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Tourism in Saudi Arabia Booms with 58% Growth in Arrivals in 2023, Ranks 2nd Globally

A landmark is lit up in the colors of the Saudi national flag in Diriyah. (SPA file photo)
A landmark is lit up in the colors of the Saudi national flag in Diriyah. (SPA file photo)
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Tourism in Saudi Arabia Booms with 58% Growth in Arrivals in 2023, Ranks 2nd Globally

A landmark is lit up in the colors of the Saudi national flag in Diriyah. (SPA file photo)
A landmark is lit up in the colors of the Saudi national flag in Diriyah. (SPA file photo)

Saudi Arabia has achieved a significant milestone in the tourism sector, ranking second globally in terms of tourist arrivals during the first seven months of 2023.

According to the Ministry of Tourism, the Kingdom witnessed a remarkable 58% growth in tourist numbers during the first seven months of this year compared to the same period in 2019.

The data is sourced from the UNWTO World Tourism Barometer, published by the United Nations World Tourism Organization (UNWTO) in September 2023.

This is a continuation of Saudi Arabia's success in the tourism industry and its position as a global leader in this field. Riyadh hosted World Tourism Day on September 27-28.

Minister of Tourism Ahmed Al-Khateeb said this achievement would not have been possible without the support of Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister.

This achievement strengthens the Kingdom's status as a global tourist destination. The substantial rise in tourist arrivals reflects the confidence travelers have in the variety and quality of tourism options available in Saudi Arabia.

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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.