Saudi Arabia’s Vision 2030 economic diversification program is advancing the MICE industry, which is one of the fastest growing segments in its tourism ecosystem. According to Mordor Intelligence’s forecast, Saudi Arabia’s MICE industry is expected to grow at a 9.82% CAGR through 2031, reaching US$5.65billion, reflecting the Kingdom’s substantial investment in venues and infrastructure, including aviation, hospitality and supporting infrastructure. Government spending on business events venues in Riyadh, Jeddah, and other cities reached US$1.3billion in 2023. New exhibition space, hotel rooms, and airport capacity are also being built to meet the growing demand for delegates. Saudi Arabia’s MICE industry is experiencing a period of unprecedented growth, according to Danielle Curtis, Regional Director – UAE, RX. With market value projected to exceed US$5.5 billion by 2031, business events are pivotal in accelerating tourism development, driving demand for premium hotels, and strengthening international partnerships.ADVERTISEMENT”WTM Spotlight Riyadh provides a focused platform to showcase the Kingdom’s rapidly expanding event infrastructure and connect global planners with on-the-ground stakeholders.”Globally, the MICE market is expected to reach over US$3 trillion by 2034, according to Fortune Business Insights, with Saudi Arabia becoming an increasingly influential outbound MICE market. Saudi Arabia is diversifying its operations and expanding globally in line with Vision 2030. As a result, the demand for large-scale incentive programs, corporate travel programmes and international meetings is increasing rapidly. Corporate planners are moving away from traditional reward-based incentives towards more strategic, performance focused programmes that aim to boost employee engagement, build global partnerships, and achieve measurable business results. This development presents a great opportunity for international destinations, convention bureaus, hotels, and event venues. The event will bring together Saudi corporate travel organisers, procurement specialists, event organisers, and incentive agencies to showcase global destinations and suppliers’ venues, services, and event solutions directly to decision-makers shaping the Kingdom’s outbound MICE programmes. The event will bring together Saudi corporate travel organisers with procurement specialists, event organisers and incentives agencies to showcase global destinations and suppliers’ venues, services and event solutions to decision makers shaping the Kingdom’s outbound MICE programs.
