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Saudi Arabia has accomplished an extraordinary achievement in tourism, achieving a full recovery and recording a 156 per cent growth in international arrivals in 2023 compared to 2019(pre-pandemic year). This impressive recovery is highlighted in the World Tourism organisation’s (UNWTO) Barometer report released in January 2024.

This achievement has not only contributed to the Kingdom’s economic growth but also positioned it as a key driver in the Middle East’s tourism recovery. The region, led by Saudi Arabia, is the only one to exceed pre-pandemic tourism levels, with a 22 per cent growth in 2023 compared to 2019.

Globally, the tourism sector is steadily rebounding. By the end of 2023 the global average achieved 12 per cent below pre-pandemic levels in international arrivals, with about 1.3 billion international arrivals. The sector’s international revenues neared $1.3 trillion, reaching 93 per cent of the 2019 figure of $1.5 trillion. The direct contribution of tourism to the global GDP was estimated at 3 per cent, or $3.3 trillion, in 2023, based on the UNWTO’s preliminary indicators.

Looking ahead, the UNWTO forecasts a complete recovery of global tourism from the COVID-19 pandemic by 2024, with an expected growth of 2 per cent compared to 2019.

Saudi Arabia’s tourism sector stands out in the UNWTO reports, leading the G20 nations in the growth rate of international arrivals in 2023 and ranked 2nd as the world’s fastest-growing tourist destination for Q1-Q3 2023.

The Kingdom has seen remarkable growth in various tourist destinations, achieving a record in international visitor spending. The first three quarters of 2023 recorded an international visitor spending exceeding 100 billion Saudi riyals, according to the Saudi Central Bank (SAMA). The travel item of the balance of payments showed a surplus of approximately 37.8 billion Saudi riyals by the end of the third quarter of 2023, a 72 per cent growth from the same period in 2022.

These milestones underscore Saudi Arabia’s emergence as a unique and globally recognised tourist destination. The growing traveler confidence in the Kingdom’s diverse and appealing tourism offerings is evident.

In 2024, the Ministry of Tourism looks forward to sustaining its impressive growth, highlighting a variety of destinations, including AlUla, Diriyah, Yanbu, and Abha, among others.

The year is set to feature prominent events like the Saudi Arabian Grand Prix, Diriyah E-Prix, world-class boxing matches, Jeddah Season, Riyadh Season, and the Biennale. These destinations and events are part of Saudi Arabia’s strategic approach to enhance its global tourism appeal. The forthcoming year offers substantial opportunities for international investors in the tourism sector. The Ministry invites visitors and investors worldwide to explore the diverse and rich experiences Saudi Arabia offers, as detailed through our ‘Visit Saudi’ platform.

In line with Saudi Vision 2030, the Ministry of Tourism is committed to the ongoing development of the sector, further strengthening its contribution to the national economy.

Meanwhile the Kingdom of Saudi Arabia will host a high-level World Economic Forum (WEF) Special Meeting that will focus on global cooperation, growth and energy, on April 28-29, 2024, in Riyadh.

Announced by Faisal F. Alibrahim, Minister of Economy and Planning, and Borge Brende, World Economic Forum President, at the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, the new event is part of a landmark agreement between Saudi Arabia and the Forum.

The gathering will convene more than 700 global leaders from the public and private sector, international organisations, non-governmental organisations (NGOs), academia and civil society to foster dialogues between countries to revive international cooperation and address current challenges to growth and development.

Announcing the event, Alibrahim said: “The Kingdom of Saudi Arabia and Riyadh is becoming a global capital for progress and thought leadership on the critical topics of our time.

“The World Economic Forum Special Meeting in Riyadh will focus on global collaboration, growth, and energy. We believe this new platform will enable the World Economic Forum, the Kingdom, and our global partners to further engage in cooperative dialogues and find the right answers to the challenges we have at hand.”

Borge Brende, President of the World Economic Forum, remarked, “At a time of growing divides between developed and emerging economies, there is a pressing need to not only identify areas of shared interests but foster new, impactful partnerships.

“As a critical player at the intersection of many of the world’s economies, Saudi Arabia is uniquely positioned to work alongside both developed and developing markets to foster cooperation between the two, and help them reach their long-term commerce, energy, and finance goals.”

Being hosted in Riyadh, the capital of the largest economy in the Middle East, a world-leading hub between Asia, Africa and Europe, and a midway point between the Global South and the Global North, the WEF Special Meeting will provide a platform for global leaders to assess current challenges and propose transformative ideas to create a positive global impact.

The new achievement has not only contributed to the Kingdom’s economic growth but also positioned it as a key driver in the Middle East’s tourism recovery.

Agencies