RIYADH — The Ministry of Tourism announced that Saudi Arabia has achieved a new record in spending by visitors coming from abroad, according to balance of payments data issued by the Saudi Central Bank. The total spending of foreign visitors reached more than SR100 billion during the first three quarters of 2023. This registered a growth rate of 72 percent compared to the surplus in 2022 for the same period. This figure also achieved a surplus in the travel item data in the balance of payments, as the surplus until the end of the third quarter of 2023 was estimated at about SR37.8 billion. These achievements come at a time when tourism in Saudi Arabia has achieved full recovery, as the rate of recovery of the tourism sector in Saudi Arabia jumped to 150 percent compared to levels before the outbreak of COVID-19 pandemic, during which various tourist destinations witnessed an increase in the numbers of visitors from within the Kingdom and abroad. This is confirmed by reports issued by the World Tourism Organization, which revealed that Saudi Arabia topped the G20 countries in the growth rate of the number of incoming tourists during the first three quarters of 2023. Saudi Arabia also emerged as second topper among the fastest growing tourist destinations in the world.
