May 18, 2024
Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market

Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market Poised for Significant Growth Owing to Growing Tourism Industry

The Saudi Arabia MICE market comprises meetings, incentives, conferences and exhibitions which encourage business events, corporate travel, and conventions in the country. The MICE industry provides an opportunity for tourism growth, economic expansion, and job creation as it assists in marketing Saudi Arabia as a premier business and leisure destination. The growing tourism industry of Saudi Arabia due to multiple factors such as infrastructure development projects under Vision 2030 and introduction of e-visa have increased inbound tourism and demand for MICE activities.

The Global Saudi Arabia 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 key players are focusing on expanding their operations in the country by partnering with local event management companies and hotels.

The rising tourism and corporate activities in Saudi Arabia due to Vision 2030 has opened key opportunities for MICE operators in the form of large-scale conferences, exhibitions, product launches, and cultural events. The government is also encouraging meetings between local and international companies through roadshows and networking events.

Saudi Arabia is expanding its Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size globally by bidding for international conferences and events. The country is promoting itself as a hub for global exchanges and collaborations between organizations due to its strategic location between Asia, Europe, and Africa. The large infrastructure projects are also helping Saudi Arabia to host major international exhibitions and trade shows.

Market drivers

The growing tourism industry in Saudi Arabia owing to initiatives like e-visa system, development of tourist attractions, and mega-infrastructure projects is a major market driver. The implementation of Vision 2030 by the government, which aims to diversify the economy and promote tourism and entertainment industries, is also fueling the demand for MICE services in the country. The focus on promoting Saudi Arabia as a global business destination to attract investments is driving the need for corporate events, meetings, and conferences.

PEST Analysis

Political: The government of Saudi Arabia is supportive of hosting international and domestic events to attract foreign investments and boost tourism. This provides opportunities for the MICE industry to grow.

Economic: Saudi Arabia has a growing economy due to rising oil prices. This increase disposable incomes and allows corporations and individuals to spend more on MICE activities and events.

Social: Saudi society is gradually becoming more outward looking and open to global culture. This makes MICE events appealing to both local participants as well as attracting international delegates.

Technological: Advancements in digital technologies allow hybrid events with both physical and virtual components. This helps organizers reach broader audiences and provide more flexible participation options.

Geographical concentration
The MICE market in Saudi Arabia is currently concentrated in major cities like Riyadh, Jeddah and Dammam which have well developed infrastructure and event facilities. These cities account for over 65% of the total market value due to the availability of international standard convention centers, hotels and tourist attractions that can host large scale meetings, incentives trips and exhibitions.

Fastest growing region

The western region of Saudi Arabia centered around the city of Makkah is projected to be the fastest growing region for the MICE market through 2030. Grand projects like the $20 billion Madinah cluster project are enhancing hospitality and tourism infrastructure around religious sites. As a result, Makkah is expected to witness significant demand for religious, cultural and sports events from local and international participants. The growing facilities will help the region capture a larger share of the kingdom’s MICE industry.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it