Saudi Arabia Records Highest Half-Yearly Travel Surplus in Balance of Payments

Jabal Al-Fil in AlUla (SPA)
Jabal Al-Fil in AlUla (SPA)
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Saudi Arabia Records Highest Half-Yearly Travel Surplus in Balance of Payments

Jabal Al-Fil in AlUla (SPA)
Jabal Al-Fil in AlUla (SPA)

Saudi Arabia achieved the highest semi-annual surplus ever for the travel item in the balance of payments during the first half of 2023, soaring 327 percent, reaching $10.6 billion, compared to the first half of 2022.

The Ministry of Tourism announced that the Kingdom ranked second globally in the growth rate of tourist arrivals during the first seven months of 2023.

The UNWTO Barometer, issued by the World Tourism Organization (WTO) last month, showed that the Kingdom recorded a growth rate of 58 percent compared to the same period in 2019.

The ministry said there has been significant growth in spending by foreign visitors coming to the Kingdom, which amounted to about $22.3 billion.

The government created about 200,000 jobs and still needs 800,000 more to meet the needs of the hotels and new products to keep pace with the high demand from tourists coming to the country.

The state is building approximately 500,000 new rooms in several areas within the giant government projects in NEOM, Diriyah, and others, in addition to the private sector, which will pump more projects.

Crown Prince Mohammed bin Salman bin Abdulaziz recently launched the general plan for the project to develop al-Soudah and parts of Rijal Alma under the name al-Soudah Peaks.

The Crown Prince is the Chairman of the Board of Directors of al-Soudah Development Company.

Soudah Development is a real estate development company owned by the Public Investment Fund (PIF) of Saudi Arabia. It will drive the development of Soudah and parts of Rijal Almaa in the Aseer region.

The Company aims to create a year-round luxury mountain tourism destination with immersive cultural experiences while celebrating the region's natural landscape at 3,015 meters above sea level in the Asir region's unique natural and cultural environment.

The project spans an area of 627 km, including Soudah and parts of Rijal Almaa.



Tourism Minister: Saudi Arabia Sees 27% Increase in Incoming Tourists in 9 Months

Saudi Minister of Tourism Ahmed Al Khateeb speaks at the 2025 Budget Forum in Riyadh. (SPA)
Saudi Minister of Tourism Ahmed Al Khateeb speaks at the 2025 Budget Forum in Riyadh. (SPA)
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Tourism Minister: Saudi Arabia Sees 27% Increase in Incoming Tourists in 9 Months

Saudi Minister of Tourism Ahmed Al Khateeb speaks at the 2025 Budget Forum in Riyadh. (SPA)
Saudi Minister of Tourism Ahmed Al Khateeb speaks at the 2025 Budget Forum in Riyadh. (SPA)

Saudi Arabia's tourism sector continues to achieve remarkable growth, as incoming tourist numbers surged by 27% in the first nine months of 2024 compared to a 14% increase during the same period last year, said Minister of Tourism Ahmed Al Khateeb on Wednesday.

Speaking at the 2025 Budget Forum in Riyadh, Al Khateeb underscored the sector's significant progress toward realizing the goals of Vision 2030.

International tourist arrivals for recreational purposes increased by an extraordinary 600% in 2023 from 2018, he revealed, adding that the rise has been complemented by a boost in visitors arriving for religious purposes, with the Kingdom encouraging such visitors to explore other cities to experience natural and archaeological sites.

The minister said rural tourism has also gained popularity, with increasing demand reported across the Kingdom's diverse regions. By the end of 2023, tourism's contribution to gross domestic product (GDP) reached 5%, and efforts are underway to achieve a 10% contribution by 2030.

Al Khateeb highlighted the economic impact of the sector, noting a surplus of over SAR 41 billion in the balance of payments during the first half of 2024, compared to SAR 48.1 billion for the entirety of 2023. This marks a significant turnaround from 2018 when the balance recorded a deficit of SAR 10 billion, said the minister.

Employment in the tourism sector has also grown substantially, with the number of jobs increasing from 750,000 to 960,000, and localization within the hospitality sector reaching 35%, he added.

The Ministry of Tourism, under the leadership of Prince Mohammed bin Salman, Crown Prince and Prime Minister, is investing heavily in training and developing local talent.

The ministry allocates an annual budget of SAR 375 million to support the qualification and training of up to 100,000 Saudis, including over 10,000 opportunities at world-class institutes, enabling them to take on leadership roles within the industry, Al Khateeb stressed.