Saudi Arabia MICE Market Expected to Register an 11% CAGR Growth by 2030

Saudi Arabia MICE Market Overview

The Saudi Arabia MICE Market is experiencing robust growth, driven by significant government investment and strategic initiatives aimed at diversifying the economy. Valued at approximately USD 2.6 billion in 2024, the market is projected to reach USD 4.6 billion by 2030, reflecting a compound annual growth rate (CAGR) of around 11% during the forecast period. Aiming to position itself as a leading global destination for business events, Saudi Arabia has focused on enhancing its infrastructure, easing visa restrictions, and fostering a more favorable regulatory environment to attract both domestic and international participants. With Vision 2030 guiding economic diversification, the Saudi Arabia MICE Market is set to play a crucial role in shaping the future of business tourism in the Kingdom.

Saudi Arabia MICE Market Forecast

Growth Trajectory: The Saudi Arabia MICE Market is anticipated to grow at a CAGR of 11% from 2025 to 2030.
Increasing Events: In 2023, the Kingdom successfully hosted approximately 17,000 events, attracting over 20 million visitors.
High-Profile Initiatives: Upcoming major events like the World Expo 2030 are expected to boost international participation significantly.
Diverse Economic Contribution: The sector is projected to create substantial job opportunities and boost ancillary service sectors, leading to increased revenue.
Government Support: Continued infrastructure investments align with the Vision 2030 strategic framework, promoting MICE activity.

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Key Driver

The primary driver of the Saudi Arabia MICE Market is the increasing emphasis on hosting international and significant national sporting events. The government’s proactive approach in promoting high-profile competitions like Formula E and the Dakar Rally enhances visibility and diversifies the existing portfolio of MICE offerings. This focus not only attracts visitors but also demands extensive logistical support, hospitality, and event management services, thereby creating a conducive environment for other business events to flourish.

Recent Development in the Saudi Arabia MICE Market

The International MICE Summit (IMS24), held in December 2024, gathered more than 1,600 business event professionals, further establishing Saudi Arabia's reputation as a premier global venue for international business events. This summit showcased advancements in event management practices and strategic partnerships and highlighted the Kingdom’s commitment to fostering a dynamic MICE ecosystem.

Key Takeaways from the Saudi Arabia MICE Market Report

The Saudi Arabia MICE Market is on a definitive path of growth, propelled by government initiatives and large-scale events generating significant economic activity. As the nation enhances its global profile as a MICE destination, stakeholders can expect a multitude of opportunities amid increased domestic and international event initiatives.

Key Players Operating in the Saudi Arabia MICE Market

Sela
Benchmark
HEIGHTS Company
DICE Marketing and Advertising
The Gathering KSA
Eye of Riyadh
Luxury KSA
360 Live
Masaahaat
Enso Arabia

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Industry Segmentation Analysis of the Saudi Arabia MICE Market

The Saudi Arabia MICE Market can be segmented based on event type, revenue source, and industry. Key segments include:

By Event Type:

Meetings (accounting for approximately 35% of market share)
Incentives
Conferences
Exhibitions

By Source of Revenue:

Tickets & Registration Fees
Accommodation
Food & Beverage
Advertising
Exhibit Space Rental
Sponsorships
Transportation
Others

By Industry:

Pharmaceuticals & Healthcare
IT & Telecom
Banking, Financial Services & Insurance
Automotive
Building & Construction
Energy & Utilities
FMCG & Food Industry
Chemicals & Water
Aviation

By Region

Central
South
East
West

Questions for Future Research

What measures are being taken to enhance visitor experience in the Saudi Arabia MICE Market?
How will Vision 2030 continue to shape the Saudi Arabia MICE Market’s future?
What role will digital transformation play in the Saudi Arabia MICE Market growth?
How do regional competitors like the UAE impact Saudi Arabia's MICE strategy?
What new event types are expected to emerge in the coming years?

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