Strong Middle East performance continues into 2024 with significant opportunity in key industry segments
Again, in the first quarter of the year, the region shows extraordinary meetings and events growth. To help hospitality companies navigate this increasingly competitive environment, the Knowland regional update explains the MICE landscape and shows hoteliers where and how to focus their new business acquisition efforts.
Rapid growth and competition in the Middle East hospitality sector requires robust data tools to increase productivity and better understand buyer behavior. Knowland is here to help hoteliers lean into these trends with account-based sales intelligence that boosts productivity and maximizes total account revenue.
Key Revelations for Q1 2024
•Market Segment Distribution: The corporate segment continues to dominate MICE activity increasing to 75.8% of event activity in Q1 2024.
•Top Industries: Travel, Consulting and Training/Education are the top MICE industries so far this year, each showing growth over the same period last year.
•Biggest Changes: The Entertainment/Media segment improved substantially this year moving from a rank of #30 to #10, while Finance & Banking dropped from a rank of #3 to #5.
•Most Improved: Arts/Performing Arts and Sport Entertainment were the most improved industry segments over the same period in 2023, showing 700%+ change in event volume over Q1 2023.
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