The UAE Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is experiencing substantial growth, driven by various factors. Here’s a breakdown of the key points collated from the research by Coherent Market Insights, which provides Market Research, Customized Research, Business Intelligence, B2B Consulting, and Advisory Services to clients worldwide.
Market Size and Growth:
- The UAE MICE Market size was valued at US$ 5.21 Billion in 2023.
- It is expected to reach US$ 9.22 Billion by 2030, with a projected compound annual growth rate (CAGR) of 8.5% from 2023 to 2030
Market Segmentation:
- The UAE MICE market is segmented by event type, industry, size, location, and revenue source.
- Exhibitions events dominate the market, constituting over 40% of the total market.
Key Drivers of the Market
- Drivers of the Market n Government Support: The UAE government recognizes MICE as a key sector for economic growth and diversification, enacting favorable policies, incentives, and reforms to attract international events and develop infrastructure.
- Infrastructure Development: Substantial investments in tourism infrastructure, including airports, hotel rooms, convention centers, and transportation, contribute to the market’s growth.
- Dubai Expo 2020: The Dubai Expo 2020 has been a significant driver, showcasing the UAE’s commitment to hosting global events and attracting international visitors.
Opportunities in the Market
- Developing Mid-Tier Cities: There is an opportunity to expand the MICE market to emerging cities like Sharjah, Ajman, Ras Al Khaimah, and Fujairah, offering cost efficiencies and proximity for demand from the Northern Emirates.
- New Source Markets: Exploring emerging source markets such as China, Africa, Eastern Europe, and Latin America can tap into untapped potential and reduce over-reliance on existing regions.
- Niche MICE Segments: Targeting specialized events in niche sectors where the UAE has inherent strengths, such as aviation, energy, infrastructure, real estate, manufacturing, retail, healthcare, and education, can attract industry-specific organizers and participants.
- Industry Diversification: As the UAE strategically promotes non-oil sectors aligned with knowledge economy goals, the market can diversify by hosting sector-focused events in emerging industries
Technology Adoption:
- The UAE MICE industry is actively adopting technology for event management, audience engagement, data analytics, hybrid events, and artificial intelligence to enhance event quality and outreach.
- The UAE’s focus on the MICE industry, coupled with government support, infrastructure development, and business-friendly policies, positions it as a premier global hub for meetings, incentives, conferences, and exhibitions. The market’s expansion to mid-tier cities, exploration of new source markets, and targeted approaches to niche segments present significant opportunities for growth.
UAE MICE Market Trends Increasing Use of Technology
- MICE events in the UAE are early adopters of technology for advertising, participant engagement, and experience enhancement.
- Technologies include event apps, RFID tracking, live streaming, augmented/ virtual reality, and cashless payments.
- The rollout of 5G is expected to boost innovative immersive solutions, making technology integration crucial for market competitiveness.
Focus on Sustainable Events
- There is a growing emphasis on improving the environmental sustainability of MICE events in the UAE.
- Efforts include eco-friendly venue design, renewable energy use, paperless solutions, carbon offsetting, green transportation, and localization.
- Venues are obtaining sustainability certifications, aligning with global climate goals and appealing to eco[1]conscious event organizers
Hybrid Events Gaining Traction
- Hybrid events, allowing both physical and virtual participant engagement, are gaining popularity for improved flexibility, outreach, and revenues.
- Tech-savvy venues in the UAE are investing in digital event infrastructure for live streaming, online presentations, and multi-location connectivity.
- Hybrid events are expected to become more common, providing year-round participation options.
Customized Experiences
- Events in the UAE aim to provide personalized experiences using data and technology.
- Tailored communication, customized recommendations, and interactive engagement are facilitated through technology.
- Gamification through mobile apps enhances event immersion, focusing on creating unique event memories for customer loyalty.
New product launches
- In November 2022, Emaar Hospitality Group launched a new beachside venue in Dubai for hosting meetings and events. The flexible space aims to attract small and mid-sized events.
- In January 2022, Dubai World Trade Centre opened a new multi-purpose arena with a capacity of 20,000 people. It aims to attract large entertainment events and conferences.
- In October 2021, Abu Dhabi National Exhibitions Company launched ADNEC Virtual, a new digital events platform. It provides virtual and hybrid event solutions.
Acquisition and partnerships
- In February 2022, Informa Markets acquired assets of Dubai World Trade Centre including events like Arab Health and Vet Middle East. This expanded Informa’s event portfolio in UAE.
- In January 2021, Dubai World Trade Centre and Etisalat partnered to provide 5G coverage across venue spaces. This enables technology enhancements for hosted events.
- In November 2020, Abu Dhabi National Exhibitions