Saudi travel and tourism sector on revival track

Saudi travel and tourism sector on revival track

New Delhi, August 2: The Saudi travel and tourism sector is set to be the fastest growing travel and tourism in the Gulf region with the World Travel & Tourism Council (WTTC) predicting the travel and tourism sector in the country to grow by 11% annually in the next decade.

The WTTC’s latest Economic Impact Report (EIR) said this growth which is over six times the 1.8% growth rate of its economy, will boost the economic return of Saudi.

By 2023, following two years of heartache, Saudi Arabia’s Travel & Tourism sector's contribution to the national economy could surpass pre-pandemic levels, when it is projected to rise 2% above 2019 levels, to reach nearly SAR 297 billion.

Employment in the sector could also exceed 2019 levels by 14.1%, creating more than 223,000 additional jobs, representing nearly more than 1.8 million by the end of next year.

By the end of this year, the sector’s contribution to GDP is expected to grow 15.2% to nearly SAR 223 billion, amounting to 7.2% of the total economic GDP, while employment in the sector is set to grow by 16.1% to reach more than 1.5 million jobs.

According to the global tourism body, the Kingdom, due to host WTTC’s 22nd Global Summit in Riyadh from 28 November to 1 December this year, is witnessing a faster than average recovery following the government’s total commitment to the Travel & Tourism sector, ensuring it remained at the forefront of the global agenda.

By 2032, the travel and tourism sector’s contribution to GDP would hit nearly SAR 635 billion, representing 17.1% of the total economy.

The forecast also reveals travel and tourism employment could double over the next 10 years, creating more than 1.4 million jobs, to reach almost three million employed within the sector by 2032.

The projections for both employment and the sector’s contribution to the Kingdom’s economy, surpass the ambitious goals set out by the government’s Vision 2030 strategic framework.

 

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