The MICE industry refers to travel arrangement for business-related events and activities such as conferences, congresses, incentive tours, exhibitions, and events. The MICE market plays an important role in driving tourism and business in Saudi Arabia. Major MICE activities include planning and organizing meetings, incentive trips, convention events, ceremonial conferences, trade shows, and cultural exhibitions. The MICE travel packages are generally customized as per client requirements and budgets.

The global Saudi Arabia MICE Market is estimated to be valued at US$ 3.2 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing Tourism Industry:
One of the major drivers for the growth of the Saudi Arabia MICE market is the growing tourism industry in the country. The government of Saudi Arabia has recognized tourism as a key sector to diversify its oil-dependent economy. Mega projects such as NEOM, THE LINE, and Qiddiya Entertainment City are being developed to boost tourism. The government aims to attract 100 million annual visits by 2030 compared to just 18 million in 2019. This is expected to fuel the demand for MICE activities and events in the country.

SWOT Analysis
Strength: The country has rapidly developing tourism infrastructure which is well suited for MICE activities. Saudi Arabia is also striving to diversify its economy away from dependence on oil and is promoting growth of non-oil sectors like tourism through various initiatives. The government is investing heavily in event infrastructure to boost the MICE industry.

Weakness: Limited availability of skilled local workforce for MICE industry as training and development is at a nascent stage. Language and cultural barriers can act as deterrents for some international events and conferences.

Opportunity: Saudi Vision 2030 aims to promote tourism and develop local industries. This presents opportunities to attract both international and domestic MICE events and further develop the sector. Growing business travel within Middle East region can drive demand for meetings and conferences in Saudi Arabia.

Threats: Political instability and security issues in certain Middle Eastern countries have diverted some MICE events to other global destinations. Stiff regional competition from countries aggressively marketing their MICE capabilities.

Key Takeaways

The global Brazil Injectable Drugs Market for Hospitals & Ambulatory Settings  is expected to witness high growth on account of supportive government initiatives and investment in tourism infrastructure development under Vision 2030.

Regional analysis: The Western region dominates the country's MICE market currently with cities like Jeddah and Makkah having well-established hospitality infrastructure. However, regions like Riyadh capital city and Eastern province are emerging rapidly with billion dollar projects propelling world-class convention centers, hotels and recreational facilities. The government is developing new regions as global tourist destinations to distribute economic benefits uniformly across the kingdom.

Key players operating in the Saudi Arabia MICE market includes Marriott International, Hilton Worldwide, InterContinental Hotels Group, Wyndham Hotels & Resorts and Accor. These leading hotel chains are partnering with Saudi Commission for Tourism and National Heritage to boost their presence and offerings in the kingdom through new properties catering to MICE travelers.

For more insights, read- https://www.pressreleasebulletin.com/brazil-injectable-drugs-market-for-hospitals-ambulatory-settings-industry-market-propelled-by-massive-tourism-development-initiatives-trends-size-and-share-analysis/

For more details on the report,   Read- https://whotimes.com/change-harmony-exploring-the-dynamic-world-of-ion-exchange-membranes-for-applications/