Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market is Anticipated to Witness High Growth Owing to Increasing Business Events

 

Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market

The Saudi Arabia MICE market refers to meetings, incentives, conferences, and exhibitions which cater to business events in the country. MICE activities help businesses to hold strategy and planning meetings, incentive travel programs, product launches, training seminars, and exhibitions. The events industry helps hotels, airlines, transportation, food & beverage sectors in Saudi Arabia. Growing awareness about MICE and its impact on economy is encouraging businesses to organize more events. The Saudi Vision 2030 aims to diversify economy away from oil and develop tourism and entertainment industries which will further boost the MICE market.

The Global Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 2.69 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size are VRB Energy, H2 Inc., ESS Tech Inc., Stryten Energy, Vanadis Power GmbH, CellCube Energy Storage Systems Inc., Primus Power Corporation, Dalian Rongke Power Co. Ltd., RedFlow Ltd., and Invinity Energy Systems PLC. These players are focusing on partnerships, new product developments and expanding capabilities to gain more MICE projects and contracts in Saudi Arabia.

The key opportunities in the Saudi Arabia MICE market include rising infrastructure development for conference halls, exhibition centers and hotels catering to large scale events. The government is investing heavily in upgrading existing facilities as well as developing new world-class MICE infrastructure like NEOM city which will be a major boost.

Global expansion is another trend being witnessed as international event organizers and convention centers are partnering with Saudi counterparts to bid for and host combined regional and global events. This is helping Saudi Arabia to position itself on the global MICE map and attract more international business delegations.

Market Drivers
Growing business and foreign investments - Saudi Vision 2030 aims to diversify economy and attract foreign investments in various sectors. This is driving need for more business meetups, product launches and conferences creating opportunities in the MICE market.

Infrastructure development - The government is investing billions of dollars in upgrading travel and hospitality infrastructure to international standards. New airports, hotels, convention centers catering to large scale MICE events are driving market growth.

Market Restrain
Lack of skilled local workforce - Due to traditionally conservative culture, events industry in Saudi Arabia faces lack of trained and certified local professionals in areas like event management, conferences operations etc. Reliance on foreign skilled staff can be a challenge.

Variable economic climate - Being an oil dependent economy, any fluctuation in crude prices can impact investments in other sectors and businesses sentiments. This can adversely impact MICE activities in Saudi Arabia.

Segment Analysis

The Saudi Arabia MICE market is dominated by corporate events sub segment. Corporate events account for over 50% of the total MICE events held in the country. This is because Saudi Arabia is a corporate hub for many multinational companies operating in the Middle East region. It is home to the regional headquarters of several Fortune 500 companies. These companies frequently organize conferences, exhibitions, seminars and other corporate events to achieve their business goals.

Global Analysis

The MEA region accounts for the fastest growth in the Saudi Arabia MICE market. Within the MEA region, Saudi Arabia holds the dominant market share and is expected to continue its dominance during the forecast period. This is due to the heavy investments made by the Saudi government in developing world-class infrastructure to promote the growth of the tourism and MICE industries. The country is investing billions of dollars to expand its airport capacity, build new convention centers and upgrade hotels. Such initiatives have boosted the Saudi Arabia's appeal as a MICE destination among international event organizers. Countries like UAE and Egypt are other major MICE hubs in the region but Saudi Arabia is witnessing highest growth in tourism and business visitors.

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