Saudi Arabia announces record-high spending by inbound visitors in 2023

Saudi Arabia announces record-high spending by inbound visitors in 2023
World Bank says that such disproportionate costs not only represent a heavy burden on hard-working Africans but that they are also a barrier to productive investment by diaspora back into their home countries/FILE

RIYADH, March 30 (Xinhua) — The Saudi Tourism Ministry announced on Saturday that the kingdom witnessed a record-high spending by inbound visitors in 2023, totaling 135 billion Saudi Riyals (36 billion U.S. dollars).

In a post on the social media platform X, the ministry said the figure marked a notable increase of 42.8 percent compared to 2022, when inbound visitors spent 94.5 billion Saudi Riyals.

Meanwhile, the spending of the kingdom’s outbound visitors rose to 86.9 billion Saudi Riyals in 2023, up from the 59.7 billion Saudi Riyals in 2022.

The ministry reported a tourism balance surplus of approximately 48 billion Saudi Riyals for 2023, surpassing the 34.9 billion Saudi Riyals recorded in 2022.Β