RIYADH — Saudi Arabia's Tourism Minister Ahmed Al-Khateeb announced a significant increase in the country's tourism sector during a panel discussion titled "Vacationomics" at the special meeting of the World Economic Forum (WEF) in Riyadh. Al-Khateeb highlighted the substantial growth in tourist numbers, which have risen by 10% in the first quarter of 2024, with spending by tourists increasing by more than 17%. In his remarks, Al-Khateeb outlined the Kingdom's achievements over the past five years, doubling its tourism revenue from $34 billion to $66 billion last year. He emphasized the target of reaching $80 billion in revenue from tourism for the current year. He stressed the importance of the tourism sector as a resilient and fundamental part of the economy, essential for diversifying away from oil dependency. Al-Khateeb also discussed significant investments in the sector, aiming to engage more young people and resources, ensuring that Saudis are at the forefront of serving and experiencing the sector's growth. He mentioned the Kingdom's efforts to unlock the tourism sector and share its treasures with the world, aiming to enhance global exploration of Saudi Arabia's offerings.
