Saudi Tourist Spending Surges to 45 Billion Riyals in Q1 2024

Data from the Central Bank of Saudi Arabia (SAMA) revealed a significant increase in tourist spending in the Kingdom during the first quarter of 2024.

Expenditures reached 45 billion riyals, marking a 22.9% rise from the same period last year, which saw spending of 36.6 billion riyals.

This figure also represents a 51.5% jump from the fourth quarter of 2023, which recorded 29.7 billion riyals.

According to SAMA, this surge is the second-highest quarterly spending level since the second quarter of 2023, when spending peaked at 48.9 billion riyals during the Hajj season.

Saudi Arabia aims to increase the tourism sector’s contribution to its GDP to 10% by 2030. The Kingdom achieved its 2030 goal of attracting 100 million tourists last year, with 77 million domestic and 27 million international visitors, who collectively spent 100 billion riyals.

The target has now been raised to 150 million tourists annually by 2030, with 80 million expected from within the country and 70 million from abroad.