Saudi Arabia has achieved a remarkable milestone in its balance of payments, recording a historical surplus of 49.8 billion riyals in the travel sector for the year 2024. This figure surpasses the previous record of 46 billion riyals set in 2023, marking an impressive growth rate of approximately 8.3%, according to data from the Saudi Central Bank.
The growth in the travel surplus is largely attributed to the sustained increase in spending by international visitors to the Kingdom. In 2024, total spending by these tourists reached about 153.6 billion riyals, a significant rise from 135 billion riyals in the previous year. This represents the highest annual expenditure recorded from international visitors, with a growth rate of 13.8%.
On the flip side, spending by residents traveling abroad for tourism purposes also saw an increase. In 2024, this expenditure amounted to approximately 103.8 billion riyals, compared to 88 billion riyals in 2023, reflecting an 18% rise. This trend indicates a robust recovery in the travel sector following the disruptions caused by the pandemic.
As the Kingdom continues to enhance its tourism offerings and infrastructure, the increase in inbound tourism spending is expected to contribute positively to the overall economy. The Saudi government has been actively promoting various initiatives to attract more tourists, aligning with its Vision 2030 goals to diversify the economy and reduce reliance on oil revenues.
Moreover, the increase in travel expenditure is a clear indicator of the growing appeal of Saudi Arabia as a tourist destination. With its rich cultural heritage, historical sites, and modern attractions, the Kingdom has been working hard to position itself as a leading player in the global tourism market.
This surge in tourism spending not only boosts the travel sector but also has a ripple effect on various other sectors, including hospitality, retail, and transportation. It creates job opportunities and stimulates local economies, further supporting the Kingdom's economic diversification efforts.
While the increase in spending by international visitors is encouraging, the rise in outbound tourism spending by Saudi residents suggests a growing desire for travel beyond the Kingdom's borders. This trend highlights the importance of balancing inbound and outbound tourism to ensure sustainable growth in the sector.
Looking ahead, the Saudi government plans to continue its investment in tourism infrastructure and marketing campaigns to attract an even larger number of international visitors. With ambitious targets set for the coming years, the Kingdom aims to enhance its global competitiveness in the tourism market.
In conclusion, the record surplus in the travel sector of Saudi Arabia's balance of payments is a testament to the Kingdom's efforts in revitalizing its tourism industry. As international travel continues to rebound, Saudi Arabia is poised to benefit from this growth, further solidifying its position as a leading destination for travelers around the world.
