Arab News, Sat, Oct 07, 2023 | Rabi Al-Awwal 22, 1445
Saudi Arabia’s balance of payments for tourism surpasses $10bn in H1
Saudi Arabia:
Saudi Arabia’s balance of payments for tourism surged 327 percent in the
first half of 2023 to SR40 billion ($10.67 billion) compared to the year-ago
period, showed data released by the Saudi Central Bank, also known as SAMA.
Between January and June, foreign visitors’
expenditures in the Kingdom amounted to SR83.7 billion, a substantial increase
from SR36.4 billion recorded in the corresponding period the previous year.
The balance of payments for tourism marked a 34
percent rise in the second quarter to SR22.8 billion compared to the same
quarter last year, with foreigners spending SR46.6 billion in the same period.
This rise comes amid Saudi Arabia’s rise to the
second position globally in terms of the growth rate of incoming tourists during
the first seven months of 2023, as announced by the Ministry of Tourism on
Tuesday.
According to the Ministry of Tourism, the Kingdom
saw a 58 percent growth in tourist numbers up to the end of July compared to the
same period in 2019.
The data was sourced last month from the UN World
Tourism Organization and came from the UNWTO World Tourism Barometer.
Riyadh also hosted World Tourism Day on Sept.
27-28, reflecting the Kingdom’s commitment to the global tourism sector.
Saudi Tourism Minister Ahmed Al-Khateeb said the
ranking strengthened the country’s status as a global tourist destination.
The substantial rise in arrivals reflected
travelers’ confidence in the variety and quality of tourism options available
within the Kingdom.
These achievements result from the Kingdom’s
significant efforts to boost its tourism industry, a key component of its Vision
2030 plan.
These initiatives include promoting its rich
historical and cultural heritage, hosting various music festivals and sports
events and investing in tourism infrastructure to accommodate the growing number
of tourists.
Saudi Arabia has actively sought foreign and
domestic investments in the tourism sector, fostering partnerships with
international hospitality and tourism companies.
Regulatory changes, such as the relaxation of visa
restrictions and updates to tourism-related regulations, have further supported
the growth of the tourism industry.
These efforts have begun to yield results, with a
noticeable increase in tourist arrivals and tourism-related activities in the
country.