Saudi Arabia’s tourism surplus soars to SR22.8 billion in Q1 2023

by ADeeL

Saudi Gazette report

RIYADH — The Ministry of Tourism in Saudi Arabia has reported spectacular figures for the primary quarter of 2023, highlighting the exceptional turnaround within the nation’s stability of funds for journey gadgets. In distinction to a deficit of SR1.6 billion within the first quarter of the earlier 12 months, Saudi Arabia now boasts a considerable surplus of SR22.8 billion throughout the identical interval.

This dramatic shift may be attributed to the exceptional development in incoming tourism revenues, which surged by an astounding 225% in comparison with the primary quarter of 2022, reaching a staggering SR37 billion, as per information from the Saudi Central Financial institution (SAMA).

This accomplishment signifies the end result of the ministry’s unwavering dedication to bolstering the tourism sector and its pivotal position in driving the nationwide economic system ahead—an endeavor that aligns seamlessly with the goals outlined within the Nationwide Tourism Improvement Technique.

Knowledge launched by SAMA underscores the substantial contribution of the tourism sector to the Present Account Steadiness, a testomony to the Ministry of Tourism’s tireless efforts, backed by robust assist from the Saudi management. These efforts have positioned Saudi Arabia among the many prime worldwide locations by implementing greatest practices in tourism improvement, enhancing tourism companies and merchandise, and fostering steady collaboration with varied authorities companies to nurture the expansion of the Kingdom’s tourism sector.

In current instances, Saudi Arabia has achieved notable milestones within the tourism trade. The nation has ascended a formidable 16 locations within the worldwide tourism income index, rating eleventh globally in 2022, a big leap from its twenty seventh place in 2019. Moreover, Saudi Arabia continued to excel internationally, welcoming roughly 7.8 million vacationers within the first quarter of 2023—an unparalleled quarterly efficiency that represents a exceptional 64% development in comparison with the identical interval in 2019. Consequently, the Kingdom secured the second place globally by way of the expansion charge of worldwide vacationers, in accordance with information launched by the World Tourism Group in Could 2023.

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