Over 100 Million Visitors Travelled to Saudi Arabia in 2023

The tourism sector in Saudi Arabia has attracted 100 million visitors in 2023, surpassing its Vision 2030 goal seven years early, according to the IMF’s 2024 Article IV Consultation report. Tourism revenues reached USD 36 billion, a 38% rise in net tourism income, with the sector contributing 11.5% to GDP, expected to grow to 16% by 2034.

This growth, driven by domestic demand and international events like Formula One and the 2030 World Expo, has shifted Saudi Arabia’s service balance to a surplus. Non-religious tourism also grew, supported by leisure travel, while outbound tourism spending by Saudi nationals declined.

Projects like Red Sea Global and Diriyah Gate, focusing on luxury tourism and cultural preservation, have been key to this growth, aligning with Vision 2030’s economic diversification goals.