Inbound tourism spending in Saudi Arabia increased to a record SR153.61 billion ($40.95bn) in 2024 as the kingdom invests in its travel and entertainment offering.
From Qiddiya to Neom, Saudi Arabia is creating a host of giga-projects and attractions as part the Public Investment Fund’s (PIF) Vision 2030.
This aims to diversify the economy and reduce the kingdom’s reliance on oil.
Arab News reports that inbound tourism spending increased by 13.82 percent compared to the prior year, according to data from the Saudi Central Bank.
Additionally, the growth put the kingdom’s travel balance surplus at its highest annual level to date – SR49.78bn ($13.26bn), a 7.81 percent increase on the previous year.
In January, the Saudi Press Agency reported that the country welcomed 30 million international visitors in 2024, a 9.5 percent increase from the previous year.
New giga-projects and attractions in the kingdom
Non-religious tourism in Saudi Arabia now accounts for the majority of international travel, according to a new Ministry of Tourism report.
As part of Vision 2030, Saudi Arabia is undergoing a rapid transformation and investing billions in new attractions, entertainment experiences, and tourism destinations.
Giga-projects include Qiddiya, a multibillion-dollar entertainment destination in Riyadh; and Neom, a $500bn futuristic city with tourism and entertainment offerings.
The Red Sea is a regenerative tourism destination, while Diriyah is a cultural and lifestyle destination.
More developments in the kingdom include AlUla; the world’s largest living museum, and Amaala; a luxury resort with a focus on wellness.
Also, Saudi Entertainment Ventures (Seven) is investing $13 billion in the creation of 21 entertainment destinations across 14 cities.
Saudi Arabia plans to reach 150 million visits annually by 2030.
Since opening to tourism in 2019, the country has become one of the fastest-growing markets globally.
Images courtesy of Qiddiya, Red Sea Global, Neom
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