by The Saudi Arabia meetings, incentives, conferences and exhibitions (MICE) industry encompasses organizing and hosting various group tours and events that include conferences, seminars, exhibitions, events and tradeshows which aim to boost business tourism. The MICE industry plays an important role in promoting Saudi Arabia’s Vision 2030 plan of diversifying the economy and reducing dependence on oil. Some key advantages of the MICE industry include promoting tourism and trade opportunities, providing networking platforms to various industries, improving international relations, and boosting overall economic development of the country.
The global Saudi Arabia MICE Market is estimated to be valued at US$ 1.8 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
One of the major trends in the Saudi Arabia MICE market is the growing development of world-class conference infrastructure to attract more international delegates and events. The government is investing heavily through public private partnerships to develop state of the art convention centers, exhibition halls and hotels in key cities such as Riyadh, Jeddah and Al Khobar. Some notable upcoming projects includes the US $2.5 billion NEOM mega project which is planned to include convention facilities, entertainment and leisure destinations. This growing infrastructure is expected to make Saudi Arabia a more competitive MICE destination in the Middle East region over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the MICE market in Saudi Arabia is growing steadily. However, establishing brand image and attracting domestic and international clients requires huge investments.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many MICE vendors in the country providing similar services. Buyers can easily switch between vendors based on competitive pricing and offerings.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as presence of major international suppliers helps balance the demand-supply dynamics in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for Meetings, Incentives, Conferences and Exhibitions.
Competitive rivalry: The competitive rivalry is high among existing MICE vendors to gain maximum market share in Saudi Arabia.
Key Takeaways
The Brazil Injectable Drugs Market for Hospitals & Ambulatory Settings witness high growth driven by increasing spending on corporate meetings and events. The government is actively promoting the country as a MICE destination to support tourism diversification efforts.
Regional cities like Riyadh, Jeddah and Dammam are emerging as hotspots for MICE activities in the country.
Key players operating in the Saudi Arabia MICE market are Marriott International, InterContinental Hotels Group, Hilton Worldwide, AccorHotels and Millennium Hotels and Resorts. These global hotel chains are investing heavily in convention center development and expanding their MICE facility footprint across major cities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
