Saudi Arabia sees record $41bn in inbound tourism spending as Vision 2030 projects come to life

Billboard in Dubai to promoting tourism in Saudi Arabia. Shutterstock
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Updated 02 April 2025
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Saudi Arabia sees record $41bn in inbound tourism spending as Vision 2030 projects come to life

RIYADH: Inbound tourism spending in Saudi Arabia surged to a record SR153.61 billion ($40.95 billion) in 2024, marking a 13.82 percent annual increase, according to data from the Saudi Central Bank.

The rise also pushed the Kingdom’s travel balance surplus to its highest annual level yet — SR49.78 billion — up 7.81 percent from the previous year. Outbound spending by Saudi residents rose 16.94 percent year on year, reaching SR103.84 billion.

In January, the Saudi Press Agency reported that the Kingdom welcomed 30 million international visitors in 2024, a 9.5 percent increase from the previous year. This influx of travelers is not merely transient, as they play a pivotal role in reshaping Saudi Arabia’s economy and global image.

According to the latest Ministry of Tourism report, which covered the third quarter of 2024, non-religious tourism now accounts for the majority of international travel, signaling a broader appeal and longer stays as visitors explore the nation’s cultural, entertainment, and business offerings.

Tourism’s direct and indirect contributions — spanning sectors from transport to hospitality — brought the Kingdom’s total economic impact from travel and tourism to SR498 billion in 2024, according to the World Travel and Tourism Council. This represents 12.45 percent of gross domestic product, up from 11.5 percent the preceding year.

As part of Vision 2030, Saudi Arabia is undergoing a rapid transformation that places tourism and international investment at the heart of its future.




Tourists gather at the Elephant Rock geological site near AlUla, Saudi Arabia. Shutterstock

Sweeping reforms, including 100 percent foreign ownership in key sectors, a streamlined investment law, and special economic zones, have made the Kingdom one of the most attractive destinations for global investors and travelers.

The Saudi government is not only making it easier to visit the Kingdom but is also actively promoting a wide range of offerings in the tourism sector.

Billions of dollars are being invested in a new era of high-end, culturally rich, and environmentally conscious destinations. Among them are the Red Sea Project, a luxury archipelago of sustainable resorts; NEOM’s Trojena, the Gulf’s first outdoor ski destination; and Diriyah, a historical landmark just outside Riyadh set to welcome 27 million visitors annually by 2030.

Cultural pillars such as AlUla, with its 200,000 years of history, and Jeddah’s Al-Balad Historic District, which is currently undergoing a major restoration, are also attracting global attention.

Mega-projects including Qiddiya, AMAALA, and Sindalah promise to deliver experiences ranging from world-class entertainment to luxury yachting.

Supporting this tourism boom is a rapid expansion in infrastructure. The Kingdom now boasts over 426,000 licensed hotel rooms, with an international hospitality chain presence that is expected to grow from 47 percent to 65 percent, according to Knight Frank. Brands including Accor, Hilton, and Marriott are all ramping up investments.

Accessibility is no longer a barrier, with Saudi Arabia’s eVisa platform allowing travelers from 66 countries — including the US, UK, and Germany, as well as Japan, Australia, and China — to apply for a one-year, multiple-entry permit.

According to a recent report by the ministry, tourists can stay up to 90 days per visit, with access granted for leisure, Umrah, business events such as the Interenational Meetings, Incentives, Conferences, and Exhibitions Summit, and visiting friends and family. Hajj remains under a separate, seasonal visa system due to religious considerations.

Additionally, the Kingdom’s strategic geographic location— within six hours’ flight time of 40 percent of the world’s population— along with its emphasis on sustainable, high-end tourism, positions the nation as an increasingly significant and rapidly growing destination in the global travel landscape.

Leisure and business travel take center stage




Saudi Arabia now offers over 426,000 licensed hotel rooms. Shutterstock

Saudi Arabia’s tourism sector is undergoing a noticeable transformation, with leisure and business travel now fueling much of the Kingdom’s inbound growth. While religious tourism continues to play a key role, the latest data shows that a broader, more diversified visitor profile is emerging.

By the third quarter of 2024, the Ministry of Tourism reported a clear shift in travel purposes: religious pilgrimages still accounted for 41 percent of inbound visits, but non-religious travel is gaining momentum.

Leisure tourism represented 24 percent of the total, followed by visits to friends and relatives at 22 percent, while business, education, and healthcare-related trips comprised the remainder.

This growing appetite for Saudi Arabia’s tourism experiences is drawing in travelers and unlocking billions in investment.

Private sector funding in the Kingdom’s tourism industry climbed to SR14.2 billion in 2024, up from SR12 billion the previous year, according to Tourism Minister Ahmed Al-Khateeb as reported by Bloomberg in January.

Roughly 40 percent of that capital came from foreign investors, signaling rising global confidence in Saudi Arabia’s ambitious tourism agenda.

Al-Khateeb highlighted that international investors are increasingly focusing on the Kingdom, particularly as other regions experience stagnation or slower growth. He explained that investors see Saudi Arabia’s ambitious tourism plans as a way to unlock long-untapped potential in a sector that had been largely inaccessible for decades.

The surge in investment aligns with the Kingdom’s broader push to become a global travel hub. 

To support this ambition, Saudi Arabia aims to generate $80 billion in private investment by the start of the next decade, helping fuel Crown Prince Mohammed bin Salman’s Vision 2030 strategy to diversify the Kingdom’s economy beyond oil.

While Europe and the US currently lead the wave of foreign investment, Al-Khateeb noted that active discussions are underway with Asian partners as well — including China, South Korea, and Malaysia — who are exploring opportunities in areas such as hospitality, retail, and real estate.


Egypt’s manufacturing index rises 3.9% in March

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Egypt’s manufacturing index rises 3.9% in March

RIYADH: Egypt’s manufacturing and extractive industries index — excluding crude oil and petroleum products—rose by 3.9 percent in March, reaching 120.47 points, up from 115.93 in February, according to the Central Agency for Public Mobilization and Statistics.

The increase was largely driven by seasonal demand for food and a significant boost in steel rebar production, CAPMAS reported.

The monthly index, which uses the fiscal year 2012-13 as its base and reflects producer prices from January 2020 onward, is part of Egypt’s ongoing efforts to enhance industrial measurement standards.

The rise in manufacturing activity also coincides with Egypt’s strengthening economic ties with Arab markets. Total trade volume with Arab countries reached $30.5 billion in 2024—a 16 percent increase from $26.3 billion in 2023.

Egyptian exports to Arab nations rose by 18 percent to $16.2 billion, while imports grew by 14 percent to $14.3 billion. Saudi Arabia remained Egypt’s top Arab trading partner, with bilateral trade surpassing $11.3 billion. Egyptian exports to the Kingdom totaled $3.4 billion, followed by the UAE at $3.3 billion and Libya at $2 billion. On the import side, Egypt received $7.9 billion in goods from Saudi Arabia, $2.7 billion from the UAE, and $947 million from Kuwait.

Sector-wise, the food manufacturing index jumped 10.18 percent in March, rising to 160.02 from 145.24 in February—driven by Ramadan-related consumption. The base metals sector saw even sharper growth, climbing 22.89 percent to 65.92 from 53.64, largely due to heightened steel rebar production amid robust construction and infrastructure activity.

However, not all sectors fared equally. The tobacco products index plummeted by 27.44 percent to 118.84, down from 163.78 in February, reflecting a drop in cigarette consumption. Similarly, the printing and reproduction of recorded media sector fell 14.43 percent to 115.18, attributed to the seasonal completion of textbook printing contracts.

CAPMAS emphasized that the new figures reflect both seasonal trends and long-term structural shifts in Egypt’s industrial landscape.


Conflict-hit states suffer GDP losses of over 60%, says IMF’s Jihad Azour 

Updated 20 min 12 sec ago
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Conflict-hit states suffer GDP losses of over 60%, says IMF’s Jihad Azour 

RIYADH: Conflict-hit Middle Eastern countries have suffered severe economic shocks, with output losses surpassing 60 percent of gross domestic product in some cases, a senior International Monetary Fund official said. 

Speaking at an event on Global and Regional Economic Developments and Outlook in Riyadh, Jihad Azour, director of the IMF’s Middle East and Central Asia Department, identified Lebanon, Syria, the West Bank, and Gaza as among the most affected.  

The ongoing conflicts have severely disrupted economic activities, infrastructure, and trade in these areas, leading to deep recessions and humanitarian challenges that have compounded the economic fallout.

“Those countries over the last few years have been subjected to a lot of suffering, with a strong negative economic impact, with loss of outputs that could exceed 50 or 60 percent of GDP,” Azour said. 

He noted that the ripple effects of these conflicts have extended beyond their immediate borders, saying: “Those conflicts did not only affect countries who were subjected … but also had an impact on the neighborhood.”  

According to Azour, Egypt lost around $7 billion in Suez Canal revenues in under a year, largely due to disruptions in maritime trade routes. Meanwhile, Jordan saw a drop in tourism revenue, a sector crucial to its economic output and employment. 

The director highlighted that global trade tensions are another major contributor to economic uncertainty, citing the sharp increase in tariffs. 

“The rise in tariffs was extremely high. Went from something, for example, for the US — then less than 5 percent — to a peak of 30 percent. This is a big change in such a short period of time,” he said.   

He emphasized that rapid developments, whether geopolitical or economic, are defining today’s global landscape, making it increasingly difficult for nations to maintain consistent projections.   

“We are at a moment where history is accelerated and developments are shaped very quickly,” he said.   

In contrast to the turmoil facing some countries, Azour highlighted the relative stability and resilience of the Gulf Cooperation Council economies.   

Reflecting on the region’s evolving economic landscape, Azour said that diversification efforts have helped GCC nations weather global uncertainty.   

“GCC economies have benefited from the effort of diversification to maintain a level of growth that could withstand any volatility in oil prices or any cut in oil production,” he said.   

He continued: “Over the last three to four years, we had a sustainable level of growth around 3 to 4 percent, 5 percent in certain cases. Thanks to the reforms and to the acceleration of transformation, this has helped GCC countries to maintain a high level of growth, despite the fact that the agreement under the OPEC+ has been extended several times.”   

Looking ahead, the IMF official expressed cautious optimism, suggesting that despite the current uncertain environment, the economic outlook across the region remains positive, particularly for oil-exporting nations. 

“Let me first say that we expect, despite this maybe foggy background, we expect economies to recover this year across the board, in most of the countries in the region, yet the pickup of growth is going to be stronger in the oil-exporting countries, in particular in GCC, where we expect it also to increase by 1 percent this year and another 1 percent in 2026,” he said. 

According to Azour, the anticipated recovery is largely fueled by strong performance and a stable contribution from non-oil sectors across the Gulf, driven by long-term diversification efforts. 

He also offered a more hopeful outlook for countries affected by conflict, noting signs of stabilization and early recovery. 

“We expect the post-conflict countries to preserve a certain level of growth this year and for some to start recovering,” he said. 

Azour added: “The good news is inflation is still under control in most of the countries except a few where the level of inflation is still at double-digit, but for most of the countries, it’s already now getting closer to their objective set in their monetary policy.” 

In a region facing mounting challenges, the IMF’s outlook underscores that reform, stability, and smart investment aren’t just options — they’re imperatives for resilience. 


Human-centered travel takes priority in Saudi Arabia’s tourism vision, says minister

Updated 21 sec ago
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Human-centered travel takes priority in Saudi Arabia’s tourism vision, says minister

  • Minister says Kingdom’s tourism future lies in authentic human experiences, not just infrastructure
  • Ahmed Al-Khateeb stresses technology should enhance — not replace — personal interaction

RIYADH: Saudi Arabia is placing human-centered travel at the forefront of its tourism strategy, focusing on authentic cultural experiences, meaningful interactions, and community engagement as it reshapes its global tourism identity.

Tourism Minister Ahmed Al-Khateeb emphasized that this people-first approach is designed to balance the Kingdom’s rapid infrastructure development with heritage preservation and stronger community connections. The strategy, he said, forms a cornerstone of Saudi Arabia’s broader ambition to become a leading international tourism destination.

Al-Khateeb’s remarks come amid the launch of TOURISE, a new platform introduced by the Kingdom to unite global leaders across tourism, technology, investment, and sustainability. The initiative aims to foster innovation and collaboration as Saudi Arabia accelerates its tourism growth while maintaining a focus on sustainable and inclusive development.

In an interview with CNN,  Al-Khateeb emphasized the importance of human connection in travel, stating: “We want the experience in travel and tourism to be human.”

While acknowledging the role of innovation, Al-Khateeb stressed that technology should enhance — not replace — personal interaction. “We will definitely always use technology, but we will encourage and protect” human interaction because travel is all about people, he said.

The recently launched TOURISE platform, unveiled in late May, is designed to serve as a global forum bringing together key players in the tourism industry. According to Al-Khateeb, the initiative will unite regulators, operators, investors, and nongovernmental organizations to shape the future of a sector that accounts for “10 percent of global GDP and 10 percent of global jobs.”

He described the initiative as “unique” in its ability to bridge government and business to foster innovation and sustainable development in tourism.  

The Kingdom welcomed 30 million international visitors in 2024, a 9.5 percent increase from the previous year.  This influx is part of the kingdom’s broader strategy to diversify its economy beyond oil. 

Riyadh is a focal point of the Kingdom’s destination development plans. “Riyadh is top priority. Riyadh winter is the most beautiful winter in the world,” said Al-Khateeb, referencing attractions like Diriyah, King Salman Park, and the entertainment hub Qiddiya, which he described as “the largest-ever built sport, entertainment and culture city.”  

Al-Khateeb pointed to the Red Sea as a top priority, noting the launch of new resorts under Red Sea Global.   

“People love to visit the Red Sea, to explore the Red Sea,” he said, highlighting the region’s appeal alongside heritage tourism and Arabian hospitality.  

Despite geopolitical challenges, Al-Khateeb maintained that Saudi Arabia is moving forward with confidence.  

“We’re happy to see that there’s de-escalation in many areas in the region. And I think what is happening in Syria is a very positive thing, and I hope the rest of the region will follow,” he said.   

“It is very normal that you have some huge investment, upload investment in a country like Saudi Arabia, this investment is exposed to, sometimes, risk — capacity, availability risk, financial risk and so on.”   

“However, we know this. We have all the mitigation in place,” he added.  

Looking to the future, Al-Khateeb emphasized the Kingdom’s preparations for hosting the FIFA World Cup 2034 across multiple cities, including the mountainous south.   

“We are holding the World Cup in many cities in Saudi Arabia that will give the chance for the fans to explore the nature and the topography,” he said.  

Among the projects is the new Mohammed bin Salman Stadium in Qiddiya, which he described as “out of this world” and offering a “different experience for fans and for the players.”  

This strategic focus on human-centered tourism aligns with Saudi Arabia's Vision 2030, aiming to position the Kingdom as a leading global tourism destination. 


Riyadh airport tops Saudi on-time performance rankings in April: GACA data 

Updated 42 min 19 sec ago
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Riyadh airport tops Saudi on-time performance rankings in April: GACA data 

  • Saudia reported an 89% on-time rate for arrivals and departures
  • Riyadh–Amman route recorded the highest on-time performance at 97%

JEDDAH: Saudi Arabia’s King Khalid International Airport recorded the highest on-time departure rate among the Kingdom’s international airports in April, achieving 90 percent punctuality, official data showed.  

According to the monthly report published by the General Authority of Civil Aviation, the Riyadh-based hub outperformed larger airports such as Jeddah’s King Abdulaziz International, the Saudi Press Agency reported. 

The report comes as Saudi Arabia continues to push operational upgrades under its National Aviation Strategy, part of the broader Vision 2030 plan to position the Kingdom as a regional air transit hub. 

“The report issued in April 2025 indicated that King Khalid International Airport in Riyadh, King Fahd International Airport in Dammam, Abha International Airport, Neom International Airport, Turaif Airport, and Wadi Al-Dawasir Airport topped the advanced positions in the report,” the SPA report stated. 

The rankings are based on data compiled by Matarat Holding Co. and exclude canceled flights. Performance is measured by flights departing or arriving within 15 minutes of their scheduled times. 

In the category of international airports handling more than 15 million passengers annually, the Jeddah-based King Abdulaziz International Airport recorded a punctuality rate of 78 percent, according to the study.  

For international airports serving between 5 million and 15 million passengers annually, King Fahd International Airport in Dammam secured the highest ranking with an on-time performance of 87 percent. Prince Mohammad bin Abdulaziz International Airport in Madinah, which also falls under this category, recorded a 72 percent rate. 

In the segment of international airports accommodating between 2 million and 5 million passengers annually, Abha International Airport posted the highest punctuality rate at 91 percent. This was followed by King Abdullah bin Abdulaziz Airport in Jizan with 90 percent, and Tabuk Airport with 82 percent. 

NEOM Bay International Airport led among international airports with fewer than 2 million passengers annually, achieving a 95 percent on-time departure rate. Other strong performers in this category included Al-Ahsa International Airport at 93 percent and Najran Airport at 89 percent. 

Turaif and Wadi Al-Dawasir airports recorded perfect performance among domestic flight hubs, achieving 100 percent on-time departures. King Saud bin Abdulaziz Airport in Al-Baha followed closely with 99 percent, while Bisha Airport posted 94 percent. 

At the airline level, national flag carrier Saudia reported an 89 percent on-time rate for arrivals and departures. Meanwhile, flynas achieved 86 percent for arrivals and 91 percent for departures, while flyadeal recorded 87 percent and 91 percent, respectively. 

Regarding specific flight routes, the Riyadh–Abha domestic passage maintained a strong on-time departure rate of 96 percent. Other high-performing domestic routes included Riyadh–Tabuk and Riyadh–Dammam, both at 96 percent, while the Jizan–Riyadh route sustained its previous month’s rate of 95 percent. 

Internationally, the Riyadh–Amman route recorded the highest on-time performance at 97 percent, followed by Riyadh–Bahrain at 94 percent, Riyadh–Dubai at 93 percent, and Riyadh–Kuwait at 92 percent. The Jeddah–Amman route also achieved a 94 percent punctuality rate.


Kuwait authorizes Investment Authority to borrow abroad, central bank to borrow domestically

Updated 25 May 2025
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Kuwait authorizes Investment Authority to borrow abroad, central bank to borrow domestically

  • Law allows the government to issue financial instruments with maturities of up to 50 years

KUWAIT CITY: Kuwait’s minister of finance has authorized the country’s Investment Authority to carry out foreign borrowing operations and the Central Bank of Kuwait to conduct domestic borrowing operations on behalf of the ministry.

In March, Kuwait issued a decree law on public debt that outlined a framework for managing public borrowing, as the country prepares to return to global debt markets for the first time in eight years.

The law allows the government to issue financial instruments with maturities of up to 50 years and sets a ceiling for public debt at 30 billion Kuwaiti dinars ($97.9 billion), or its equivalent, in major convertible foreign currencies, said a statement on the official gazette.

Article 1 of the decision, signed by Finance Minister Noura Al-Fusam, authorizes the Central Bank of Kuwait, on behalf of the Ministry of Finance and “in coordination and consultation” with it, to carry out borrowing operations in Kuwaiti dinars or major convertible foreign currencies within the state “in accordance with recognized financial instruments and methods.”

Article 2 authorizes the Kuwait Investment Authority, on behalf of the Ministry of Finance and “in coordination and consultation” with it, to carry out borrowing operations in major convertible foreign currencies in global markets “in accordance with recognized financial instruments and methods.”

The last time Kuwait issued bonds was in 2017.