MICE tourism, or meetings, incentives, conferences, and exhibits, is a kind of travel where big groups are gathered together, typically with plenty of advance planning. Utilizing the phrase "meetings industry" instead of the abbreviation "meetings industry" has become popular recently. Other industry instructors advise using the word "events industry" as a catch-all for the broad range of meetings, events, and the business as a whole.
Except for incentives, most MICE components are readily identifiable by their names. Typically, incentive travel is used by businesses or organizations to thank staff members for exceeding goals or for a job well done.
The Global UAE MICE Market is estimated to be valued at US$ 6.01 Mn in 2024 and is expected to exhibit a CAGR of 2.2% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the UAE MICE Market are General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd. These players are focusing on capacity expansions and upgrading existing facilities to strengthen their positions in the market.
The UAE government is taking several initiatives to encourage MICE activities such as developing exclusive infrastructure for events and welcoming tax-free zones. Such efforts are expected to create new opportunities for market growth.
The MICE industry in the UAE is also gaining momentum owing to rapid infrastructure development and easy availability of international flights. Major global events and exhibitions are regularly organized in Dubai and Abu Dhabi, which is helping the country emerge as a prominent MICE destination.
Market Drivers
The growing tourism industry in the UAE acts as a key driver for the UAE MICE Market Demand. In 2021, the number of tourist arrivals in the country surpassed pre-pandemic levels driven by domestic tourism and a successful vaccination drive. The expansion of hotel infrastructure and recreational facilities is encouraging more MICE events.
The economic diversification away from oil is another major factor driving growth. The government is promoting non-oil sectors like trade, services and tourism through initiatives like Expo 2020. This is increasing corporate meetings and conferences, thus benefitting the MICE market.
Incentives for the sector through 100% foreign ownership is attracting global MICE operators to set up base in the UAE. The business-friendly regulatory environment and state support are expected to accelerate market expansion over the coming years.
PEST Analysis
Political: The UAE goverment continues to focus on developing the tourism industry and attracting greater investment. Favorable Government policies help drive growth of the MICE industry
Economic: Economic diversification away from oil remains a priority for UAE. Growth of non-oil sectors like tourism and real estate boost demand for meetings and events. Rise in discretionary spending power of individuals and corporates spurs spending on MICE
Social: UAE aims to become a top global MICE destination. Social infrastructure developments like airport expansions and hotel rooms cater to this. Large scale exhibitions and events attract participation from around the world.
Technological: Digital transformation of the sector leverages technologies like virtual/hybrid events, mobile apps and AI. This helps reach a wider audience globally and enhances customer experience. Event organizers adopt advanced technologies to streamline operations and engagement.
The geographical regions where the UAE MICE market is concentrated in terms of value include Dubai, Abu Dhabi and Sharjah. Dubai has firmly established itself as a top global MICE destination, hosting mega events year round. It accounts for more than 60% share of the country's MICE market value. Abu Dhabi is also developing significantly supported by investments in infrastructure and attractions.
The fastest growing region for the UAE MICE market is expected to be Sharjah. Sharjah has been strategically developing its exhibition and conference infrastructure. With lower operating costs compared to Dubai, it is attracting greater interests from event organizers. Upcoming projects like the new Sharjah Expo Centre will provide fillip to growth. The emirate targets to enhance its share in the country's lucrative MICE industry.
Get more insights on UAE MICE Market
Comments
0 comment