meetings
RICEC
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“SAUDI IS AN ATTRACTIVE MARKET IN VARIOUS SECTORS, CONSIDERING THE SUBSTANTIAL GOVERNMENT SPENDING AND ITS EFFECT ON ALL BUSINESS SECTORS”
BUSINESS POWERHOUSE There is already a number of reasons why RICEC ought to be confi dent about the prospects of future growth. The oil-rich nation tops the rankings in the Arab world for ease of doing business, according to the World Bank and the International Finance Corporation (IFC). There is a number of initiatives helping small businesses in an attempt to diversify the economy, and educational advances are designed to propel a new knowledge economy. “There is a strong and inseparable
relationship between a country’s national economy and the exhibitions and conventions sector,” says Al Omran. “The impact of MICE on 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. “The MICE sector supports other
growth sectors – tourism, transport, accommodation and other consumer- related sectors. So its impact on tourism starts as soon as the visitor sets foot in Saudi to attend a conference or event and ends the moment he leaves the airport.” The tourist industry in Saudi Arabia is certainly in rude health, powered in
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large part by the religious sites that draw millions to Makkah and Madinah every year for Hajj and Umra pilgrimages. Business and leisure travel – domestic and regional – is also on the rise, with a wealth of new luxury hotels and malls in Riyadh and Jeddah catering to a new consumer-conscious generation. With better connectivity and improving services, it is a country that is beginning appeal to a wider base of travellers in the region. “Personally, I think that the kingdom has
witnessed over the last years continued growth in infrastructure and construction projects, as works continue in several areas, especially in the capital,” says Al Omran. “Saudi is an attractive market in various sectors, considering the substantial government spending and its effect on all business sectors. The Saudi Council for Tourism and Antiquities (SCTA) had laid out the foundations for growth. “Prince Sultan’s address at the Global
Competitiveness Forum in Riyadh in January, 2014, which highlighted the end of the set-up phase and the beginning of the implementation phase, is a clear indication of that.” With this in mind, the major goal now is
to seize the initiative and drive the sector forward – with RICEC playing a leading
role, both as a host and in the future as a co-originator of events. The meetings eco-system in Saudi Arabia is extremely interconnected, with relevant ministries, local chambers of commerce and now the SECB all involved in driving and regulating exhibitions and business events. The role of the SECB will be assuming a greater role going forward, but in the near-term, RICEC is taking a forward position in the development of the industry.
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1 GITEX Saudi Arabia 2 Trans 4 Saudi Arabia Exhibition and Forum 2014 3 International Exhibition and Conference on Higher Education 4 Abdullah Al Omran, CEO, RICEC
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