Published on
August 22, 2025
The International Monetary Fund (IMF) has praised the rapid growth of Saudi Arabia tourism industry, calling it a key driver of the Kingdom’s broader economic expansion. The Fund’s most recent Article IV Consultation Report, released in August 2025, points to the tourism sector as one of the standout achievements in Saudi Arabia’s economic transformation, underscoring the country’s ongoing efforts to diversify away from oil.
Tourism’s Rising Importance in Saudi Arabia’s Economy
The IMF’s report underscores tourism as a key economic driver for Saudi Arabia, noting its significant role in stabilizing the national economy. International tourism has seen remarkable growth, which, according to the IMF, has helped mitigate some of the country’s economic imbalances and contributed to a slight reduction in the current account deficit for 2024.
Saudi Arabia’s Vision 2030 goals, which aim to diversify the economy and reduce dependence on oil, have seen tourism emerge as a cornerstone of this transformation. The Kingdom’s tourism sector has grown rapidly, playing an essential role in job creation and economic diversification.
Record Number of Tourists in 2024
In 2024, Saudi Arabia achieved a landmark in its tourism sector, welcoming approximately 30 million international visitors. This figure represents an eight percent increase from 2023, marking a historic high in the Kingdom’s tourism history. The influx of tourists has been a result of strategic efforts to bolster the Kingdom’s appeal as a tourist destination, particularly through initiatives like the Saudi Tourism Authority’s promotional campaigns and the opening of new cultural, heritage, and entertainment attractions.
Surge in Tourist Spending
Along with the increase in tourist arrivals, international spending also saw significant growth. In 2024, international tourists spent SR169 billion, reflecting a 19 percent increase compared to 2023. This surge in spending highlights the growing appeal of Saudi Arabia’s tourism offerings, ranging from cultural experiences to luxury and adventure tourism. The increasing number of high-spending international visitors is seen as a key factor in driving economic growth beyond the oil sector.
Tourism Growth Aligned with Vision 2030
The expansion of the tourism sector aligns with the objectives of Saudi Arabia’s Vision 2030, which aims to transform the Kingdom into a global tourism hub. With a focus on sustainable development, the Kingdom has made substantial investments in its infrastructure, including modernizing airports, expanding hotel capacities, and promoting its cultural heritage. This strategic approach is helping Saudi Arabia position itself as a leading destination for international travelers.
A Bright Future for Saudi Tourism
The fund’s latest report confirming Saudi Arabia’s travel sector underlines the Kingdom’s deliberate shift to a more resilient, diversified economic model. Tourism’s continued growth is now a defining contributor, clearly advancing the Vision 2030 ambitions. The sustained inflow of international visitors, combined with a marked rise in their average expenditure, reinforces the sector’s emerging role within the broader transformation, creating a solid economic platform for future generations.
