Saudi Arabia has reached a new milestone in foreign visitor spending, reaching over 100 billion riyals ($26.7 billion) in the first three quarters of 2023, the Saudi Central Bank reported.

Saudi Arabia is becoming an increasingly attractive tourism destination as a result of this achievement. There is also a surplus in the travel sector, estimated at 37.8 billion riyals ($10.1 billion) by the end of the third quarter of 2023. This represents a remarkable 72% increase compared to the same period in 2022.

Furthermore, tourism spending contributed to this surplus, confirming the sector's positive impact on the economy. Saudi Arabia aims to boost tourism's contribution to the local economy by increasing spending on tourism by 289 billion riyals ($77.1 billion) by 2024. Therefore, the country hopes to reduce its dependence on oil revenues, support the private sector, and create more opportunities for economic growth.

According to the Saudi Ministry of Finance's 2024 budget targets report, the country aims to attract 88 million tourists. As demand for such facilities grows, this ambitious target will not only stimulate the tourism sector, but also improve infrastructure, including airports, road networks, and government services. Furthermore, the influx of tourists is expected to contribute to the development and promotion of Saudi culture abroad.