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Q1 spend reached US$12 billion
Inbound tourists to Saudi Arabia have outlaid more than US$12 billion in the first quarter of 2024, according to new data released by the Saudi Central Bank.
The figures showed that tourist spending had grown by 22.9% compared with the same period in 2023.
The balance of payments for travel, encompassing foreign tourist expenditures and resident spending abroad, recorded a surplus of US$6.4 billion, marking a 46% increase from the first quarter of 2023.
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The increase in spending by inbound tourists is attributed to the continued efforts to meet Saudi's goal to rank among the top 10 global tourist destinations in 2024 as the country works towards its ultimate Vision 2030 strategy.
During the same period, outbound travellers spent an estimated US$5.6 billion, according to preliminary data from Saudi Central Bank.
As a country, Saudi Arabia has ranked first for growth rates of international tourists by the United Nations. The growth rate of tourism revenues was also among the top major tourist destinations globally in 2023.
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