Saudi tourism reviving fast amid global financial insecurities

Wednesday, May 17, 2023

In the middle of world financial troubles activated by high price rises, geopolitical anxieties, and mounting interest rates, the tourism of Saudi Arabia is rapidly reviving, as per PwC Middle East, the professional services network firm. 

PwC Middle East in its recent report unveiled that the Kingdom in the fourth quarter of last year welcomed around 6 million visitors. It’s an up 47 percent compared to the same time 2019.

It observed that dogmatic reforms and the development of attractions like the Riyadh Season festival are motivating Kingdom tourism that aims to welcome over 25 million tourists in 2023. This would be almost 43 percent more than 2019. 

By 2030, the National Tourism Strategy of Saudi Arabia targets to draw over 100 million visitors along with the rising contribution of the sector to the gross domestic product of the Kingdom to over 10 percent. Also, in the Kingdom, the strategy wants to create additional 1 million jobs opportunities.

Besides, the report noted that Vision 2030 of Saudi Arabia is offering an influential structure for shaping the economy of the Kingdom. 

Partner and KSA deputy country leader at PwC Middle East, Faisal Al- Sarraj, said that the economy of Saudi Arabia has experienced major development since the launch of Vision 2030. The increased focus of the Kingdom on different varieties has helped the country to show the way to its financial sustainability agenda on a long-term basis.

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