It’s no secret that the tourism sector is a major driver of the Saudi economy. While the pandemic has indeed hit the country hard, the latest figures released by the Ministry of Tourism reveal that the kingdom has achieved a SAR 22.8 billion surplus from the balance of travel payments in the first quarter of 2023.
In its statement, the ministry pointed to a surge of 225% in inbound tourism revenues, which amounted to SAR 37 billion in Q1 of 2023. Outgoing tourism expenses usually follow a similar pattern and amounted to SAR 14 billion in the three-month period of the same year, compared to SAR 12.9 billion a year earlier.
These remarkable results demonstrate the impact of the government’s efforts in making the most of the tourism industry’s potential in the country and aiding in the national economic growth. Thanks to such sound financial management, the surge was only a matter of time.
The Ministry of Tourism continues to strive in creating a safer and more secure environment for tourism to ensure that the sector’s contribution remains significant. This includes numerous initiatives such as creating awareness about proper hygiene and safety measures and strengthening communication between government agencies and travel & tourism authorities.
Creating a unified platform of travel safety regulations and providing up-to-date information about itinerary changes are also high on the list of goals for the ministry. As such, with continued effort and innovation, the tourism sector’s growth can undoubtedly have a positive impact on the overall economy of the country in the future