According to the most recent government figures, Saudi Arabia’s tourism spending hits a record high of SR135 billion ($39.95 billion) in 2023.

This statistic, announced by the Saudi Central Bank, represents the biggest tourist expenditure in the Kingdom’s history, with a 42.8 percent increase over 2022.

The growth of the tourism business has been aided by legal changes, such as the acceptance of the new “Visiting Investor” visa by Saudi Arabia’s Ministry of Investment and Foreign Affairs.

This initiative’s pace has accelerated dramatically, with the Kingdom placing second internationally in terms of visitor arrivals in the first seven months of 2023, according to the Saudi Press Agency in October.