General Authority for Exhibitions and Conferences BOD Chairman, to (Maaal): The sector is witnessing an annual growth of 9%, we issued 17,000 licenses in 2023

Fahd Al-Rasheed, Chairman of the Board of Directors of the General Authority for Exhibitions and Conferences, said in a statement to (Maaal) newspaper: “The exhibitions and conferences sector is witnessing a growth of 9%, and 17,000 licenses have been issued in the sector for the year 2023. He indicated that the future of this sector will be dazzling, in light of the increasing interest from international companies, after three of them announced the establishment of offices in the Kingdom of Saudi Arabia, which reflects the strength of this sector and the great opportunities it offers.”

The first edition of the International Exhibitions and Conferences Summit (IMS24) organized by the General Authority for Exhibitions and Conferences in Riyadh during the period from 15 to 17 December, was launched today in Riyadh, with the participation of more than 1,000 leaders of the global exhibitions and conferences sector, from 73 countries.

Al-Rasheed said in his opening speech that the exhibitions and conferences sector has become a major driver of progress in light of the profound transformations the world is witnessing, which highlights the importance of the International Exhibitions and Conferences Summit as a leading global platform that came at a very important time to lead this sector.

Al-Rasheed pointed out that the development of the sector comes to expand the horizons of what the events industry can achieve, by changing the concept of people meeting, communicating and exchanging ideas, noting that the summit will represent the beginning of a new chapter in the world of events.

Regarding the support of local companies and the empowerment of Saudi youth in this sector, Al-Rasheed said: “We work in close cooperation with various government agencies, including the Ministry of Human Resources and the Human Resources Development Fund, in addition to local and international institutions, to train young Saudi men and women to benefit from the job opportunities provided by the sector. This year, we trained 34,000 young men and women, and they are present with us today at this event, where they will gain amazing job opportunities in this sector. With the presence of these global companies in the Kingdom, these opportunities will increase significantly.”

Al-Rashid added: “On the third day of the summit, we dedicated a full time to the local sector of exhibitions and conferences, where international companies will listen to the axes of local companies. This reflects the joint cooperation between international and local companies, because the success of events always requires multiple partnerships, with 10 to 20 companies cooperating in organizing each event. I believe that the Saudi sector will grow significantly, and what we are witnessing today is just the beginning.” Regarding enabling small and medium-sized companies to obtain financing, Al-Rashid said: “Today, financing is no longer a problem for the sector’s businesses. There are many government agencies and government support funds that provide financing and support, in addition to Saudi banks that seek to invest in sectors with high growth. In fact, some Saudi companies have become joint-stock companies in this sector. I believe that the sector lacks nothing except the decision of Saudi companies to enter this field, and we are ready to provide the support they need.”

“The business sector is expected to grow from $600 billion today to $3.5 trillion in 2034, representing a growth of 500% compared to the global economy, which is expected to grow by 2.6% next year. This industry holds incredible opportunities, and this is the right time for us, with the right people in the world, to revolutionize it and take it to the next level. Business travel is expected to return this year and grow 6.8% above pre-Covid levels to reach $1.5 trillion, but the opportunity is even greater. Over the next ten years, this industry will continue to grow at an unprecedented rate,” Al Rasheed added. “The opportunity before us is broader, deeper, and perhaps one of the greatest opportunities the sector has seen in decades, and that is Vision 2030. Vision 2030 is a plan for a massive socio-economic transformation that permeates all sectors and fields in the Kingdom. This vision represents the future for our children and your children, but how does it affect the MICE industry? The answer lies in the ambitious initiatives launched by the Kingdom.”

Al-Rasheed explained: “Vision 2030 launched 1,064 initiatives to achieve its goals, an unprecedented number for an ambitious country. We also seek to achieve tourism goals through partnerships, where we can expand by working with the best Saudi and international talents, and building global alliances to support these initiatives. We believe that partnerships are the essence of this industry, and this is what helps us expand and reach new horizons.” He continued: “If we have 1,000 initiatives and projects in the Kingdom, and if each one of them requires a major meeting annually for five years, this means that there are 5,000 major events, and if each event requires 100 meetings, this will mean 100,000 events and meetings. This is a huge opportunity, and this is the opportunity that Vision 2030 represents.” Al-Rasheed stressed that the Kingdom is the ideal place to invest in this sector, saying: “We have our major cities and our giant projects that are spending more than $650 billion on them. These projects will provide the right infrastructure and vital facilities in the hospitality and entertainment sectors, making the Kingdom an ideal place to invest in the exhibitions and conferences industry.”

Al-Rasheed also pointed out that the General Authority for Exhibitions and Conferences has trained more than 34,000 young Saudis in the past year in cooperation with its partners in the government and around the world, stressing the importance of these initiatives in empowering the next generation to work in this industry. “Let’s inspire these young people to continue their careers in this industry, and be generous with them and give them a warm round of welcome.”

For his part, Ahmed Al-Khateeb, Minister of Tourism, said: “The tourism sector is expected to double in the next ten years, which is great news. He added: “Since the launch of Vision 2030, we have been exploring new sectors such as tourism, sports, and entertainment, with the aim of unlocking great value from the resources we have.”

Al-Khatib added: “We have witnessed remarkable growth since the launch of the National Tourism Strategy in 2019. Our goal is to attract 100 million tourists by 2030, and we exceeded this goal last year and raised it to 150 million tourists, including 55 million international tourists. This will enable the Kingdom to be among the top five countries in the world in terms of the number of tourists.”

Al-Khatib added: We are in the process of strengthening the infrastructure, including the launch of “Riyadh Aviation” and increasing the capacity of airlines, in addition to building the largest airport in the Kingdom, King Salman Airport in Riyadh, which will accommodate 120 million passengers annually by 2030. In addition, 15 new resorts will be opened on the Red Sea next year.

Al-Khatib pointed out: Tourism contributes 5% to the GDP, and we aim to reach 10% by 2030. He added: “When this goal is achieved, tourism will be the second largest source of government revenue after oil, which will contribute to making our economy more sustainable.”