Saudi Arabia Achieves Record-Breaking Travel Surplus of SR49.8 Billion in 2024

Saudi Arabia has set a new benchmark in its travel and tourism sector, recording its highest-ever annual travel surplus of SR49.8 billion in 2024, according to data released by the Saudi Central Bank. This milestone reflects the Kingdom’s growing appeal as a global tourism hub and a surge in international visitor spending.

 Saudi Arabia Achieves Record-Breaking Travel Surplus of SR49.8 Billion in 2024. Courtesy: Saudi Gazette

Impressive Year-on-Year Growth

The 2024 travel surplus surpassed the previous record of SR46 billion in 2023, marking an impressive 8.3% year-on-year increase. This growth is primarily attributed to a significant rise in spending by international tourists visiting the Kingdom.

Inbound Tourism Spending Hits All-Time High

Foreign visitors spent a staggering SR153.6 billion in Saudi Arabia during 2024, a substantial 13.8% increase from SR135 billion in 2023. This surge underscores Saudi Arabia’s successful efforts to attract more tourists through its expanding hospitality sector, cultural events, and world-class entertainment offerings.

Rising Outbound Travel Expenditures

While inbound travel spending soared, Saudi residents also increased their expenditures on international travel. In 2024, outbound travel spending reached SR103.8 billion, compared to SR88 billion in 2023—an 18% rise. This growth reflects the increasing disposable income and evolving travel preferences of Saudi travelers.

Saudi Arabia’s Growing Influence in Global Tourism

The record-breaking travel surplus highlights Saudi Arabia’s ongoing transformation into a premier travel destination. With continuous investments in tourism infrastructure, including the Vision 2030 initiatives, the Kingdom is poised for even greater achievements in the global tourism landscape.

As Saudi Arabia continues to expand its tourism sector, it is expected to attract even more international visitors, further strengthening its position as a key player in the global travel industry.