Saudi Arabia Sees 656% Surge in Leisure Tourism in 2024

File photo of Saudi flag/Asharq Al-Awsat
File photo of Saudi flag/Asharq Al-Awsat
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Saudi Arabia Sees 656% Surge in Leisure Tourism in 2024

File photo of Saudi flag/Asharq Al-Awsat
File photo of Saudi flag/Asharq Al-Awsat

The Saudi Ministry of Tourism said its sector, particularly the leisure and holiday segments, witnessed substantial growth, due in no small part to the Kingdom's Vision 2030 directives.
In a statement marking World Tourism Day, observed every year on September 27, the ministry said that the Kingdom welcomed 17.5 million international tourists between January and July 2024, a 10% increase over the same period in 2023 and a 73% increase compared to the 2019 figures, SPA reported.
Most striking is the 656% increase in the number of tourists arriving specifically for entertainment and holiday purpose. The ministry said that 4.2 million tourists arrived for these purposes in the first seven months of 2024, a 25% increase over the previous year and an enormous leap over pre-pandemic levels in 2019.
These impressive results highlight the success of the Kingdom's long-term tourism strategy, under Vision 2030, which seeks to transform Saudi Arabia into a global tourism destination. The Kingdom had set the goal of 100 million tourists by 2030, but achieved this milestone in 2023, seven years ahead of schedule.
Saudi Arabia was acknowledged as the fastest-growing G20 country in the latest UN World Tourism Barometer report. According to September report, Saudi Arabia leads both in the growth of international tourist numbers and in tourism revenues.
These figures underscore the Kingdom's strategic focus on developing a sustainable tourism sector, improving infrastructure, and promoting Saudi Arabia as a premier global destination.
The ministry's achievements reflect the effectiveness of these efforts and position the Kingdom as a key player in the field of global tourism.



Saudi Digital Payments Market Attracts Global Investments

Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
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Saudi Digital Payments Market Attracts Global Investments

Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)

Saudi Arabia is pushing to increase digital payments to 70% by 2030, creating significant opportunities for global companies to expand in the region.
According to the Saudi Central Bank, electronic payments in the retail sector grew by 12% in 2023, reaching 70% of total transactions. Cashless transactions hit 10.8 billion, up from 8.7 billion in 2022, driving international companies to establish regional headquarters and capitalize on this growing market.
Nouf Al-Salama, Business Development Manager at PayerMax, told Asharq Al-Awsat that the company has opened a regional office in Saudi Arabia to strengthen its presence in the Middle East and North Africa (MENA) region.
She noted that the Gulf Cooperation Council (GCC) countries are expected to experience rapid growth in e-commerce, with Saudi Arabia and the UAE leading the change. According to CNNB Solutions, both countries are seeing a compound annual growth rate (CAGR) of 39% and 38%, respectively.
Federico Pienovi, Head of Commercial Operations for Asia, the Middle East, and Oceania at Argentine company Globant, revealed the company’s ambitions to generate $1 billion in revenue in the Saudi market over the next five years.
He said that Saudi Arabia has been selected as Globant’s regional headquarters, although the company is expanding across the region. With these ambitions, Globant plans to create over 500 local jobs in the coming years, continue its expansion, support national talents, and work on major projects that bring cutting-edge technology innovations to the Kingdom, he underlined.
Mordor Intelligence projects a 15.4% CAGR for Saudi Arabia's payment market between 2022 and 2027, making it one of the most advanced markets transitioning towards a cashless society.
PayerMax estimates the global digital payments market, valued at $7.79 trillion in 2022, will reach $14.77 trillion within five years, driven by the growth of digital wallets, smartphones, and payment technologies. Emerging economies’ rapid smartphone adoption is expected to further fuel this growth.