According to data from the Saudi Central Bank, tourists are flocking to Saudi Arabia, with spending surging by 23% to $12 billion in the first quarter of 2024. The balance of payments for travel, encompassing foreign tourist expenditures and resident spending abroad, recorded a surplus of $6.4 billion, marking a 46% increase from the first quarter of 2023.

This surge aligns perfectly with the kingdom’s ambitious Vision 2030 plan, which aims to position Saudi Arabia as a top-10 global tourist destination.

The travel sector’s recovery is outpacing global trends, with the Middle East leading the charge. Saudi Arabia stands out, advancing from 50th place in 2019 to 41st in the World Economic Forum’s latest Travel & Tourism Development Index.

This improvement can be attributed to several factors. One key factor is the rise in global travel demand, supported by enhanced global flight availability. Moreover, Saudi Arabia has significantly invested in its tourism infrastructure and cultural offerings, enhancing its appeal as a destination. This includes developing a burgeoning entertainment sector and hosting prestigious art exhibitions.

The kingdom’s cultural ambitions extend beyond its borders, evidenced by its submissions to major film festivals such as the Oscars and Cannes, underscoring its growing influence on the global stage.

This focused approach to tourism has yielded significant results. In February, the UN World Tourism Organization recognized Saudi Arabia’s tourism sector for surpassing its Vision 2030 goal of attracting 100 million visitors in seven years. Encouraged by this achievement, Saudi Arabia’s Minister of Tourism, Ahmed Al-Khateeb, has raised the stakes, announcing a revised target of 150 million visitors by 2030.

Regulatory changes are also contributing to the tourism boom. The Ministry of Investment and Foreign Affairs’ introduction of a new “Visiting Investor” visa streamlines the process for business travelers, thereby bolstering tourism growth even further.