Saudi Arabia has seen tourism revenue reach almost $10bn as the sector sees a massive increase in the Kingdom.
The Ministry of Tourism said that the Kingdom of Saudi Arabia achieved a large surplus in the balance of payments for travel items in the first quarter of 2023. Payments amounted to SR22.8bn ($6.8bn), compared to a deficit of SR1.6bn ($427M) in the first quarter of the previous year.
The ministry added that this surplus was achieved due to the significant growth of incoming tourism revenues by about 225 per cent compared to the first quarter of 2022, to reach about SR37bn ($9.9bn), as per the Saudi Central Bank (SAMA) data.
This achievement is a culmination of the ministry’s efforts to boost the tourism sector and its contribution to the growth of the national economy, which corresponds to the objectives of the National Tourism Development Strategy.
