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 is estimated to be valued at USD 2.59 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 11.3% from 2024 to 2031. Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) market has witnessed significant growth over the past decade due to   national vision to diversify the economy away from oil. The kingdom has invested heavily in developing world-class infrastructure including modern convention centers, hotels and transportation networks to boost its appeal as a regional MICE hub. This massive development of facilities and emphasis on events is expected to elevate Saudi Arabia as an emerging business and tourism destination in the Middle East. However, the market remains relatively untapped and offers opportunities for both international players and domestic operators to capitalize on rising demand for MICE activities across different industry verticals.

 Market Dynamics:

Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) market growth is driven by factors such as large investments in event infrastructure, initiatives to promote domestic tourism and events, rising business activities across sectors, growing expatriate workforce and regional geopolitical stability. However, factors including lack of experienced local talent, dependency on expatriate workforce, perception as a religious tourism destination and regional geopolitical risks can hamper the market growth. Key players are exploring opportunities arising from strategic partnerships, enhancement of destination branding through mega events and development of niche areas within the wider events industry.

 Key Features of the Study:

• This report provides in-depth analysis of the Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) marketbased on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Elegant Events, MICE Arabia, Nadd Al Shiba PR & Event Management, Zahid Travel Group, Cozmo Travel, Al Tayyar Group, General Entertainment Authority, Al Hokair Group, Saudi Commission for Tourism and National Heritage, Tetrapylon
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• the Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the the Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) market

Market Segmentation

• By Event Type:
• • Corporate Meetings
  • Conferences
  • Exhibitions
  • Incentive Travels
  • Others
• By Revenue Source:
• • Delegate Registration Fees
  • Exhibit Space Rental
  • Sponsorships
  • Accommodation
  • Transportation
  • Others
• By Enterprises Size:
• • Large Enterprises
  • Small & Medium Enterprises
• By Industry:
• • Pharmaceuticals
  • IT & Telecom
  • Banking, Financial Services and Insurance
  • Automotive
  • Construction
  • Energy & Utilities
  • Others
• By Regional:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • Elegant Events
  • MICE Arabia
  • Nadd Al Shiba PR & Event Management
  • Zahid Travel Group
  • Cozmo Travel
  • Al Tayyar Group
  • General Entertainment Authority
  • Al Hokair Group
  • Saudi Commission for Tourism and National Heritage
  • Tetrapylon