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 by the Ministry of Tourism, Saudi Arabia welcomed 7.8 million visitors in the first quarter of this year. This figure was the highest globally recorded quarterly performance, achieving growth of 64% compared to the same period in 2019.
Moreover, financial data released by the Saudi Central Bank (SAMA) revealed the surplus was achieved due to significant growth of incoming tourism revenues of 225% year-on-year to reach SAR 37 billion (USD 9.9 billion). It also announced that payments amounted to SAR 22.8 billion (USD 6.08 billion), compared to a deficit of SAR 1.6 billion (USD 427 million) in the first quarter of 2022.
For this reason, this success is a culmination of the ministry’s efforts to boost the tourism sector in line with the objectives of the National Tourism Development Strategy. Consequently it has demonstrated an important contribution to the growth of the national economy and its diversification strategies.
Further data issued by SAMA confirmed the high contribution of the sector to the Current Account Balance. Most importantly, these improvements were reached due to continuous cooperation with all government agencies, applying best practices in tourism development and upgrading tourism services and products.
As a result and demonstrating the improvement, The Kingdom advanced 16 places in the international tourism revenue index, reaching 11th place in 2022 compared to 27th in 2019.
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, Saudi Business Case, Saudi Business Model Development, Feasibility Study and Business Plan Saudi, Organizational and Operational Structuring Saudi, Saudi Sponsorship and Partnership, Company Formation Saudi among others.
Please click on the link to learn more about opportunities and possibilities in 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`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
Saudi Arabia posted revenues of SAR 314.9 billion (USD 83.9 billion) in the second quarter of 2023 according to data from the Saudi Ministry of Finance.
Encouragingly, the second quarter saw a 13% surge...Read more