Brazil Injectable Drugs Market For Hospitals & Ambulatory Settings Industry Market Is Expected To Be Flourished By Increasing Government Initiatives To Promote Tourism IndustryThe Saudi Arabia MICE market involves organizing and hosting different business related events such as meetings, conferences, trade shows, exhibitions, and other corporate events. It plays a crucial role in the business world by enabling networking opportunities, education and training opportunities. The MICE industry attracts potential investors, businesses, and tourists by organizing informative exhibitions and trade shows. The government of Saudi Arabia has taken several initiatives to diversify its economy and reduce dependency on oil exports. It aims to promote tourism by developing world-class infrastructure and hosting global events. Mega projects such as NEOM, Red Sea Project, and Qiddiya Entertainment City will attract global MICE events. The global Saudi Arabia MICE Market is estimated to be valued at US$ 7.2 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: Increasing Government Initiatives to Promote Tourism Industry The government has announced initiatives such as Vision 2030 to promote tourism and culture. It aims to increase tourism contribution to GDP from 3% to 10% by 2030. Projects such as Qiddiya entertainment city worth US$ 50 billion will feature theme parks, motor sport facilities and hotel accommodation that can host MICE events. This will boost the country’s MICE market. Rising Demand from Growing Corporate Sector The corporate sector in Saudi Arabia is rapidly expanding due to industrialization and privatization reforms. Many national and multinational companies are setting up offices and production facilities in the country. This is driving the demand for MICE activities and events from the corporate sector. Organization of conferences, product launches, employee trainings and other corporate events help businesses to promote brand, business development and networking. Segment Analysis The Saudi Arabia MICE market is dominated by corporate meetings and events segment. Majority of MICE industry events in Saudi Arabia are corporate meetings and training events held by different private and public organizations operating in the kingdom. The corporate meetings and events sub-segment accounts for over 60% of the total MICE market revenue owing to large scale business operations and increasing focus on training and development programs by organizations across industries. PEST Analysis Political: The government of Saudi Arabia is promoting tourism and diversifying economy away from oil through various initiatives like Vision 2030. This is positively impacting the growth of MICE industry in the country. Economic: Strong GDP growth, young population and growing workforce are driving demand for corporate events, conferences and exhibitions. Oil wealth is also enabling large investments in tourism infrastructure development. Social: Changing social norms, growing awareness about lifestyle and work-related events are encouraging participation in MICE activities. Influx of expat workers is further boosting industry volumes. Technological: Adoption of digital tools for event planning, management and marketing as well as availability of high-speed internet and wireless connectivity across major cities is enhancing consumer experience. Key Takeaways The Brazil Injectable Drugs Market for Hospitals & Ambulatory Settings is expected to witness high growth driven by objectives of Vision 2030 plan to diversify economy and promote tourism. The regional analysis indicates that Riyadh region accounts for around 40% of total MICE activities led by availability of most prominent venues like Riyadh International Convention and Exhibition Center. Jeddah and Eastern region follow Riyadh and collectively account for over 35% share backed by significant corporate base and growing attraction as tourist destinations. Key players operating in the Saudi Arabia MICE market are Mosaic Group, Alkhair International, Motivate Middle East and Image Nation. Mosaic Group is a prominent player widening their portfolio of world-class venues. Hyatt recently acquired the hospitality business of Atrium and aims to leverage their portfolio of leading hotels to tap opportunities arising from Vision 2030 goals.

by Karan MukherjeeJanuary 23, 2024January 23, 2024