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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)
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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.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.