عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Sets Record Inbound Tourism Spending of SAR135 Billion in 2023

AlUla is one of the top tourist destinations in Saudi Arabia. (Royal Commission for AlUla)
AlUla is one of the top tourist destinations in Saudi Arabia. (Royal Commission for AlUla)
TT
TT

Saudi Arabia Sets Record Inbound Tourism Spending of SAR135 Billion in 2023

AlUla is one of the top tourist destinations in Saudi Arabia. (Royal Commission for AlUla)
AlUla is one of the top tourist destinations in Saudi Arabia. (Royal Commission for AlUla)

Saudi Arabia has set a new record in foreign visitors spending in 2023, as per preliminary data from the Saudi Central Bank regarding the travel item in the balance of payments, the Saudi Press Agency said on Saturday.
Tourism revenue increased to SAR135 billion, marking the highest expenditure by foreign visitors in the Kingdom's history, representing a growth rate of 42.8% compared to 2022.
This historic surge in spending is part of a series of ongoing successes in the Kingdom's tourism sector. In 2023, the Kingdom led the United Nations Tourism List for the growth rate of international tourists compared to 2019, achieving a remarkable 56% increase in tourist arrivals.
Additionally, the United Nations Tourism Barometer report in January 2024 indicated a 156% recovery in the Kingdom's tourist arrivals in 2023 compared to 2019.
Moreover, the Kingdom garnered international acclaim from the World Tourism Organization (UN Tourism) and the World Travel and Tourism Council (WTTC) for hosting over 100 million domestic and international tourists in 2023.
Both organizations commended the tremendous efforts of the Kingdom's tourism sector.

Most Viewed

 
 
Business

Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
TT
TT

Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.