Saudi Tourism Spending Reaches Record USD 26.7 Billion in Nine Months

Saudi Arabia's Ministry of Tourism announced that foreign visitors' spending, as reported by the Saudi Central Bank (SAMA) and highlighted by the official Saudi Press Agency (SPA), has surpassed previous records, with total spending in the first three quarters of 2023 exceeding SAR 100 billion (USD 26.6 billion).

This significant surge in spending has contributed to a notable surplus in the travel item within the balance of payments, which is estimated to be around SAR 37.8 billion (USD 10 billion) by the end of Q3 2023. This reflects a growth rate of 72 percent compared to the same period in 2022.