Market Overview:
The UAE MICE industry encompasses organized business events like meetings, incentives, conferences and exhibitions held in hotels, conventions,s and exhibition centers. The market caters to small business meetings, corporate events, product launches as well as international conventions and exhibitions. The UAE has emerged as a popular MICE destination in the Middle East due to world-class infrastructure, high-end hotels and convention centers, vibrant culture and tax-free environment. The growth of tourism and business activities in the country is driving more corporations, associations and event organizers to choose the UAE for conducting their MICE activities.
Market key trends:
One of the key trends driving growth in the UAE MICE market is the rising inflow of foreign tourists and business travelers to the country. The UAE government has undertaken several initiatives like visa reforms and airport expansions to boost tourism. The growing network of international airports in Dubai and Abu Dhabi is making the country more accessible for MICE travelers. Furthermore, Dubai and Abu Dhabi are investing heavily in developing their convention infrastructure to aggressively promote themselves in the global MICE industry. For instance, Dubai hosted Expo 2020 which boosted the construction of new hotels and convention centers. Going forward, mega sport and business events like Dubai Expo 2020 are expected to keep attracting more MICE clients to the UAE.
Porter’s Analysis
The threat of new entrants: The UAE MICE market has the moderate threat of new entrants due to high capital investment required to build and maintain infrastructure for MICE activities and brand reputation.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of many product alternatives and transparency in room rates. However, switching costs associated with change in event venue act as a barrier.
Bargaining power of suppliers: Suppliers have low bargaining power due to fragmented supply market with presence of many small and large suppliers.
Threat of new substitutes: Threat of substitutes is low as there are limited substitutes that can replicate the services offered in MICE sector involving face-to-face interactions and networking.
Competitive rivalry: The market has high competitive rivalry owing to presence of many large and small operators.
The global UAE Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size is estimated to be valued at US$ 5.21 Billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The UAE MICE market size is expected to reach US$ 7.43 Billion by 2030, exhibiting a CAGR of 8.5% during the forecast period. Factors such as growth of tourism industry, strategic initiatives by the government and corporations to promote business events will drive the market during the forecast period.
The UAE dominates the MICE market in the Middle-East region, owing to presence of state-of-the-art infrastructure, world class hotels, attractive destinations and ease of visa procedures. Dubai is the largest market, attributed to hosting of mega events such as Dubai Expo 2020. Abu Dhabi is also emerging as a promising destination, supported by new developments.
Key players operating in the UAE MICE market are Dubai World Trade Centre, Habtoor Hospitality, Action Hotels, TIME Hotels, Ascott Limited, AccorHotels, Marriott International, Hilton Worldwide, InterContinental Hotels Group, Hyatt Hotels Corporation, Radisson Hotel Group, Wyndham Hotels & Resorts, JA Resorts & Hotels, Millennium & Copthorne Hotels, Abu Dhabi National Exhibitions Company, Sharjah Commerce and Tourism Development Authority, Emirates Group, Emaar Hospitality Group, Rotana Hotel Management Corporation PJSC, Jumeirah Group.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it