Saudi Arabia has achieved a significant milestone in 2024 with its travel account surplus reaching a record-breaking SAR49.8 billion (approximately USD 13.3 billion). This remarkable figure marks a 7.8% increase from the previous year and signals robust growth in the Kingdom’s tourism and travel sector.
This travel account surplus—essentially the difference between the revenue the country earns from international visitors and what its residents spend abroad—is a strong indicator of Saudi Arabia’s rising global tourism appeal. As part of the nation’s ambitious Vision 2030 plan, the tourism sector is being heavily promoted as a major economic pillar, and this new data confirms that progress is accelerating.
Strong Inbound Tourism Spending Driving Surplus
A major factor behind the 2024 travel account surplus is the significant increase in spending by international visitors. Inbound tourism revenue reached SAR153.6 billion, representing a 13.8% increase compared to 2023. This surge reflects the growing number of tourists choosing Saudi Arabia as a travel destination, whether for religious pilgrimages, leisure, or business.
Notably, the Kingdom has seen record-breaking tourist arrivals in the past two years. With large-scale events, international conferences, and entertainment festivals hosted across the country, Saudi Arabia is attracting attention from a global audience. International marketing campaigns, relaxed visa policies, and improved connectivity through airlines have further helped boost foreign arrivals.
Vision 2030: Diversifying the Economy Through Tourism
At the core of this tourism boom is Saudi Arabia’s Vision 2030 initiative—a national strategy aimed at reducing the Kingdom’s economic dependence on oil by promoting non-oil sectors such as tourism, entertainment, and technology.
The Ministry of Tourism has been working closely with other government and private sector entities to transform the tourism landscape. This includes infrastructure investments, hospitality training programs, heritage site preservation, and partnerships with international travel brands.
The results are beginning to show. New tourist destinations are emerging across the Kingdom, and visitors are staying longer and spending more. All these factors contribute to the growing surplus and reflect confidence in Saudi Arabia’s evolving tourism economy.
Domestic Tourism Gains Momentum
While international tourism has made headlines, domestic travel has also played a crucial role in supporting the travel account surplus. In 2024, domestic tourism saw a 44% increase in bookings compared to 2023. This growth is attributed to improved travel offerings, better accommodations, and a wider variety of cultural and recreational experiences for Saudi residents.
Family and group travel, in particular, have surged—over 70% growth in these segments was recorded. The growing interest in exploring local destinations has helped reduce outbound tourism spending and retain revenue within the country.
Major Saudi cities such as Riyadh, Jeddah, Makkah, and Madinah remained top choices for domestic travelers. However, lesser-known regions like Abha, Tabuk, Al Jubail, Hail, and Jizan are gaining popularity thanks to increased promotion, investment, and development of attractions.
Improved Tourism Infrastructure and Services
The government has invested heavily in upgrading airports, roads, hotels, and other infrastructure to meet the demands of growing tourism. Key projects include the expansion of King Abdulaziz International Airport in Jeddah, the opening of new hotels by international chains, and smart city developments in places like NEOM.
Beyond infrastructure, there has been a focus on improving visitor experiences. Services such as online visa applications, multilingual guides, user-friendly transport apps, and safe tourism standards have made traveling in Saudi Arabia more convenient and attractive for both locals and international visitors.
Events and Entertainment Fuel Visitor Growth
Another significant contributor to the travel surplus is the Kingdom’s growing entertainment and events calendar. In recent years, Saudi Arabia has hosted major international events such as the Riyadh Season, Jeddah Season, Formula 1 Grand Prix, and international music festivals, which have drawn in hundreds of thousands of visitors.
These events not only drive footfall but also generate massive revenue from hotels, transportation, dining, and retail sectors. They contribute to a vibrant and modern image of Saudi Arabia and appeal to a younger, more adventurous generation of travelers.
Religious Tourism Still a Cornerstone
Religious tourism remains a foundational part of Saudi Arabia’s travel industry. Millions of Muslims from around the world visit Makkah and Madinah every year for Hajj and Umrah pilgrimages. In 2024, the government continued to enhance the facilities and services for religious tourists, ensuring their visits are safer, more comfortable, and spiritually fulfilling.
The religious tourism sector alone contributes billions in revenue annually, and with recent efforts to allow visitors to combine religious and leisure tourism, this segment is expected to grow even more in the coming years.
Reduced Outbound Spending Helps Surplus
On the other side of the equation, the relatively modest growth in outbound tourism spending by Saudi residents has also helped improve the net travel surplus. While Saudis continue to travel abroad for holidays and business, the increase in domestic offerings has encouraged many to explore the Kingdom instead of flying overseas.
This shift in consumer behavior is a direct result of efforts by the government and tourism authorities to make domestic travel more appealing. With world-class resorts, cultural heritage tours, mountain getaways, and Red Sea beach destinations, Saudi Arabia is becoming a preferred option even for its own citizens.
Outlook for 2025 and Beyond
With momentum clearly on Saudi Arabia’s side, the outlook for 2025 and beyond looks promising. The government aims to attract 100 million visitors annually by 2030, and current trends suggest that goal may be within reach. As more mega-projects come online—like The Line in NEOM, Qiddiya entertainment city, and Red Sea luxury resorts—Saudi Arabia will further strengthen its global tourism position.
Analysts expect the travel account surplus to continue growing, driven by consistent investment, marketing, and global engagement. If current policies and initiatives are maintained, Saudi Arabia is on track to become one of the world’s leading travel destinations.
Conclusion
Saudi Arabia’s travel account surplus of SAR49.8 billion in 2024 is more than just a financial achievement—it is a strong signal of a nation undergoing rapid transformation. As the Kingdom shifts from an oil-based economy to a more diversified future, tourism stands at the center of this journey. The numbers from 2024 confirm that the world is taking notice, and the future of Saudi tourism looks brighter than ever.
