Tourism & Hospitality | Monday 1 August, 2016 2:27 am |

Along with the Economic and Cultural developments witnessed in the Kingdom and the region, The MICE industry recorded considerable growth over the past few years, by approving 6584 events in 2015 thus achieving a 23% increase compared to the previous year.

As one of the major economic sectors that indicates healthy economic development, the MICE Industry plays a significant role in promoting the promising sectors and introducing the productive sectors and marketing them to an international audience thus enhancing the commercial trade between the Kingdom and other countries, in addition to the social, cultural and touristic impact.

 

After it realized its importance in supporting the economic diversification process, the Saudi Council of Ministers issued a resolution to establish the Saudi Exhibition & Convention Bureau (SECB), which is working towards generating huge revenues that contribute significantly in the total local outcomes in order to become a prime key of the national economy; Especially that the Saudi Government is planning to invest SR 6 Billion in this sector to fulfill its vision of becoming the leading destination for the MICE industry in the region by 2020.

 

The MICE industry acts as a stimulus for the diversified economic sectors such as power, automotive, Plastics and Petrochemicals, Health and others, and aims at building connections with the organizing parties and the the governmental authorities and the public and private sectors to build an integrated platform that serves the development of the associated sectors.

 

MICE Visitors Spending was estimated at 20% of the total tourism revenue in the Kingdom recording 10 billion Riyals annually and it is predicted that this contribution will continue to increase during the coming period.

 

According to Riyadh Exhibitions Company report, the MICE industry is a popular phenomenon that caters all economic sectors and it should be organized according to pre-set criteria to be aligned with the government’s strategic vision that aims at the promoting Kingdom's position as the business hub of the region and attract visitors from all over the globe.

 

2016 will witness more success in the MICE industry and Riyadh Exhibitions Company will continue working towards offering the highest level of trade shows through the several shows it organizes such as the Riyadh Motor Show, the Saudi Print & Pack and Plastics & Petrochemical, Saudi Build, Saudi Agriculture, Saudi Health to name few, which had and will continue to contribute to the development of this vital sector.