Saudi Arabia witnesses record $41 billion in tourism spending as Vision 2030 makes strides

 

Saudi Arabia: Record $41 billion in tourism spending as kingdom becomes major tourist attraction

Saudi Arabia’s inbound tourism spending reached an all-time high of SR153.61 billion ($40.95 billion) in 2024, reflecting a 13.82 percent annual increase, according to data from the Saudi Central Bank.

This surge also propelled the Kingdom’s travel balance surplus to a record-breaking SR49.78 billion, marking a 7.81 percent rise from the previous year. Meanwhile, outbound spending by Saudi residents grew by 16.94 percent year-on-year, reaching SR103.84 billion.

In January 2025, the Saudi Press Agency (SPA) reported that the Kingdom welcomed 30 million international visitors in 2024, a 9.5 percent increase from 2023. This influx is not just a seasonal boost—it plays a crucial role in reshaping Saudi Arabia’s economy and global image.

Non-Religious Tourism Gains Momentum

According to the Ministry of Tourism’s Q3 2024 report, non-religious tourism now accounts for the majority of international travel, signaling a broader global interest in Saudi Arabia’s cultural, entertainment, and business offerings.

 

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The World Travel & Tourism Council (WTTC) estimates that tourism’s total economic impact in 2024 reached SR498 billion, contributing 12.45 percent to the Kingdom’s GDP, up from 11.5 percent the previous year.

As part of Vision 2030, Saudi Arabia is rapidly transforming into a major tourism hub, leveraging international investment and economic diversification to drive sustainable growth.

Mega-Projects Fuel Tourism Boom

Saudi Arabia has launched multibillion-dollar initiatives to position itself as a global travel destination, including:

• The Red Sea Project – A luxury, eco-friendly island resort
• NEOM’s Trojena – The Gulf’s first outdoor ski destination
• Diriyah – A historical landmark expected to welcome 27 million visitors annually by 2030
• AlUla – Home to 200,000 years of history, drawing global cultural tourism
• Jeddah’s Al-Balad Historic District – Undergoing extensive restoration

 

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Upcoming projects such as Qiddiya, AMAALA, and Sindalah will offer everything from world-class entertainment to luxury yachting experiences.

Infrastructure and Accessibility Expansions

Saudi Arabia is significantly expanding its tourism infrastructure:

• 426,000+ licensed hotel rooms, with major international hospitality brands like Accor, Hilton, and Marriott ramping up investments
• An eVisa system enabling travelers from 66 countries—including the US, UK, Germany, Japan, Australia, and China—to apply for a one-year, multiple-entry visa
• Expanded air travel connectivity, with Saudi Arabia strategically located within a six-hour flight of 40 percent of the world’s population

Tourists can now stay for up to 90 days per visit, with access granted for leisure, Umrah, business events, and family visits. Hajj travel remains regulated under a separate seasonal visa system.

Leisure and Business Travel on the Rise

The Ministry of Tourism reported a notable shift in travel purposes by Q3 2024:

• Religious pilgrimages accounted for 41 percent of inbound visits
• Leisure tourism made up 24 percent
• Visits to friends and relatives comprised 22 percent
• Business, education, and healthcare-related trips formed the remainder

This shift underscores the growing appeal of Saudi Arabia’s diverse tourism offerings, attracting both travelers and investors.

 

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Private Sector Investment in Tourism Surges

Private sector investment in Saudi Arabia’s tourism industry reached SR14.2 billion in 2024, up from SR12 billion in 2023, according to Tourism Minister Ahmed Al-Khateeb.

Notably, 40 percent of this investment came from foreign investors, reflecting rising global confidence in Saudi Arabia’s tourism sector. Al-Khateeb noted that international investors, particularly from Europe and the US, are leading the charge, while Asian markets like China, South Korea, and Malaysia are also exploring investment opportunities.

Saudi Arabia’s Vision 2030: A Global Travel Hub

To further support its ambitious tourism expansion, Saudi Arabia aims to generate $80 billion in private investment by 2030. This aligns with Crown Prince Mohammed bin Salman’s Vision 2030 strategy to diversify the economy beyond oil.

With a booming tourism sector, cutting-edge infrastructure, and world-class attractions, Saudi Arabia is rapidly cementing its status as a premier global travel destination.

Source: Arab News