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Dubai: Saudi Arabia has surpassed its ambitious Vision 2030 goal of attracting 100 million visitors annually achieving this target in 2023, seven years ahead of schedule, according to a recent report from the International Monetary Fund (IMF).
The IMF’s 2024 Article IV Consultation report sheds light on the significant strides made by Saudi Arabia’s tourism sector, which has emerged as a central pillar of the country’s strategy to reduce its reliance on oil.
Last year alone, tourism-generated revenues hit $36 billion, with the sector’s direct and indirect contributions to the national GDP now standing at 11.5 percent, a figure expected to climb to 16 percent by 2034.
Driven by an uptick in non-religious tourism—fuelled by international events like Formula One, the Asian Cup slated for 2027, and the World Expo in 2030 — the Kingdom has seen a robust increase in both domestic and international visitors. This surge has shifted Saudi Arabia’s service balance into surplus, meaning the country now earns more from foreign tourists than it spends on residents travelling abroad.
This transformation, as noted by the IMF, is underpinned by significant infrastructural developments and luxury projects such as Red Sea Global and Diriyah Gate. These initiatives aim not only to enhance the Kingdom’s appeal as a global tourism destination but also to preserve its cultural heritage and bolster infrastructure.
The report also observes a decrease in outbound tourism spending by Saudi nationals, whereas expatriates have markedly increased their leisure spending within the Kingdom post-COVID.
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