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Saudi’s travel and tourism sector is set to contribute SAR 498 bn (c. USD 132.8 bn) to the Kingdom’s GDP this year, the World Travel & Tourism Council (WTTC) said in a statement. The WTTC expects the industry to “continue growing at pace” in 2024, creating 158k jobs to 2.7 mn. Spending by foreign tourists is expected to double to SAR 256 bn, with domestic tourists spending some SAR 155.2 bn.
2023 was a “record-breaking” year for Saudi’s travel and tourism industry, with the sector growing by more than 32% to contribute a record SAR 444.3 bn to the Kingdom’s GDP, accounting for 11.5% of the economy. The growth in the industry helped create 436k jobs, bringing the total number of people employed in the tourism industry to over 2.5 mn. Tourist spending was also on the rise, with spending by foreign visitors reaching a record SAR 227.4 bn, while local visitors’ spending grew 21.5% y-o-y in 2023 to SAR 142.5 bn.
A look at the next decade: The sector is expected to contribute SAR 836.1 bn to the Kingdom’s GDP by 2034 — equivalent to almost 16% of the economy, according to the WTTC. It sees the sector employing a total of 3.6 mn people.
REMEMBER- We have big tourism ambitions: The Tourism Ministry doubled its target for 2030 earlier this year, hoping now to be host to 150 mn tourist trips after it hit its target last year ahead of schedule. The new 2030 target sees 80 mn by domestic travelers and 70 mn by international travelers. The ministry also launched last month a program to make it easier for foreign and domestic investors to get licenses for a range of activities, with fees and procedures pegged to the type and scale of operations in the hospitality sector. The government is investing some USD 800 bn into the tourism sector under plans to build new future destinations, including Neom, the Red Sea, Diriyah, and Qiddiya, among others.
THE REGIONAL OUTLOOK-
A positive outlook for the region’s travel and tourism sector: The WTTC forecasts the Middle East’s travel and tourism sector to continue its growth throughout 2024 to contribute USD 507 bn to GDP, according to the statement. The industry grew by over 25% to USD 460 bn last year.
