Saudi Arabia is experiencing a surge in tourism, with inbound spending reaching a record $40.95 billion in 2024, a 13.82% increase from the previous year. This growth has elevated the travel balance surplus to its highest level, driven by a 9.5% rise in international visitors, totaling 30 million. This influx is reshaping the nation’s economy and global image.
Non-religious tourism now dominates, with visitors attracted to cultural, entertainment, and business offerings. The sector’s contribution to the economy reached $498 billion, representing 12.45% of the GDP. Vision 2030 is at the heart of this transformation, focusing on tourism and international investment.
Reforms such as 100% foreign ownership in key sectors and streamlined investment laws have made Saudi Arabia an attractive destination for global investors. Massive investments in projects like the Red Sea Project, NEOM’s Trojena, and Diriyah are creating high-end, sustainable, and culturally rich destinations.
Infrastructure is rapidly expanding, with over 426,000 licensed hotel rooms and an increasing presence of international hospitality brands. The eVisa platform has simplified access for travelers from 66 countries, allowing stays of up to 90 days for various purposes, including leisure and business.
Saudi Arabia’s strategic location and emphasis on sustainable tourism position it as a growing global travel hub. The tourism sector’s transformation is evident, with leisure and business travel driving growth. Religious pilgrimages still account for 41% of visits, but non-religious travel is gaining momentum.
Private sector investment in tourism rose to $14.2 billion, with 40% from foreign investors, indicating strong global confidence. The Kingdom aims to generate $80 billion in private investment by the next decade, supporting Vision 2030’s goal of diversifying the economy beyond oil.
While Europe and the US lead foreign investment, discussions with Asian partners are ongoing, exploring opportunities in hospitality, retail, and real estate.