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 2030.
Key Takeaways
Key players operating in the Saudi Arabia MICE market 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 Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size
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.
Get
more insights on Saudi Arabia Meetings,
Incentives, Conferences and Exhibitions (MICE) Market
Comments
Post a Comment