In 2024, tourism contributed 11.5% to the country's GDP, with international visitor spending surging by nearly 57% year-over-year.

The tourism sector attracted approximately $3.8 billion in private investment in 2024, with a target of reaching $80 billion by 2030.

Significant investments in entertainment, sports, and cultural events have enhanced tourism spending, appealing to both local and international visitors.

Asfar, a tourism investment startup backed by the Saudi sovereign wealth fund, is playing a crucial role in expanding the sector through new hotel and entertainment projects.

Riyadh is a central hub for these tourism efforts, set to host the 2030 World Expo and the 2034 FIFA World Cup, while Asfar also promotes lesser-known destinations.

Asfar plans to develop projects in Al Bahah and Yanbu, aiming to add 2,000 hotel rooms and attract five million additional tourists by 2030.

Each Asfar project will require investments ranging from $40 million to $107 million, with at least 30% of funding expected to come from the private sector.

The Saudi government is embarking on an ambitious plan to invest nearly $1 trillion in its tourism sector, aiming to attract 150 million annual tourists by 2030.

This initiative is part of a broader multi-trillion-dollar strategy led by Crown Prince Mohammed bin Salman to diversify the economy, with tourism positioned as a key focus.

Saudi Arabia is striving to transform tourism into a major economic driver, referring to it as the 'new oil' as the nation seeks to reduce its dependency on oil.

Since opening its borders to leisure tourists in 2019, the tourism sector has experienced significant growth, recovering well from the pandemic downturn.