MICE industry to hit $1.4bln in five years; GCC major source market

Saudi Arabia and UAE's top rankings have been boosted by the growth of regional airlines

  
Saudi Crown Prince Mohammed bin Salman attends with Bahrain's Crown Prince Salman bin Hamad al-Khalifa and Lebanese Prime Minister Saad al-Hariri the Future Investment Initiative Forum in Riyadh, Saudi Arabia October 24, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY.

Saudi Crown Prince Mohammed bin Salman attends with Bahrain's Crown Prince Salman bin Hamad al-Khalifa and Lebanese Prime Minister Saad al-Hariri the Future Investment Initiative Forum in Riyadh, Saudi Arabia October 24, 2018. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY.

The impact from the conronavirus may be shaking down the travel and conferences industry for now. But the outlook over the next five years looks splendid.

The global meetings, incentives, conferences and exhibition (MICE) industry is expected to reach over $1.4 billion in the next five years, with the Middle East region, particularly the GCC, at the forefront according to ITL World Company.

Saudi Arabia is the biggest source market for outbound travel in the Middle East, followed by the UAE, MiceMinds, part of the travel management company ITL World, said.

Saudi Arabia and UAE’s top rankings have been boosted by the growth of regional airlines as well as the “game-changing mindset” of travel management companies that create incentive travel experiences, personalised and designed to lead positive business results, MiceMinds said.

(Reporting by Gerard Aoun; editing by Seban Scaria)

(Gerard.Aoun@refinitiv.com)

#MICE #GCC #SAUDI #UAE #CORONAVIRUS #TRAVEL #AVIATION

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