UAE MICE sector to hit $1.39bn

RITIKA SHARMA / Emirates Business

Generating a total of $653 million per year, the Meetings, Incentives, Conferences and Exhibitions (MICE) industry in the Emirates is expected to witness an annual growth rate of over 7 percent yearly till 2020.
The MICE industry, which is considered the backbone of many economies globally, has emerged as one of the key growth drivers that ensure the flourishing development of the nation’s economy.
Over the years, it has made noteworthy contributions through enhanced income and employment generation while attracting considerable foreign investments.
“Market has been brought to new heights due to the confluence of several fundamental factors such as the increasing urban and resort development as well as booming convention and business tourism. We firmly believe that the regional industry is poised for further dynamic expansion in the coming years, with the business showing high potential to make an even stronger contribution to the overall regional economy,” said Simon Mellor, President of UAE-based dmg Events, in an official statement.
In line with the upcoming Expo 2020, the value of local MICE industry is expected to surpass the whopping mark of $1.39 billion. Vigorous expansions and large-scale construction projects are now underway to support the expected influx of tourists, including MICE visitors, to the UAE. Reports show that nearly 50 percent of the $1 trillion of construction projects in the Middle East are of the UAE.
In an exclusive conversation with Emirates Business, Mubarak Hamad Al Shamsi, Director of Abu Dhabi Convention Bureau, said, “In past few years, Abu Dhabi has built a very great profile as far as business events are concerned. We have hosted some of the most important international events. This gives Abu Dhabi a ‘credible’ status which is far more important and significant for us than any other gain.”
“These major events are a testimony to the fact that Abu Dhabi has all that is required to deliver world-class business events and that it gives the right support. We, as an authority, make sure that we not only support these events for economic impact — yes economic part of it is important — but we support them for the strategic impact. That is what matters to us the most,” he added. Amid the preparations for an array of upcoming mega events in this region, other Emirates, besides Dubai and Abu Dhabi, are also garnering their share of profits and growth. “Like in any country, the sector, which is instrumental in furthering organisational objectives and success, plays a fundamental role in the UAE’s overall economic development,” pointed out Mellor.