Tourexpi
Saudi Arabia’s Travel & Tourism sector is now
soaring past all previous records, testament to the country’s commitment to
becoming a global tourism hot spot.
Last year, the sector grew by more than 32% to
contribute a record-breaking SAR 444.3BN to Saudi’s GDP, representing 11.5% of
the entire economy. This exceeded the previous record by almost 30% and
underscores the sector’s pivotal new role in the nation’s economic framework.
Jobs supported by the sector grew by 436,000 to
reach more than 2.5MN, representing almost one in five jobs in the
country.
Although the jobs lost during the pandemic were
fully recovered in 2022, today’s announcement shows sector employment in Travel
& Tourism has increased almost 24% since the previous peak.
International visitor spending surged by almost 57%
to reach SAR 227.4BN, breaking the previous record by SAR 93.6BN, while
domestic visitor spending grew by 21.5% to reach SAR 142.5BN.
Seven years ahead of its target, Saudi Arabia
welcomed 100MN tourists in 2023. Today, the country is surging toward even
greater heights and has set a more ambitious aim of attracting 150MN tourists
by 2030.
Julia Simpson, WTTC President & CEO said;
"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."
Minister of Tourism of Saudi Arabia and Chairman of
the Executive Council of UN Tourism, His Excellency Ahmed Al-Khateeb said “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.”
What Does This Year Look Like?
Travel & Tourism is forecast to continue
growing at pace in 2024, with GDP contribution set to reach SAR 498BN, while
jobs will increase by more than 158,000 jobs to reach nearly 2.7MN.
International visitor spending is projected to
reach SAR 256BN, almost double the previous high point, and domestic visitor
spending is forecast to reach SAR 155.2BN
What Does the Next Decade Look Like?
The global tourism body is forecasting that the
sector will grow its annual GDP contribution to a staggering SAR 836.1BN by
2034, almost 16% of the Saudi Arabian economy, and will employ more than 3.6MN
people across the country, with one in five people working in the sector.
What Does the Region Look Like?
The Middle Eastern Travel & Tourism sector grew
by more than 25% in 2023 to reach almost $460BN. Jobs reached nearly 7.75MN and
international spending grew by 50% to reach $179.8BN. Domestic visitor spending
grew by 16.5% to reach more than $205BN.
WTTC is forecasting that the Middle Eastern Travel
& Tourism sector will continue to grow throughout 2024 with the GDP
contribution set to reach $507BN. Jobs are forecast to reach 8.3MN,
international visitor spending is forecast to reach $198BN and domestic visitor
spending is expected to reach more than $224BN.
For more information, please visit wttc.org
Image
Credit: © WTTC
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