SAUDI ARABIA MEETINGS, INCENTIVES, CONFERENCES AND EXHIBITIONS (MICE) MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

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

Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) market is estimated to be valued at USD 2.59 Bn in 2024 and is expected to reach USD 5.49 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.3% from 2024 to 2031.

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Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) market has witnessed significant growth in the recent years, owing to economic diversification initiatives undertaken by the government. Large scale projects around infrastructure, tourism and entertainment attracts significant international and domestic business events. The relaxation of social norms are encouraging social and family gatherings, and this boosts demand for meeting and event spaces. However, ongoing pandemic hampers the market growth although business events are recovering faster as restrictions are being lifted.

Growing domestic tourism sector

The domestic tourism industry in Saudi Arabia has experienced significant growth in recent years supported by the government's initiatives to diversify the economy. This expansion of the tourism sector within the country has served as a major driving factor for the accelerated development of the MICE (Meetings, Incentives, Conferences and Exhibitions) market as well.  As leisure travel and cultural activities within KSA have risen in popularity aided by reforms such as the lifting of social restrictions and introduction of e-visas, the demand for business events and conferences catering to local audiences has also increased steadily. Several international firms have started shifting their regional events and seminars to cities like Riyadh and Jeddah to capitalize on the growing domestic clientele. Moreover, a large number of government and private organizations are now regularly organizing internal trainings, workshops, product launches and annual meets within the kingdom which has translated to numerous opportunities for local MICE vendors.

The Saudi Arabia government has made massive infrastructure investments in line with its ambitious Vision 2030 development plan. This includes the building of new airports, seaports, rail lines, highways and urban centers. Many such mega-infrastructure projects involve contractors, stakeholders and regulators convening at various stages through their design, planning and construction phases. The hosting of major cultural and sporting events has been prioritized in Vision 2030 as a tool for exposing Saudis and the world to the kingdom's culture, heritage and reforms. Billions have been allocated towards bidding for and organizing international events like the Formula One race, WWE wrestling shows, golf, boxing, international conferences and expos. The requirements of coordination, planning, accommodations and event logistics during these mega-projects and global events create substantial business opportunities for the market. As infrastructure build-out and hosting of international gatherings remain government imperatives, these will drive continuous MICE engagements across project and event management, catering to delegates, staging cultural performances, facilitation and more.