Saudi Arabia’s business tourism and MICE (Meetings, Incentives, Conferences, and Exhibitions) sector is on a significant growth trajectory, supported by Vision 2030. Let’s dive into the latest statistics that illustrate this rapid transformation.
MICE market size and growth
According to a report by Mordor Intelligence, the Saudi Arabia MICE market size is estimated at USD 2.59 billion in 2024 and is expected to reach USD 5.37 billion by 2029. This represents a robust Compound Annual Growth Rate (CAGR) of 11% during the forecast period (2024-2029). Despite the COVID-19 pandemic’s disruption to live events, the country’s MICE sector has rebounded impressively, owing to rapid digital transformation and the gradual resumption of physical events (Mordor Intelligence, 2024).
Key market trends shaping business tourism and MICE in Saudi Arabia
Rise in sporting events and international competitions
Saudi Arabia has been striving to host a broader array of international sporting events, contributing significantly to the MICE sector. The Kingdom has already hosted prestigious events like the WWE Super Showdown, Formula E E-Prix, and the International Handball Federation Super Globe. However, COVID-19 temporarily disrupted the momentum, postponing several major sporting events that were scheduled for 2020 (Mordor Intelligence, 2024).
Despite these setbacks, Saudi Arabia remains steadfast in its pursuit of securing a wider variety of elite international competitions and national contests. Sports events like the Saudi Pro-Golf Championship and the Battle of the Champions continue to support the Kingdom’s ambitious growth in this sector.
Expansion of the hospitality sector
Saudi Arabia’s hospitality sector is booming, reflecting the broader government-led efforts to promote domestic tourism and establish the Kingdom as a leading travel destination. The sector is expected to contribute 10% of the Kingdom’s GDP by the end of the decade (Mordor Intelligence, 2024).
Envoy Programme and Vision 2030
The ambitious goal of Vision 2030 is to advance Saudi Arabia’s economy in technology, healthcare, tourism, education, and finance. The Envoy Programme, introduced by the Saudi Exhibition and Convention Bureau (SECB), aims to draw business events to the Kingdom by placing envoys in government organisations, associations, chambers, and federations. This initiative helps establish international relationships and cooperative opportunities that will attract more business events to the region (Mordor Intelligence, 2024).
Technological transformation in the MICE industry
With the surge in digital adoption, the COVID-19 pandemic accelerated growth in digital media and entertainment in Saudi Arabia. This transformation paved the way for innovative virtual and hybrid events that supplemented live meetings and conferences during periods of restriction. The growing digital-savviness of both organisers and participants, coupled with investments in advanced event management technologies, has expanded the potential of the MICE sector.
Market Leaders and Recent Developments in Saudi Arabia’s MICE Industry
Market Leaders
- Sela
- Benchmark Events
- 360LIVE
- Maasahaat
- Enso
These companies are leading the way in the Saudi Arabian MICE market with innovative approaches, high-quality event management, and strategic partnerships that cater to a diverse international clientele (Mordor Intelligence, 2024).
Recent Developments
- Expo! Expo! MENA (August 2023):
Saudi Arabia took a major step forward in strengthening its meetings, incentives, conferences, and exhibitions sector with the launch of Expo! Expo! MENA. Held in Riyadh on 10th September 2023, the event propelled Saudi Arabia into the global spotlight as a hub for diverse business gatherings. - Saudi MICE Forum (January 2023):
The Saudi MICE Forum explored the future of sustainable exhibitions and conferences. More than 40 local and international specialists participated in the two-day forum, organised in partnership with the Saudi Conventions and Exhibitions General Authority (Mordor Intelligence, 2024).
The statistics reflect a rapidly growing MICE and business tourism sector in Saudi Arabia, driven by strategic investments and reforms under Vision 2030. With an anticipated CAGR of 11% between 2024 and 2029, the sector is poised to reach USD 5.37 billion by 2029, presenting lucrative opportunities for event organisers, travel agencies, and hospitality businesses.
By investing in world-class infrastructure, fostering strategic partnerships, and expanding its hospitality sector, Saudi Arabia is well-positioned to become a global leader in business tourism and MICE.
Sources:
- Mordor Intelligence (2024): “Saudi Arabia MICE Market Size & Share Analysis”
- Statista (2024): “Travel & Tourism Market in Saudi Arabia – Revenue and Growth Projections”
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