The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed an unprecedented year for Saudi Arabia's Travel & Tourism sector, marked by record-breaking contributions to GDP, a surge in sector jobs, and a significant increase in visitor spending.

In a remarkable testament to Saudi Arabia's ambitious vision to become a premier global tourism destination, the Travel & Tourism sector expanded by more than 32% in the previous year. This growth resulted in a historic contribution of SAR 444.3 billion to the nation's GDP, accounting for 11.5% of the entire economy. This impressive figure surpassed the previous record by nearly 30%, underscoring the sector’s newly pivotal role in the country's economic landscape.

The sector's employment statistics further highlight its dynamic growth, with an increase of 436,000 jobs bringing the total number of positions to over 2.5 million. This means that almost one in five jobs in Saudi Arabia is now supported by the Travel & Tourism sector. Notably, the sector has not only recovered the jobs lost during the pandemic by 2022 but has also seen an almost 24% rise in employment since its last peak.

International visitor spending soared by nearly 57%, reaching SAR 227.4 billion and breaking previous records by SAR 93.6 billion. Similarly, domestic visitor spending experienced a robust 21.5% increase, totaling SAR 142.5 billion.

Saudi Arabia also achieved a significant milestone by welcoming 100 million tourists in 2023, seven years ahead of its target. The nation is now setting its sights even higher, aiming to attract 150 million tourists by 2030.

WTTC President & CEO, Julia Simpson, lauded the country's extraordinary achievements, stating, "Saudi Arabia’s Travel & Tourism sector's extraordinary achievements last year mark a pivotal moment in its journey towards becoming a global tourism leader. This success is a direct result of the Kingdom's visionary commitment to the sector, showcasing an impressive fusion of cultural heritage and innovative tourism initiatives."

His Excellency Ahmed Al-Khateeb, Minister of Tourism of Saudi Arabia and Chairman of the Executive Council of UN Tourism, echoed these sentiments. He remarked, “The latest data from WTTC provides further evidence of the rapid success we have achieved in transforming Saudi Arabia’s tourism industry. Tourism is a key pillar of the Kingdom’s Vision 2030 economic diversification plans, and we have made great strides promoting investment in the sector - with more than $800 billion earmarked by 2030 - as well as creating new jobs and growing the contribution of tourism to GDP.”

The momentum is expected to continue, with the Travel & Tourism sector's GDP contribution forecasted to reach SAR 498 billion in 2024. Employment in the sector is projected to grow by more than 158,000 jobs, totaling nearly 2.7 million. International visitor spending is anticipated to climb to SAR 256 billion, and domestic visitor spending is expected to reach SAR 155.2 billion.

Looking further ahead, the WTTC forecasts that by 2034, the sector will contribute a staggering SAR 836.1 billion annually to Saudi Arabia's GDP, accounting for almost 16% of the national economy. The sector is also expected to employ more than 3.6 million people, representing one in five jobs in the country.

The Middle Eastern Travel & Tourism sector also experienced significant growth, expanding by more than 25% in 2023 to reach nearly $460 billion. Employment in the sector rose to nearly 7.75 million jobs, while international spending grew by 50%, totaling $179.8 billion. Domestic visitor spending increased by 16.5%, amounting to more than $205 billion.

WTTC forecasts continued growth for the Middle Eastern Travel & Tourism sector in 2024, with GDP contribution expected to reach $507 billion, employment to hit 8.3 million jobs, international visitor spending projected to rise to $198 billion, and domestic visitor spending anticipated to exceed $224 billion.