May 22, 2024
Ict

UAE MICE Market is Estimated to Witness Growth Due to Adoption of Digital Technologies

The UAE meetings, incentives, conferences and exhibitions (MICE) market involves the planning and execution of corporate meetings, seminars, conferences, trade shows, and other events. It provides a platform for businesses, organizations, and event management companies to network and generate new leads. The MICE industry in the UAE brings international participants through various conferences, exhibitions, and incentives. It promotes tourism and contributes significantly to the country’s economy.

The Global MICE market is estimated to be valued at US$ 6.01 Bn in 2024 and is expected to exhibit a CAGR of 2.2% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in The UAE MICE Market are General Electric (GE), Siemens Energy, Mitsubishi Power, Ltd., Toshiba Corporation, Doosan Å koda Power, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), and Fuji Electric Co., Ltd. These players are focusing on partnerships, collaborations and adoption of digital technologies to attract more events and participants.

The UAE offers abundant opportunities in the form of big-ticket events, international associations bringing regular conferences and meetings, and corporate incentives. The growing tourism sector and Dubai Expo 2020 further boosted the MICE industry.

Digital technologies like virtual and hybrid events, online registration systems, mobile apps, and AI are revolutionizing the MICE industry. They help engage larger audiences, ensure safety, optimize costs and create immersive experiences. Adoption of 5G, IoT, augmented and virtual reality will take the UAE’s MICE industry to the next level.

Market Drivers
The key driver for the growth of UAE MICE market is the rapid development of infrastructure such as convention centers, hotels and transportation. Mega events such as Dubai Expo 2020 and growing tourism are also fueling the market expansion. Government support through initiatives like Dubai Events and Dubai Calendar also helps promote the emirate as a preferred MICE destination. Partnerships between public and private entities ensure world-class facilities and services.

Current challenges in the UAE MICE market
The UAE MICE industry faces challenges due to the COVID-19 pandemic like other markets around the globe. The travel restrictions and lockdowns imposed to control the spread of the virus have disrupted business events and meetings. Several conferences, trade shows and exhibitions were either canceled or postponed. This has reduced revenues and profitability of MICE operators and related businesses in 2020. As the pandemic is still ongoing in some parts of the world, there remains uncertainty over the resumption of full-fledged MICE activities. Restoring customer confidence for in-person interaction will take time.

SWOT Analysis
Strength: The UAE is a leading MICE destination in the Middle East region due to world-class infrastructure and facilities. It offers a convenient location for global connections.
Weakness: The market is dependent on travel and tourism which are vulnerable to external shocks like health pandemics. Local companies have less experience and market share compared to international players.
Opportunity: Virtual and hybrid events are a new opportunity due to the growing acceptance of digital technologies. There is potential to attract more international conferences and seminars in future.
Threats: Geopolitical tensions and restrictions could impact travel from some countries. Competition is rising from other regional hubs that are investing in their MICE sectors.

Geographical regions
In terms of value, the MICE market in UAE is concentrated in Dubai which accounts for over 60% share. It is considered the top MICE destination not just in the Middle East but globally as well due to world-class infrastructure and facilities available. Other major cities include Abu Dhabi and Sharjah which are also developing their infrastructure to attract more business events.

Fastest growing region
Currently, Abu Dhabi offers the highest growth opportunities within the UAE MICE industry. The government is investing heavily in developing new convention centers, hotels and other supporting facilities. This is helping Abu Dhabi emerge as an attractive alternative to Dubai and capture more regional and international conferences and exhibitions in future. Its growth rate for the MICE sector is expected to be higher than Dubai over the forecast period till 2030.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it