(12/06/24) The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has
revealed a record-breaking year for tourism in Saudi
Arabia, with new records in GDP contribution, job creation and
visitor spend.
Last year, Saudi Arabia’s travel and tourism sector grew by more than 32% to
contribute a record-breaking SAR 444.3 billion to Saudi’s GDP,
representing 11.5% of the entire economy.
That total exceeds 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 2.5 million, representing almost one in five jobs in the
country.
Although the jobs lost during the pandemic were
fully recovered in 2022, these latest figures shows that
employment in the travel and tourism sector has increased almost 24% since the
previous peak.
Room at the Four Seasons Hotel Riyadh
International visitor spending surged by almost
57% to reach SAR 227.4 billion, breaking the previous record by SAR
93.6 billion, while domestic visitor spending grew by 21.5% to reach SAR
142.5 billion.
Seven years ahead of its target, Saudi Arabia
welcomed 100 million tourists in 2023 and is now surging
toward even greater heights having set an ambitious aim of
attracting 150 million tourists by 2030.
“The latest data from WTTC provides further
evidence of the rapid success we have achieved in transforming
Saudi Arabia’s tourism industry,” said said His Excellency Ahmed
Al-Khateeb, Minister of Tourism of Saudi Arabia and Chairman of
the Executive Council of UN Tourism. “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.”
This year, travel and tourism is forecast to continue growing
at pace with GDP contribution set to reach SAR 498
billion,
while jobs will increase by more than 158,000 jobs to reach nearly
2.7 million.
International visitor spending is projected to
reach SAR 256 billion, almost double the previous high point, and
domestic visitor spending is forecast to reach SAR 155.2 billion
WTTC has also forecast that the
Saudi Arabia’s travel and tourism sector will grow its annual GDP contribution to a staggering SAR
836.1 billion by 2034, almost 16% of the Saudi Arabian economy, and will
employ more than 3.6 million people across the country, with one in five
people working in the sector.
“Saudi Arabia’s travel and tourism sector’s
extraordinary achievements last year mark a pivotal moment in its
journey towards becoming a global tourism leader,” said Julia
Simpson, WTTC President & CEO. “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 and tourism
development.”
The Middle Eastern travel and tourism sector grew by
more than 25% in 2023 to reach almost $460 billion. Jobs reached nearly
7.75 million and international spending grew by 50% to reach $179.8
billion.
Domestic visitor spending grew by 16.5% to reach more than $205
billion.
WTTC has forecast that the Middle Eastern travel
and tourism sector will continue to grow throughout 2024 with the
GDP contribution set to reach $507 billion. Jobs are forecast to reach
8.3 million, international visitor spending is forecast to reach $198
billion
and domestic visitor spending is expected to reach more than
$224 billion.
