Report: MICE industry expected to reach $1.4bn value
The paper also named Saudi Arabia as the region’s largest source markets for outbound travel
The meeting, incentives, conferences and exhibitions (MICE) industry is expected to surpass a value of US$1.4 billion in the next five years according to Allied Market Research.
Compound annual growth rate (CAGR) within the industry is registered at 7.6% said the paper.
The paper identified European destinations such as France, Italy and the UK as key source markets for the UAE’s vice sector. I2Travel CEO & chairman, Vittorio Marsiglio said: states “The Middle Eastern market is doing an exceptional job at boosting the MICE sector making it a competitive and dynamic player globally.”
QNA International director, Sidh N.C. continued: “2020 is a very special and exciting time for the Middle East and the global MICE market. Businesses seeking to tap into the Middle East outbound travel market should aim to impress this market segment by respecting Arabian cultural needs, aspiring to exceed expectations through providing high quality and upmarket services whilst targeting evolving market opportunities such as the ‘coming of age traveller’ seeking cultural adventures.”
According to Allied Market Research, Saudi Arabia contributes the most MICE and luxury outbound travel from the Middle East, followed closely by the UAE. The paper hails the UAE’s growing aviation presence as a contributor to its outbound travel.