How MICE Market is Scaling Across Saudi Arabia?

Saudi Arabia MICE industry is witnessing widespread traction, owing to the growing heavy investments in building advanced infrastructure for tourism, entertainment, etc., further rapidly attracting national and international business events. Also, the prominent factor fueling the industry is the rising influx of international and national business events. Additionally, the government’s initiatives for streamlining visa policies and expanding airline networks, further bolster Saudi Arabia hospitality sector. 

Better Understanding of Saudi Arabia event industry

Saudi Arabia MICE is a collective name for corporate events, meetings, incentives, conferences, and exhibitions organized by the kingdom. This segment is an important contributor to business tourism, encouraging the diversification of the economy, generating job opportunities, and indeed stimulating the Saudi economy as it aims at attesting business-minded professionals from other countries around the world.

Strategic Initiatives Boosting Meetings, Incentives, Conferences, and Exhibitions (MICE) in Saudi Arabia

According to the ambitious vision of Saudi Arabia 2030:

• The plan emphasizes rising investments in high-class infrastructure development, escalating construction of varied networks, including airports, railway networks, seaports, urban centers, and highways & expressways. This intensifying demand is sustained by the launching of a new airline and airport expansion, 1 million square meters of expected venue space, and 854,000 hotel rooms by 2030.
• The economic diversification plan led by Vision 2030 comprises the develop the economy by encouraging non-oil industries such as tourism, renewable energy, and technology. As a result, this led to the robust expansion of the hospitality sector which is predicted to reach approx. USD 17 billion by 2030. To sustain the growing demand, widespread hotels are being constructed in the major cities of the country including Jeddah, Riyadh, and Dammam. They provide modern conference halls, advanced meeting rooms, spokesperson/event spaces, and exhibition and multimedia presentation spaces. Thus, for business tourism in Saudi Arabia, these are considered perfect suits.
• Organizing cultural events in parallel with Vision 2030 further augmenting industry growth. This boosts infrastructure to promote cultural legacy by the government, bolstering the growth of the tourism sector by 70%. Therefore, with a consistent focus on boosting infrastructure for national as well as international business event hosting by promoting logistics, coordination, and accommodation, the demand for aggregate MICE services rises.
• Another goal of tourism promotion and economic diversification, as per Vision 2030 is the escalating investments in building strong sports infrastructure. This combines artistic stadiums, hotels, and transportation networks which are the foundation of these events, captivating industry expansion. Moreover, owing to these events, the tourism sector is expected to attract more than 150 million visitors annually by 2030, seeking comprehensive attention across the globe.

Everything You Need to Know About Growing Industry

According to the latest report published by Markntel Advisors, Saudi Arabia MICE Industry size was valued at around USD 2.6 billion in 2024 and is projected to reach USD 4.6 billion by 2030.  Looking forward, Markntel Advisor predicted the industry to grow at a CAGR of around 11% during the forecast period, i.e., 2025-30. This growth is further driven by implementing cutting-edge event technologies, from registration platforms to virtual event tools. Moreover, the relaxation of social norms promotes social and family gatherings and boosts demand for meeting and event spaces.

The industry is further segmented as:

• Saudi Arabia MICE Industry Segmentation By Event Type: Meetings, Incentives, Conferences, Exhibitions
• Saudi Arabia MICE Industry Segmentation By Source of Revenue: Tickets & Registration Fees, Accommodation, Food & Beverage, Advertising, Exhibit Space Rental, Sponsorships, Transportation, and Others
• Saudi Arabia MICE Market Segmentation By Industry: Pharmaceuticals & Healthcare, IT & Telecom, Banking, Financial Services & Insurance, Automotive, Building & Construction, Energy & Utilities, FMCG & Food Industry, Chemicals & Water, Aviation
• Saudi Arabia MICE Industry Segmentation By Geography: Central, South, East, and West

MICE Market Trends in Saudi Arabia

The significant growth in the market is attributed to the enlarging number of sports events hosted in the country. The country has already hosted events like Formula E, Dakar Rally, WWE Super Showdown, and Saudi-Pro golf championship, among the top sports events. The event comprises athletes, coaches, sponsors, media, and an audience, that seeks flourished demand for transportation, catering, hospitality, and management services. One of the prominent factors, primarily boosting industry growth is the government's favorable regulations and policies to fascinate international MICE events, including streamlined visa processes and tax incentives for event organizers. Additionally, the ongoing modern technological advancements such as the integration of event tech platforms facilitate transforming the MICE experience in Saudi Arabia and enabling greater reach and engagement. The event tech solutions such as smart event apps, lead intelligence, AI-powered matchmaking, hosted buyer programs, online sponsorship, etc., are further elevating the demand for MICE event planning in Saudi Arabia.

Conclusion

According to the recent report published by Markntel Advisors, the Saudi Arabia MICE industry is projected to seek lucrative growth and expansion during forecasting years, i.e., 2025-2030. This is attributed to the burgeoning factors, changing market landscape, and paving new doors for industry players. To support changing market dynamics and sustain consumer expectations, these players accelerate their market size and revenue. Additionally, market players with the help of SWOT analysis can adjust their existing settings regarding the evolving market trends, which would ultimately augment the size & volume of the entire industry at the national level.