MICE Industry to Drive UAE Economy

THE MEETINGS, Incentives, Conferences, and Exhibitions (MICE) industry in the UAE will continue its exponential growth and sustain significant contribution to the national economy in coming years, according to experts.

Top executives and latest research reports indicate that the UAE MICE market is expected to grow at 8.5 per cent during the 2023-30 to $9.12 billion by 2030 due to increasing business events, exhibitions and conferences in the country.

They further said the UAE dominates the MICE market in the Middle East due to world-class infrastructure and facilities for hosting global events. Dubai World Trade Centre, Abu Dhabi National Exhibition Centre (ADNEC) and Expo Centre Sharjah are some of the leading players in the MICE industry and contributing significantly to national economy.

Mahir Julfar, Executive Vice-President at Dubai World Trade Centre (DWTC), said the outlook for the MICE industry in the UAE is exceptionally optimistic for this year. He said DWTC plays a pivotal role in shaping the global MICE landscape and is a key catalyst to Dubai’s success.

“The sector is on a trajectory of growth and success, characterised by innovation, sustainability, and a dedication to delivering outstanding experiences for participants and exhibitors,” Julfar told BTR.

The ongoing economic impact of events hosted at DWTC was underscored by a significant incremental economic output of Dh13 billion in 2022, with 57 per cent retained within Dubai's GDP. The impressive multiplier effect, where every dirham invested generates over 7.4 times its value across the city's wider economy, emphasises the crucial role of the MICE sector in driving economic growth.

ADNEC group announced recently that the direct and indirect economic contributions of the group's seven business sectors to the economy of the emirate of Abu Dhabi and the UAE in general will double to reach Dh7.37 billion in 2023, an increase of 107 per cent compared to 2022, which amounted to Dh3.56 billion, to be the largest in the group's history since its establishment in 2005.

"These record achievements came in line with the group's commitment to develop and innovate solutions and initiatives aimed at accelerating performance growth rates and seizing investment opportunities in its seven business sectors, and working closely to achieve added value for all its shareholders and partners in the government and private sectors, in order to emphasise the position of the emirate of Abu Dhabi as the capital of the business and leisure tourism sectors in the region,” Humaid Matar Al Dhaheri, Managing Director and CEO of ADNEC Group, said.

MASSIVE GROWTH

Notably, in the first half of 2023, the UAE led the Middle East's MICE market, with Dubai's global reputation in the industry surging. The city experienced an impressive 44 per cent year-on-year growth in business event bid wins, aligning seamlessly with the objectives outlined in the Dubai Economic Agenda D33, indicating significant economic growth.

“Building on the success of large-scale events at DWTC in 2023, including global conferences such as COP28 at Dubai Exhibitions Centre (DEC), and prestigious legacy events from Gitex Global and Gulfood to Arab Health and the Arabian Travel Market, our focus for 2024 is on growth and expansion. Our two world-leading venues, DWTC and DEC, are gearing up to host over 70 high-profile and pioneering events in first half of 2024,” he said.

“As we move into 2024, several key trends are expected to shape the MICE landscape in the UAE, with Dubai at the forefront. Digital transformation will continue to be a significant influence, utilising data analytics and artificial intelligence to offer highly personalised experiences.

“Understanding participant behaviour and exhibitor preferences enables precise tailoring of offerings, setting a new standard for satisfaction and engagement in MICE events. This data-driven approach not only enhances the participant experience but also contributes to the overall efficiency and effectiveness of event planning and execution,” he said.

Moreover, he said sustainability initiatives will evolve in the realm of event planning and execution, with green practices, ranging from efficient waste management to energy conservation, becoming integral components of MICE business and tourism. This reflects a commitment to environmental responsibility, highlighting the industry's awareness of its ecological impact and aligning business objectives with global efforts toward a more sustainable future.

PROMISING OUTLOOK

Saif Mohammed Al Midfa, Chief Executive Officer of Expo Centre Sharjah (ECS), expressed similar views and said the outlook for the conferences and exhibitions industry in Sharjah and the UAE is quite promising.

“The sector is witnessing exponential growth, reflected in the UAE’s hosting of major international exhibitions and conferences. Along with the recent COP28 Climate Change Conference, we have hosted numerous international events that go hand-in-hand with the continuous growth trajectory of this dynamic and prominent sector, while positively impacting various other sectors,” Al Midfa told BTR.

“In Sharjah, our 2024 calendar at Expo Centre Sharjah is packed with events as we prepare to put on 49 exhibitions and festivals this year at our main headquarters in Sharjah and our affiliate centres in Khorfakkan and Al Dhaid,” he said.

“Sharjah’s exhibition boom is cemented by the economic, industrial, cultural, and tourism momentum currently sweeping the Emirate. Our focus is to incorporate all of these aspects into the current year’s events calendar by hosting a line-up of major local, regional, and international exhibitions targeting key sectors,” he said.

FACTORS DRIVING GROWTH

Julfar said the UAE's robust economic growth, driven by its pivotal role as a leading tourism and business hub, leads to an increased focus on MICE activities, fuelling market expansion.

“Evolving lifestyles and increasing disposable incomes in the region support a culture of both leisure travel and corporate gatherings, further enabling growth of the MICE market. Emerging technologies that facilitate virtual and hybrid events also empower organisers to engage a global audience and optimise participation,” he said.

The Government of Dubai remains steadfast in its commitment to ensuring the city maintains its appeal as a highly attractive destination for the global MICE industry. This commitment is evident through continuous investments in infrastructure, innovation and human capital.Moreover, the ongoing introduction of new economic initiatives, such as the Dubai Economic Agenda D33, and regulatory frameworks to enhance foreign direct investment, generate demand across various sectors, including our industry.

“This commitment is underlined by a track record of hosting prestigious, globally significant events. Simultaneously, Dubai is dedicated to fulfilling the broader UAE commitment to sustainability and accessibility, adding value to the MICE experience.”

DWTC serves as the anchor for MICE events in the emirate, through its two world-class locations — DWTC and DEC. Collaborating with key public and private sector stakeholders, we consistently strive to innovate and evolve through the pursuit of new opportunities, ventures, and projects that enable us to better serve the international business and MICE community, ultimately increasing our contribution to the Dubai economy.

“Through the expansion of our own events portfolio, we are able to showcase our legacy capabilities and support key growth sectors in pivotal markets while promoting DWTC and Dubai as a hub for opportunities. This recognition has been acknowledged by global industry bodies, including UFI and the International Congress and Convention Association (ICCA), with Dubai being ranked as one of the world’s premier MICE destinations,” he said.

SHARJAH AN EMERGING PLAYER

Al Midfa said the UAE and Sharjah have emerged as a significant regional hub for conferences and exhibitions because of our focus on innovation and quality in event-planning.

“Credit is also due to the government support for the industry, manifested in its provision of incentives, facilities, laws, and policies that stimulate, develop, and diversify the sector, raising levels of quality and competitiveness,” he said.

He said several other factors also play a role in propelling the growth of the exhibitions sector. Elaborating, he said the UAE’s strategic geographic location makes it an easy-access destination from all corners of the globe.

“Our nation also boasts numerous seaports and free zones, a favourable business climate, and a capacity for hosting diverse events that meet market requirements and advance economic diversification in the fields of real estate, industry, retail, and culture. All these sectors in Sharjah are experiencing persistent growth thanks to the Emirate’s advanced infrastructure, modern facilities, state-of-the-art technologies, and quality services, which we offer to exhibitors at Expo Centre Sharjah,” he said.

NEW EXHIBITIONS IN 2024

Making its mark in the first half of the year, FESPA Middle East, which took place from January 29 — February 1, 2024, is the latest addition to DWTC’s event calendar. Catering to the specialised print, signage, and visual communications community in the Middle East and Africa region, the event attracted participation from over 100 renowned global brands, promising a dynamic showcase of cutting-edge technologies, trends, and solutions within specialty printing and visual communication.

Japan Kyoto Trade Exhibition, which was held from January 22-24, serves as a premier platform for corporations and individuals to delve into the diverse industries of Japan. Exploring the forefront of technology to the intricacies of automotive, anime, food and beverage, and more, the exhibition provides a unique opportunity for attendees to connect, collaborate, and explore potential business ventures within the vibrant landscape of Japan's industries.

Following this, the Project Controls Expo, which was organised on February 13-14, brings together professionals and experts from various industries such as construction, oil and gas, aerospace, and defence.

• Japan and Canada, which are expected to grow at 12.2 per cent and 13.9 per cent, are also among the other noteworthy geographic markets. Within Europe, Germany is forecast to grow at approximately 13.8 per cent.