by Market Overview:
The UAE Meetings, Incentives, Conferences and Exhibitions (MICE) market includes businesses that organize and host conferences, trade shows, conventions, corporate events, incentive travel programs, etc. for corporates and associations. Dubai is the most preferred destination for MICE tourism in the region, owing to its world-class infrastructure, facilities and attracting global exhibitions and events. Major destinations that attract MICE tourists include Dubai, Abu Dhabi, Sharjah and Ras Al Khaimah.
Market Dynamics:
Growing corporate culture in the region supported by mass tourism is fueling the demand for MICE activities in UAE. Rising globalization of businesses is encouraging multinational companies to organize offshore meetings and conferences in UAE which is boosting the market growth. UAE government is also promoting MICE tourism through various promotional campaigns and initiatives to attract global conferences and exhibitions. The country offers state-of-the-art infrastructure including hotels, convention centers and transportation facilities to host big MICE events. In addition, business-friendly environment, stable economy and growing tourism also stimulate the MICE activities in UAE over the forecast period. However, high costs involved in organizing MICE events and regional geopolitical issues are some factors that may hamper the market growth.
Segment Analysis
The UAE MICE market is segmented into meetings, incentives, conferences, and exhibitions. Among these, the meetings segment dominates the market with over 40% share due to increasing corporate meetings and official government and business delegations in the country. The meetings segment is followed by conferences segment owing to large international exhibitions and trade conferences organized in Dubai and Abu Dhabi throughout the year.
The global UAE Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size is estimated to be valued at US$ 5.21 Billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
PEST Analysis
Political: The UAE government is strongly promoting the MICE industry through initiatives like Dubai Expo 2020. This provides a stable regulatory environment for the industry to grow.
Economic: Being a major tourism and business hub of the region, strong economic growth in the UAE translates to higher spending on MICE activities. This drives the market growth.
Social: Changing lifestyles and increasing disposable incomes are encouraging leisure travel as well as corporate meetings and events in the UAE. This social factor supports the expansion of the MICE market.
Technological: Emerging technologies like virtual and hybrid conferences are finding increased acceptance. This allows organizers to reach a global audience and maximize participation, benefiting the market.
Key Takeaways
This high growth can be attributed to initiatives by the Dubai and Abu Dhabi governments to promote tourism and business events.
The meetings, incentives, conferences, and exhibitions (MICE) industry contributes significantly to the UAE economy. Regionally, Dubai has established itself as the undisputed MICE hub of the Middle East, accounting for over 60% market share. Abu Dhabi is also emerging as a popular destination, supported by projects like the SAADIYAT Island Convention Center.
Key players operating in the UAE MICE market are Dubai World Trade Centre, Habtoor Hospitality, Action Hotels, TIME Hotels, Ascott Limited, AccorHotels, Marriott International, Hilton Worldwide, InterContinental Hotels Group, Hyatt Hotels Corporation, Radisson Hotel Group, Wyndham Hotels & Resorts, JA Resorts & Hotels, Millennium & Copthorne Hotels, Abu Dhabi National Exhibitions Company, Sharjah Commerce and Tourism Development Authority, Emirates Group, Emaar Hospitality Group, Rotana Hotel Management Corporation PJSC, and Jumeirah Group. These players are focusing on partnerships, mergers and acquisitions for business expansion.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
