MICE sector to grow as UAE economy booms!
The Meetings, Incentives, Conferences and Exhibitions/Event or MICE is a special category of tourism in which large groups are gathered together to achieve a particular goal. There has been a trend towards interchanging the term “meetings industry” so as to avoid any confusion from the acronym. Another recommendation is renaming it as simply “events industry” to be an umbrella term due to the vast scope of exhibitions and meetings.
Components of MICE are well understood except for incentives as it’s usually undertaken as a type of employee reward, depending on the company or institution when targets are met with optimum results. Unlike many other types of MICE tourism, the incentive program is purely for entertainment rather than executing professional or education purposes. Such events are centred on a particular theme or topic geared towards professional, academic, special interest group or trade organisation.
MICE & Middle East
Being a business hub, Middle East is taking the lead for global events promising high-end, attractive destination. MICE in Dubai presents more favourable settings and outcome due to the rapidly increasing population from everywhere around the world and emerging businesses. The regional “meetings or event industry” has reported nearly 5 to 6 percent annual growth since 2000 just in the UAE. By the time of Expo 2020, MICE industry in the region is expected to climb by 7-8 percent.
Regional circumstances play a crucial role in any country whenever corporate objectives and success are concerned. With UAE, industry is at an advantage since it sits in the centre of the world and eyed by almost every competitive international business. What’s more important is all such events offer a powerful platform to harness new information and gather crucial, fresh insights along with help UAE leaders in giving their vision a reality shape.
Such valuable benefits prompted the government to implement major initiatives thus attracting a bigger volume of high-class events from all over the world. MICE in Dubai will be a huge success as predicted by expert economists as the city would host World Expo 2020. It’ll further bring exponential growth opportunities for this industry as well as many other markets.
Large-scale development projects are already underway to support much-expected tourist flood that includes MICE participants as well. The Event Company (TEC)is headquartered in Dubai, London and Singapore hosts major B2B events is already capitalising on many growth opportunities offered by the region.
The company serves as a central seat towards sustaining vital connections among business community members alongside their target markets by organising leading international exhibitions within the MENA region, Latin America and South East Asia. As the MICE industry grows, so does the company portfolio of TEC as global clientele from digital marketing, construction, energy, hospitality and interior industries are taking part.
A word on MICE Asia Pacific Exhibition 2016
A statistical report, right from the desk of ICCA in 2014 indicated more than 2,400 meetings held in just the Asia Pacific and the Middle East, which covers nearly 20 percent of worldwide exhibits. The primary focus was on networking between the active buyers and sellers of MICE industry.
Expect more from MICE by 2020 and witness the tremendous change in the infrastructure driven by the breadth of the industry itself.