Saudi Arabia is an oil-based economy. The MICE segment was considered a side income until 2011 when the Bureau was formed and they started to look at statistics to do with the direct and indirect impact of this industry. In 2010, the International Bank carried out a study in Riyadh, which declared that the indirect income resulting from the construction of the RICEC was 370 million Riyals. That was in 2010 when we had a very limited number of events. We used the same methodology in 2012 and found that the figure had risen to 500 million Riyals. This figure represents the indirect income from the industries related to this sector such as hospitality, transport and logistics.

Interview: http://www.marcopolis.net/tourism-in-saudi-arabia-business-tourism-outlook-2014-2015.htm