Saudi Arabia's Meetings, Incentives, Conferences and Exhibitions (MICE) industry is poised for significant growth, with the market projected to surpass $5 billion (US$5 billion) by 2031. This expansion is part of the Kingdom's Vision 2030 initiative, which aims to diversify the economy and position Saudi Arabia as a leading destination for business events. The inaugural WTM Spotlight Riyadh, scheduled from 8 to 10 September at the Riyadh Front Exhibition & Conference Centre, will showcase the Kingdom's burgeoning capacity to host world-class events.
Mordor Intelligence forecasts a compound annual growth rate of 9.82% for Saudi Arabia's MICE market, reaching $5.65 billion (US$5.65 billion) by 2031. This growth is supported by substantial investments in venues, aviation, hospitality, and infrastructure. In 2023 alone, government spending on business event venues in Riyadh and Jeddah reached $1.3 billion (US$1.3 billion).
Danielle Curtis, Regional Portfolio Director at RX, highlighted the sector's rapid expansion: “Saudi Arabia’s MICE sector is entering a period of extraordinary growth. With market value projected to exceed $5.5 billion (US$5.5 billion) by 2031, business events are pivotal in accelerating tourism development, driving demand for premium hotels, and strengthening international partnerships.”
Globally, the MICE market is expected to reach over $3 trillion (US$3 trillion) by 2034, with Saudi Arabia becoming an influential player. The WTM Spotlight Riyadh will connect international exhibitors with Saudi corporate travel organisers and decision-makers, offering a platform to explore the Kingdom's outbound MICE opportunities.
As Saudi companies expand globally, the demand for strategic, ROI-driven international programmes is increasing. This shift is transforming how Saudi organisations approach international events, focusing on performance-driven initiatives that enhance employee engagement and global partnerships
This story was selected and published by a human editor, with content adapted from original press material using AI tools. Spot an error? Report it here.
