Saudi Arabia Emerging as Regional Leader in MICE Industry

Saudi Arabia Emerging as Regional Leader in MICE Industry

 With massive investments in infrastructure and facilities, the kingdom is positioning itself as a top regional hub for hosting all types of corporate and professional events.

Investments in Infrastructure
The Saudi government has invested billions of dollars in the last few years to develop world-class venues and infrastructure for hosting MICE events. Mega projects like the King Abdullah Financial District in Riyadh and venues like the Dur Hospitality redSea project are transforming the business events landscape. Modern international airports, high-speed rail links between major cities and new highways are reducing travel times within the country. A new generation of luxurious hotels, upscale conference centers and large exhibition halls meet global standards. The infrastructure is on par or better than many developed markets and this is attracting regional and global MICE organizers.

Growing Domestic Demand
Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE)
With a young, increasingly urbanized population and a large public sector, domestic demand for conferences, seminars and product launches is rising steadily. Several government initiatives are fostering entrepreneurship, innovation and knowledge-based sectors. This is generating more local sectoral exhibitions, competitions and networking opportunities. Large scale religious, cultural and sporting events are also boosting local incentives travel within the kingdom. As Saudi nationals gain exposure to global best practices, their preferences and standards for hosting professional gatherings are undergoing a positive change.

Policy Support and Incentives
The government recognizes MICE as a strategic sector to diversify the economy and has rolled out preferential policies and incentives to encourage growth. There are subsidies and tax rebates available for organizers of international events. Regulations have been eased regarding cultural and entertainment activities during events. New visa policies have liberalized attendance of international participants. World class event management companies are being encouraged to set up regional hubs in the kingdom. All these measures signal strong ongoing support for the development of the MICE segment as an engine of the non-oil economy.

Regional Hub Ambitions
With its central location between Africa, Europe and Asia, Saudi Arabia is well positioned to become the dominant MICE destination in Western Asia and North Africa region. It can leverage the huge domestic market as well as draw events and delegations from neighboring GCC, Middle Eastern and African countries where infrastructure may be less developed. Mega religious tourism flows to holy cities also present cross-selling opportunities. The ambitious Vision 2030 goals include targets for sharply increasing international conventions, exhibitions and incentives travel into the kingdom. World's leading international exhibition organizers are evincing keen interest to partner given the market potentials.

For more details on the report, Read- Saudi Arabia Meetings Incentives Conferences and Exhibitions