Market Trends of GCC Event Management Industry
The Push for Growth in the Exhibitions Sector Has Contributed to the Expansion of the Event Management Sector
The hospitality and event management sectors in the GCC (Gulf Cooperation Council) are closely intertwined, with changes in one industry significantly impacting the other. Saudi Arabia leads the region in hospitality revenue, followed by the United Arab Emirates, Qatar, Bahrain, Oman, and Kuwait.
According to DWTC, overseen by the Dubai World Trade Centre (DWTC), the global hub for events and exhibitions, Dubai's events sector experienced a notable 25% growth in the previous year. It hosted 107 exhibitions, international association conventions, and industry conferences.
Recognizing the sector's potential, GCC governments are investing heavily in tourism, focusing on upscale hotels, resorts, and cultural landmarks. The GCC is cementing its global appeal by hosting flagship events like the F1 Grand Prix, Dubai Shopping Festival, and Riyadh Season. This strategic push bolsters the hospitality sector and showcases the region's diverse attractions, ranging from historical sites and museums to desert landscapes, islands, diving spots, and mountain retreats.
The UAE is Expected to Dominate the Event Management Industry
Dubai, renowned as the global events hub, hosts a blend of East-West events, making it a must-visit for tourists in the UAE. The city hosts some of the world's premier events at top-notch venues. The event industry in the UAE and Saudi Arabia has been witnessing remarkable growth, driven by a surge in demand for corporate events, conferences, exhibitions, weddings, and social gatherings.
Dubai's position as a leading destination for meetings, incentives, conferences, and exhibitions (MICE) is rising, underlining its increasing importance. In the initial half of 2023, the city experienced an impressive 45% surge in bids for business events, contributing significantly to its economic growth.
These event wins underscore Dubai's robust growth in the business events sector and highlight its broader economic expansion. The city secured 24 association conferences and meetings, bolstering its knowledge economy. Additionally, Dubai clinched 84 incentives, buoyed by resurgent interest from China and sustained momentum from India.
