Saudi Ministry: Tourists spending exceeds USD 12 bln in ’24 Q1

Saudi Ministry of Tourism on Tuesday announced a 22.9 percent growth in inbound visitor spending during the first quarter of 2024 compared to the first quarter of 2023, with their total spending exceeding SAR 45 billion (approx. USD 12 billion). The local news agency (SPA) also reported a surplus in the travel account amounting to SAR 24 billion (approx. USD 6.4 billion), representing a growth rate of over 46 percent compared to the same period in 2023. During the same period, outbound travelers from Saudi spent an estimated SAR 21 billion (approx. USD 5.6 billion) according to preliminary data from the Saudi Central Bank's travel account in the balance of payments. The increase in spending by inbound visitors is part of the continuous successes achieved by the tourism sector, where it ranked first on the United Nations tourism list for the growth rate of international tourists and the growth rate of tourism revenues among the top major tourist destinations globally in 2023 compared to 2019. Source: Kuwa it News Agency