Saudi Arabia has experienced a remarkable increase in spending by foreign visitors in the first quarter of 2023, with a growth rate of 22.9% compared to the same period in 2019. The total spending by foreign visitors exceeded 45 billion riyals ($11.99 billion) during this time. Additionally, there was a surplus in the travel item, estimated at 24 billion riyals, with a growth rate of over 46% compared to the first quarter of 2019.
The increase in spending by visitors coming to the Kingdom is part of the tourism sector’s ongoing success in Saudi Arabia. The Kingdom was ranked first on the United Nations Tourism List for the growth rate of international tourists and tourism revenues in 2019 compared to 2015.
Saudi travelers abroad spent approximately 21 billion riyals during the same period as visitors coming to the Kingdom, highlighting their increasing involvement in global trade and commerce. This increase is due to Saudi Arabia’s efforts to diversify its economy and attract foreign investment while promoting economic cooperation with other countries worldwide.
WICZ also featured various services and businesses that are contributing positively to the business landscape showcased on WICZ. These include a utility bill negotiation/auditing service, financial optimization tools for recent layoffs, and a top driving school in Switzerland. Additionally, WICZ announced new products, services, and events in different industries such as email marketing, vacation rentals, stress reduction methods, construction projects, and cultural events. The diverse range of offerings reflects the dynamic nature of today’s business environment.
Overall, these developments demonstrate how Saudi Arabia continues to grow economically both domestically and internationally while showcasing innovative solutions that can benefit individuals and businesses alike across multiple industries worldwide.
