RIYADH, Saudi Arabia, Feb. 28, 2025 (GLOBE NEWSWIRE) — Saudi Arabia’s Meetings, Incentives, Conferences, and Exhibitions (MICE) industry is on the cusp of a significant transformation, driven by the Kingdom’s Vision 2030 and a surge in tourism investments.
According to recent reports, Saudi Arabia aims to increase its MICE sector’s contribution to the national GDP from 3.8% to 8.8% by 2030. This ambitious goal is expected to create new opportunities for businesses, entrepreneurs, and event planners.
Key drivers of growth in Saudi Arabia’s MICE industry include:
1. Government Support: The Saudi government has launched initiatives to develop and promote the MICE sector, including the establishment of the Saudi Exhibition and Convention Bureau.
2. Infrastructure Development: Major cities like Riyadh, Jeddah, and Dammam are investing heavily in state-of-the-art convention centers, hotels, and other MICE infrastructure.
3. Tourism Growth: Saudi Arabia’s tourism sector is expanding rapidly, driven by the introduction of tourist visas and investments in attractions and experiences.
“The MICE industry in Saudi Arabia is on the verge of a major breakthrough,” said Jowad Khan, CEO of Cynosure Worldwide. “With the government’s support and investments in infrastructure, we expect to see significant growth in the sector over the coming years.”
Cynosure Worldwide aims to expand its services, invest in cutting-edge technology, and foster strategic partnerships to reinforce its commitment to supporting industry growth in Saudi Arabia.
Here’s a comparison of the MICE industry between the global market and Saudi Arabia:
Global MICE Industry
– Market Size: USD 802.59 billion (2023) to USD 1,466.94 billion (2030)
– Growth Rate: 9.1% CAGR (2024-2030)
– Meetings Segment: 41.3% revenue share (2023)
– Incentives Segment: 11.8% CAGR (2024-2030)
– Top Destinations: USA, China, Germany, UK, and Japan
Saudi Arabia MICE Industry
– Market Size: USD 1.4 billion (2023) to USD 5.5 billion (2030)
– Growth Rate: 15.5% CAGR (2024-2030)
– Meetings Segment: 30% revenue share (2023)
– Incentives Segment: 12.2% CAGR (2024-2030)
– Top Destinations: Riyadh, Jeddah, and Makkah
“Saudi Arabia’s MICE industry is growing faster than the global average,” said Jowad Khan. “To capitalize on this growth, Cynosure Worldwide is expanding its MICE services in Saudi Arabia, offering bespoke solutions for events, conferences, and exhibitions. Our team is committed to delivering exceptional events and experiences that showcase the Kingdom’s rich culture and hospitality,” added Jowad.
Media Contact:
Syeda Mahnoor
Mahnoor@CynosureWorldwide.com
+966 572862125
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a3f5aab1-dc88-4e62-a249-d537b4830994
