As Saudi Arabia advances its Vision 2030 economic diversification agenda, the Kingdom’s Meetings, Incentives, Conferences and Exhibitions (MICE) industry is emerging as one of the fastest-growing segments within its tourism ecosystem.
Against this backdrop, WTM Spotlight Riyadh will serve as a global platform to showcase the country’s expanding capacity to host world-class business events, bringing and connecting international planners with opportunities across the Kingdom.
According to Mordor Intelligence, Saudi Arabia’s MICE market is forecast to grow at a CAGR of 9.82 per cent through to 2031, reaching $5.65 billion, reflecting the Kingdom’s substantial investment in venues, aviation, hospitality, and supporting infrastructure.
Government spending on business event venues reached $1.3 billion in 2023 across Riyadh and Jeddah alone, while millions of square metres of new exhibition space, thousands of hotel rooms and expanded airport capacity are being delivered to meet growing delegate demand. Underscoring the scale of growth in the MICE market across the wider MENA region, the Saudi Tourism Society has outlined an industry forecast projecting $100 billion in 2035, with Saudi Arabia ranked among the region’s top three destinations for business events.
Danielle Curtis, Regional Portfolio Director – UAE, RX, commented: “Saudi Arabia’s MICE sector is entering a period of extraordinary growth. With market value projected to exceed $5.5 billion by 2031, business events are pivotal in accelerating tourism development, driving demand for premium hotels, and strengthening international partnerships.
“WTM Spotlight Riyadh provides a focused platform to showcase the Kingdom’s rapidly expanding event infrastructure and connect global planners with on-the-ground stakeholders.”
Globally, the MICE market is expected to reach over $3 trillion by 2034, according to Fortune Business Insights, with Saudi Arabia becoming an increasingly influential outbound MICE market.
As Saudi companies expand globally and diversify their operations in line with Vision 2030 priorities, the demand for international meetings, corporate travel programmes, and large-scale incentive experiences is growing rapidly.