Saudi Arabia Surges in Tourism Revenue as Foreign Visitors Spend More Than $11 Billion in First Quarter

Saudi Arabia witnessed a substantial surge in spending by foreign visitors in the first quarter of this year, with a growth rate of 22.9% compared to the same period in 2023. The total spending by foreign visitors exceeded 45 billion riyals ($11.99 billion) during this time. Moreover, there was an excess in travel expenses, estimated at 24 billion riyals, with a growth rate of over 46% compared to the first quarter of 2023.

According to preliminary data from the Saudi Central Bank on the balance of payments, Saudi travelers abroad spent approximately 21 billion riyals during the same period. This increase in spending by visitors coming to the Kingdom is part of the tourism sector’s ongoing success in Saudi Arabia. The Kingdom was ranked first on the United Nations Tourism List for the growth rate of international tourists and tourism revenues in 2023 compared to 2019.

On WICZ, various services and businesses were highlighted, including a utility bill negotiation/auditing service, financial optimization tools for recent layoffs, and a top driving school in Switzerland. Additionally, there were announcements for new products, services, and events in different industries such as email marketing, vacation rentals, stress reduction methods, construction projects, and cultural events. The diverse range of offerings reflects the dynamic nature of the business landscape showcased on WICZ.

Overall, these developments signify positive trends for both domestic and foreign businesses operating within Saudi Arabia’s borders. As tourism continues to grow at an impressive pace and new opportunities emerge across various sectors, it is clear that Saudi Arabia remains a thriving hub for economic activity and innovation.