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UN Tourism and WTTC Laud Saudi Arabia for Receiving over 100 Million Tourists in 2023

The Kingdom has achieved this milestone seven years ahead of the initial goal, the Saudi Ministry of Tourism said
The Kingdom has achieved this milestone seven years ahead of the initial goal, the Saudi Ministry of Tourism said
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UN Tourism and WTTC Laud Saudi Arabia for Receiving over 100 Million Tourists in 2023

The Kingdom has achieved this milestone seven years ahead of the initial goal, the Saudi Ministry of Tourism said
The Kingdom has achieved this milestone seven years ahead of the initial goal, the Saudi Ministry of Tourism said

Saudi Arabia has received international recognition and praise from UN Tourism and the World Travel & Tourism Council for the "remarkable achievement" of receiving over 100 million tourists in 2023, according to a statement issued today by the Saudi Ministry of Tourism.
This accomplishment, the statement said, significantly surpassed the target set for 2030, positioning Saudi Arabia as "an emerging global tourism powerhouse.”
According to the ministry, the Kingdom has achieved this milestone seven years ahead of the initial goal, according to the latest data. Motivated by this success, the Kingdom has now set a new ambitious target of welcoming 150 million tourists by 2030.
Tourism has proved to be a significant contributor to the nation’s economy, with domestic and international tourists spending over SAR250 billion in 2023. This expenditure represents over 4% of GDP and 7% of the non-oil GDP, and reflects the crucial role played by tourism in diversifying Saudi Arabia's economy.
Tourism Minister Ahmed Al Khateeb said that this announcement demonstrates the scale of the Kingdom's transformation since the National Tourism Strategy was launched five years ago.
"Tourism is a key pillar in the nation’s economic transformation under Vision 2030, creating jobs and revenue for the Kingdom," he said. "We thank both UN Tourism and WTTC as valued partners in our journey for their shared commitment to a sustainable and prosperous tourism sector.”
Al Khateeb said the tourism sector operates in line with the national tourism strategy, developing diverse tourist destinations. The aim, he said, is to enrich the tourists’ experience, diversify options for both local and international visitors, and improve hospitality facilities along with other services provided.
"We are committed to aligning with top-tier international experiences and practices. This approach contributes to shaping a prosperous future for our tourism industry, improving the quality of life, and bolstering the Kingdom's position on the global tourism map," said the minister.
According to the statement, the tourism sector in the Kingdom has made significant leaps, with the total number of tourists, both domestic and international, reaching 106.2 million in 2023. This represents a remarkable 56% increase over 2019 and a substantial 12% surge over 2022.
International tourists numbered 27.4 million, a substantial 56% increase over 2019 and an impressive 65% rise compared to 2022.

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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)

Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq held talks with Steve Lutes, Vice President of Middle East Affairs at the US Chamber of Commerce and Chairman of the US-Iraq Business Council mechanisms for international trade and Iraq’s shift to fully utilizing correspondent banks for foreign transfers. 

Sunday's discussions in Baghdad follow the US blacklisting of 14 Iraqi banks - half of the country’s total banks - on suspicions of involvement in money laundering and transferring funds to Iran and Syria. The move has prevented these banks from conducting dollar transactions.

According to a statement by the Central Bank of Iraq on Sunday, the meeting, which was also attended by the Directors General of the Investments Department and the Banking Supervision Department, addressed “banking and economic relations” between Iraq and the US. They covered a visit by a Central Bank delegation to Washington in April, during which the delegation will meet with officials from the US Chamber of Commerce and American companies.

The two sides also touched on US companies’ interest in investing in Iraq’s energy, infrastructure, and advanced technology sectors, as well as opportunities arising from Iraq’s current security stability.

Al-Alaq emphasized the Central Bank’s role in supporting Iraq’s economic growth and pledged full support to global firms, including US companies and banks, looking to invest in the country. He stressed the importance of diversifying investment sectors to bolster economic development.

Since the beginning of 2023, the Central Bank of Iraq has implemented a monitoring system for dollar transactions through a specialized platform, which was designed to regulate financial transfers by Iraqi banks and provide proactive oversight, replacing the US Federal Reserve’s previous practice of auditing daily transfers. However, the Central Bank decided to discontinue the platform at the beginning of 2024.

The closure triggered significant withdrawals of deposits by individuals and companies, amid concerns that the banks holding their funds might face bankruptcy due to non-compliance with the Central Bank’s requirements and the US Treasury Department’s standards.

According to Central Bank data, the total volume of deposits in Iraq’s commercial banks fell to its lowest level in 22 months, dropping to 123 trillion Iraqi dinars in November 2024, compared to 127.5 trillion dinars in October.

Between June and November 2024, deposits decreased by 7 trillion dinars, reflecting a continued trend of declining savings in the banking sector over recent months.