Monday, September 9, 2024
Saudi Arabia exceeds Vision 2030 Tourism target of 100 million visitors
The International Monetary Fund (IMF) praised Saudi Arabia's tourist industry for its its crucial role in the country's economic diversification in its 2024 Article IV Consultation report. Saudi Expats News Telegram channel
The research notes that Saudi Arabia has surpassed its Vision 2030 goal of 100 million tourists per year by the year 2023, seven years earlier than expected.
- The total revenue from tourism hit $36 billion in the year 2023, a 38% increase from the previous year. The industry is projected to increase its direct and indirect contribution to GDP from 11.5 percent in the year 2023 to 16 percent by 2034.
- A rise in foreign visitors and strong domestic demand have been the driving forces behind this expansion. Formula One, the 2027 Asian Cup, and the 2030 World Expo are just a few examples of the big international events that have contributed to a dramatic increase in non-religious tourism.
- The contribution of tourism to the improvement of Saudi Arabia's service balance and following profit is highlighted in the IMF report. What this indicates is that the Kingdom's revenue from foreign tourists has surpassed its expenditure on tourism from outside. This change led to a positive balance by the year 2022, and revenue from transportation and service exports climbed even more in the year 2023, resulting in further profits. Read : How to obtain vehicle repair permit in Absher
While Saudi nationals spent less on international tourism after COVID, expats in the Kingdom spent more on leisure activities, according to the survey.
- An integral part of this change is the web of connections that the Saudi Arabian tourist industry has created across sectors including hospitality, transportation, culture, and food and drink.
- The dependence of the Kingdom on industries that use a lot of oil is being diminished because to these connections.
- This change is driven by massive megaprojects that aim to improve infrastructure, preserve culture, and attract luxury tourists, such as Diriyah Gate and Red Sea Global. See Also : Long weekend ahead in Saudi Arabia
One of the pillars of the Kingdom's ongoing economic transformation strategy, Saudi Vision 2030, is the promotion of tourism. One thing that was brought up was that the fact that the International Monetary Fund has acknowledged Saudi Arabia's achievements shows how promising the country's tourist industry is and how it may drive long-term economic growth. Subscribe to Saudi Expatriates on YouTube
Saudi Arabia exceeds Vision 2030 Tourism target of 100 million visitors
