The Kingdom of Saudi Arabia has registered solid growth in the inbound visitor spending volumes for Q1 which rose to more than SAR45 billion  ($12 billion), up 23% when compared to the first quarter of 2023, according to preliminary data from the Saudi Central Bank's travel account in the balance of payments.

 

Also, KSA recorded a surplus in the travel account amounting to SAR24 billion, representing a growth rate of over 46% compared to the same period in 2023, it stated.

 

During the same period, outbound travellers from Saudi Arabia spent an estimated SAR21 billion, it added.

 

The increase in spending by inbound visitors to the kingdom is part of the continuous successes achieved by the Saudi tourism sector, where it ranked first on the United Nations tourism list for the growth rate of international tourists and the growth rate of tourism revenues among the top major tourist destinations globally in 2023 compared to 2019, as per the preliminary data released by the Saudi Central Bank..

 

The data also confirms the effective efforts made by the tourism system to achieve global leadership in the sector by applying the best practices in tourism development and improving tourism services and products. 

 

This includes ongoing cooperation with all government entities to support the development of the tourism sector in the Kingdom.

 

This achievement, which reflects the extensive efforts made by the Ministry of Tourism and other components of the Saudi tourism system, not only enhances the tourism sector but also significantly contributes to the growth of the national economy as part of the framework of the National Tourism Strategy.-TradeArabia News Service