Saudi Arabia has witnessed demand for tourism services increase 108% according to a recent Business Traveler report.
Consequently, the value of tourism services reached SAR 4.1 billion (USD 1.1 billion) during the first half of 2022, accounting for spending across domestic, foreign and local visitors.
The report noted that the individual travel sector witnessed its strongest quarterly growth ever, rising by 175% year on year, reaching SAR 1.1 billion (USD 290 million). The sector is predicted to be worth SAR 4 billion (USD 1.06 billion) by the end of 2022.
Furthermore, the corporate and government travel sector recorded growth of 27% in total room reservation value, rising to SAR 600 million (USD 160 million) in the second quarter of 2022. In addition, the hospitality segment generated revenues of SAR 27 million (USD 7.2 million) - an increase of 93% in the second quarter of 2022 compared to last year.
The introduction of the visa on arrival (VOA) scheme saw demand for inbound tourism to Saudi Arabia witness unprecedented growth. The program allows holders of valid visas from the United States, the United Kingdom and the Schengen area to enter the country. As a result, Discover Saudi, the country’s destination management company, recorded 50% growth in reservation value which reached SAR 24 million (USD 6.4 million) in the second quarter of 2022 year on year.
Likewise, Hajj and Umrah trips resulted in revenues of SAR 10 million (USD 2.67 million) for the second quarter of 2022. This increase was attributed to the resumption of religious travel after coronavirus related travel bans were lifted.
Meanwhile, the car rental sector saw individual and corporate reservations witness positive growth. Individual bookings through the Lumi car rental mobile application and retail outlets at the country’s airports and major locations led to revenues increasing 40% to SAR 171 million (USD 45.6 million) in the second quarter of 2022.
Business Start Up Saudi Arabia offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Saudi Arabia, Saudi Arabia Business Case, Saudi Arabia Business Model Development, Feasibility Study and Business Plan Saudi Arabia, Organizational and Operational Structuring Saudi Arabia, Saudi Arabia Sponsorship and Partnership, Company Formation Saudi Arabia among others.
Please click on the link to learn more about opportunities and possibilities in the Kingdom of Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.
Saudi Arabia`s Ministry of Investment recently released updated statistics detailing foreign direct investment (FDI) into the Kingdom. The new methodology is preferred by the International Monetary Fund...Read more
Saudi Arabia`s Public Investment Fund (PIF) recently announced it would comply with the Global Investment Performance Standards (GIPS) from the Chartered Financial Analyst (CFA) Institute.
The sovereign...Read more
Saudi Arabia’s Ministry of Investment is offering a premium residency to executives based at regional headquarters. The initiative is part of its ongoing efforts to enhance its business environment and...Read more
State owned Saudi Venture Capital (SVC) is investing SAR 112 million (USD 30 million) in a fund that will finance startups and growth-stage companies from Saudi Arabia and the Middle East.
Saudi ministers recently discussed enhancing co-operation in trade and cultural sectors with their United Kingdom (UK) counterparts on the sidelines of the GCC Ministers of Trade and Industry meeting in...Read more
Business StartUp Saudi Arabia would like to congratulate the Kingdom of Saudi Arabia and its people on the occasion of Saudi National Day 2023!
On this day in 1932, the Sultanate of Najd and the Kingdom...Read more
Saudi Arabia recorded tourist revenue of SAR 37 billion (almost USD 10 billion) as the sector witnessed a massive surplus due to an unprecedented travel boom in the Kingdom.
According to figures released...Read more
Saudi Arabia`s National Development Fund (NDF) recently announced its participation in financing the largest renewable energy project in the country.
The Shuaiba project is a partnership between Saudi...Read more