The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed a landmark year for Saudi Arabia’s Travel & Tourism sector, which has set new records in GDP contribution, job creation, and visitor spending.
In 2023, Saudi Arabia’s Travel & Tourism sector experienced an extraordinary growth of over 32%, contributing SAR 444.3 billion to the nation’s GDP. This figure represents 11.5% of the entire economy, surpassing the previous record by nearly 30% and underscoring the sector’s increasingly pivotal role in the country’s economic landscape.
Employment and Economic Contributions
The sector supported an additional 436,000 jobs, bringing the total to more than 2.5 million, accounting for almost one in five jobs in the country. This growth marks a significant recovery from the pandemic, with employment in Travel & Tourism increasing by nearly 24% since the previous peak.
International visitor spending surged by almost 57% to SAR 227.4 billion, breaking the previous record by SAR 93.6 billion. Domestic visitor spending also saw a substantial increase of 21.5%, reaching SAR 142.5 billion.
Tourism Milestones and Future Goals
In 2023, Saudi Arabia welcomed 100 million tourists, seven years ahead of its target. The country has now set an even more ambitious goal of attracting 150 million tourists by 2030.
Julia Simpson, WTTC President & CEO, praised Saudi Arabia’s achievements: “Saudi Arabia’s Travel & Tourism sector’s extraordinary achievements last year mark a pivotal moment in its journey towards becoming a global tourism leader. This success is a direct result of the Kingdom’s visionary commitment to the sector, showcasing an impressive fusion of cultural heritage and innovative tourism initiatives. As the sector continues to expand, it promises to play a crucial role in the nation’s diversified economic future, while contributing significantly to global Travel & Tourism development.”
Strategic Investments and Vision 2030
His Excellency Ahmed Al-Khateeb, Minister of Tourism of Saudi Arabia and Chairman of the Executive Council of UN Tourism, emphasized the significance of these achievements: “The latest data from WTTC provides further evidence of the rapid success we have achieved in transforming Saudi Arabia’s tourism industry. Tourism is a key pillar of the Kingdom’s Vision 2030 economic diversification plans, and we have made great strides promoting investment in the sector – with more than $800 billion earmarked by 2030 – as well as creating new jobs and growing the contribution of tourism to GDP.”
Saudi Arabia’s Travel & Tourism sector’s impressive growth highlights the country’s strategic efforts to diversify its economy and establish itself as a premier global tourism destination. With ongoing investments and ambitious targets, Saudi Arabia is poised to continue its trajectory of remarkable growth in the years ahead.