meetings RICEC
4
THE MEETINGS INDUSTRY’S FINANCIAL CONTRIBUTION CREATES A
MULTIPLIER EFFECTTHAT EXTENDS TO OTHER SECTORS SUCH AS HOSPITALITY, TRANSPORT, RETAIL, LOGISTICS, AVIATION AND ENTERTAINMENT
It also holds particular importance in Saudi Arabia’s objective to diversify its petroleum-based economy, the largest in the Middle East. According to Kuwait-based Global
Investment House, preliminary estimates suggest that Saudi Arabia’s budget surplus in 2012 stood at SAR386 billion (US$103 billion), representing 14 percent of its GDP. High oil prices could see a budget surplus at SAR349 billion (US$94 billion) in 2013, making Saudi Arabia an attractive destina- tion for investors and businesses. Al Omran says the multi-faceted economic
contributions of various industries have, in turn, also spurred growth in the meetings and exhibitions sector, as witnessed in the scope and diversity of events held in RICEC.
“There is a strong and inseparable relation- ship between a country’s national economy and the exhibitions and conventions sector.
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The impact of MICE to the local economy is far-reaching from local employment and business development opportunities, the transfer of technology and best practice standards to the strengthening of public- and private-sector partnership,” he explains. The RICEC chief believes that Saudi
Arabia’s booming economy, as well as the government’s deepening relation- ship with the private sector, will create new opportunities for regional and international exhibition organisers. The country’s 2009-2014 development plan
has allocated SAR2.4 trillion (US$650 billion) for the creation of new, or the enhance- ment of existing, urban projects such as cities, airports, ports, rail links, schools, hospitals, malls and office complexes. All of these undertakings are geared
towards satisfying the needs of its rising population and growing tourism sector.
“What is good for the economy also bene-
fits the meetings industry. The expansion and diversification of the Saudi economy means more industries will be represented. “As a result, we will see more activi-
ties such as conferences and networking events happening within these industries,” he says. In addition, the meetings industry’s
financial contribution creates a multiplier effect that extends to other sectors such as hospitality, transport, retail, logistics, aviation and entertainment. “Other recent government initiatives
include implementing more flexible visa regulations for exhibition participants and attendees, investing heavily in the promotion and marketing of government- supported events and new a regulatory framework for companies looking to estab- lish a presence in the kingdom,” he adds.
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