by multibillion-riyal investments in destination infrastructure. The first island resorts of the Red Sea Project will open later this year, while construction races ahead at NEOM’s Trojena mountain resort and Riyadh’s heritage-rich Diriyah Gate. 




The Saudi Central Bank, also known as SAMA. Wikipedia

Developers are lining up more than 320,000 hotel rooms, and Red Sea International Airport is expected to start commercial flights in 2025, sharpening long-haul connectivity for high-end travelers. 

Global recognition has followed, with UN Tourism data, cited in the Annual Statistical Report, showing Saudi Arabia ranked first among G20 nations for growth in international tourist numbers in 2024 and second globally compared to pre-pandemic levels. 

Speaking in April 2024, Ahmad Arab, founder of tourism and hospitality firm DRB Arabia and former deputy minister at the Ministry of Tourism, told GLG Insights the industry is on track to create 1 million related jobs by 2030, solidifying its place as a cornerstone of the Kingdom’s diversifying non-oil economy. 

A notable trend, according to the Ministry of Tourism’s annual report, is the shift toward leisure travel. Non-religious visits accounted for 59 percent of inbound arrivals in 2024, up from 44 percent in 2019, as streamlined e-visas, entertainment seasons, and high-profile sporting events broadened the Kingdom’s appeal. 

Egypt remained the top source market with 3.2 million visitors, followed by Pakistan with 2.8 million and Bahrain with 2.6 million. Makkah Al-Mukarramah led all destinations with 17.4 million overnight foreign visitors, while Riyadh and Jeddah also attracted millions. 

Domestic tourism is expanding in parallel: trips rose 5 percent to 86.2 million in 2024, fueling record domestic outlays of SR115.3 billion. Leisure remained the top purpose, helped by school-holiday campaigns and new regional festivals. 

With first-quarter spending at an all-time high and visitor volumes already outpacing long-term targets, Riyadh’s next challenge is to sustain capacity growth while maintaining service quality.


GLOBAL MARKETS-Shares skid as oil blasts past $100 after Iran strikes Gulf shipping

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GLOBAL MARKETS-Shares skid as oil blasts past $100 after Iran strikes Gulf shipping

SYDNEY: Shares in Asia fell broadly on Thursday as oil prices roared 9 percent past $100 a barrel on reports of more ships struck in Gulf waters and terminal shutdowns — a jump that could rapidly stoke inflation and push global borrowing costs higher.

Investors took little comfort from the International Energy Agency’s plan to release 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels of oil from next week.

Brent crude futures jumped 9.2 percent to $100.37 a barrel, extending a rise of more than 4 percent overnight. US crude futures surged 8.1 percent to $94.26 a barrel.

Shares slid, with MSCI’s broadest index of Asia-Pacific shares outside Japan falling 1.5 percent, while the Nikkei dropped 1.4 percent.

Chinese blue-chips lost 0.6 percent and Hong Kong’s Hang Seng index skidded 1.2 percent.

Both S&P 500 futures and Nasdaq futures fell 0.9 percent. EUROSTOXX 50 futures were down 0.8 percent and DAX futures lost 1 percent.

Two fuel tankers in Iraqi waters had been struck by explosive-laden Iranian boats, Iraqi security officials said early on Thursday, while an Iraqi official told state media that its oil ports “have completely stopped operations.”

Bloomberg reported that Oman has evacuated all vessels from its key oil export terminal at Mina Al Fahal as a precautionary measure.

“The market remains very concerned in terms of what’s going on in the Strait of Hormuz, and basically, information that we are getting over the last 24 hours is not a good reading,” said Rodrigo Catril, a senior FX strategist at NAB.

“It sort of reemphasizes the view that we should be worried about this and the risk is oil prices are going to get higher from here rather than coming down.”

Iran had earlier stepped up attacks on merchant ships in the Strait of Hormuz, raising the number of ships struck in the region since fighting began to at least 16. Tehran has warned the world to get ready for oil at $200 a barrel.

Throwing more uncertainty into the air, US President Donald Trump on Wednesday declared the war on Iran has been won but he will stay in the fight to finish the job.

INFLATION RISKS

US data showed the consumer price index rose 0.3 percent in February, in line with forecasts and above January’s 0.2 percent increase. The report, however, was not regarded as particularly relevant given that the Iran war has started to fuel inflation.

In bond markets, the risk of rising inflation outweighed safe-haven considerations to shove yields higher globally. Yields on 10-year Treasury notes rose 3 basis points to 4.2374 percent on Thursday, having jumped 7 bps overnight.

Fed funds futures extended their slide as investors feared higher inflation would make it harder for the Federal Reserve to ease policy. Markets are just wagering one more rate cut from the Fed this year. 

The danger of energy-driven inflation has led markets to wager the next move in rates from the European Central Bank could be up, possibly as early as June. 

Nervous investors sought the liquidity of dollars while shunning currencies from countries that are net energy importers, including Japan and much of Europe.

The euro slipped 0.2 percent to $1.1539, after closing at the weakest level since November last year. The dollar inched up 0.1 percent to 159.12 yen, the strongest level since January when reported rate checks from the US Fed spooked yen bears.

The risk-sensitive Australian dollar lost 0.4 percent to $0.7122, having hit a more than three-year high of $0.7188 on Wednesday as bets for an imminent rate hike from its central bank grew.