The Middle East and North Africa (MENA) region has emerged as a vibrant and influential player in the global business landscape. With its rich history, diverse cultures, and thriving economies, this dynamic region has become an attractive destination for corporate travelers seeking opportunities, partnerships, and growth.
Corporate travel in the MENA region is more than just a journey; it’s an exploration of the vast business potential that spans across countries like the United Arab Emirates, Saudi Arabia, Qatar, Egypt, and more. From bustling financial hubs to cutting-edge industries, the MENA region offers a multitude of opportunities for companies and professionals looking to expand their horizons.
MENA Corporate/business travel in numbers
According to the Global Business Travel Association (GBTA), corporate travel spending in the Middle East and Africa (MENA) region was estimated to be $23 billion in 2022. This is expected to grow to $30 billion by 2027, a compound annual growth rate (CAGR) of 3.5%.
- Accommodation: $8.3 billion (36%)
- Airline tickets: $5.3 billion (23%)
- Ground transportation: $2.8 billion (12%)
- Meals and incidentals: $2.4 billion (10%)
- Other expenses: $4.2 billion (19%)
The largest category of corporate travel spending in the MENA region is accommodation, which accounted for 36% of total spending in 2022. This is followed by airline tickets (23%), ground transportation (12%), meals and incidentals (10%), and other expenses (19%).
The breakdown of spending by category varies depending on the industry. For example, the oil and gas industry tends to spend more on accommodation and ground transportation, while the technology industry tends to spend more on airline tickets and meals and incidentals.
Top Industries with corporate travel
The top three industries that drive business travel spending in the MENA region are:
- Oil and gas: The oil and gas industry is a major driver of business travel in the MENA region. This is due to the need for companies in the industry to meet with clients and partners in different countries.
- Technology: The technology industry is another major driver of business travel in the MENA region. This is due to the need for companies in the industry to meet with customers and partners in different countries to discuss new products and services.
- Finance: The financial industry is also a major driver of business travel in the MENA region. This is due to the need for companies in the industry to meet with clients and partners in different countries to discuss investment opportunities.
Saudi Vision 2030 – The Impact on Corporate Travel
Saudi Vision 2030 is a strategic framework to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism. The plan has a number of goals that are relevant to business travel, including:
- Attracting more tourists: Saudi Arabia is targeting 100 million visitors by 2030, which would make it one of the most visited countries in the world. This will create more opportunities for business travel, as companies will need to send employees to Saudi Arabia to meet with clients and partners.
- Developing new business sectors: Saudi Vision 2030 is focused on developing new business sectors, such as tourism, technology, and entertainment. This will create new opportunities for business travel, as companies will need to send employees to Saudi Arabia to learn about these new sectors and to meet with potential partners.
- Improving the infrastructure: Saudi Vision 2030 is investing heavily in improving the country’s infrastructure, including its airports, roads, and hotels. This will make it easier and more convenient for business travelers to visit Saudi Arabia.
How Saudi Vision 2030 is expected to affect business travel
- The development of new tourist destinations, such as the Red Sea Project and NEOM, will create new opportunities for business travel. These projects will require a lot of investment and expertise, which will attract businesses from all over the world.
- The expansion of the MICE (meetings, incentives, conferences, and exhibitions) industry is another area where business travel is expected to grow. Saudi Arabia is already a major MICE destination, and the plan aims to make it even more attractive to businesses.
- The development of new business sectors, such as technology and entertainment, will also create new opportunities for business travel. These sectors are growing rapidly in Saudi Arabia, and businesses from all over the world will need to send employees to the country to learn about the latest trends and to meet with potential partners.
Overall, Saudi Vision 2030 is expected to have a positive impact on business travel in the MENA region. The plan will create more opportunities for business travel, improve the infrastructure, and make Saudi Arabia a more attractive destination for business travelers.
Corporate Travel Platform
Corporate travel platforms can offer a number of benefits for businesses and employees. These platforms can help to improve compliance, control, booking, transparency, and satisfaction. If you are looking for a way to improve your business travel, a corporate travel platform is a good option to consider.
Benefits of using Corporate Travel Platform
- Compliance: Corporate travel platforms can help businesses comply with travel policies and regulations, which can help to reduce the risk of fines or penalties.
- Control: Corporate travel platforms can give businesses more control over their travel spend, which can help to reduce costs and improve efficiency.
- Booking: Corporate travel platforms can simplify the booking process for business travelers, which can save time and hassle for both travelers and administrators.
- Transparency: Corporate travel platforms can provide greater transparency into travel spend, which can help businesses to track their spending and make informed decisions about their travel policies.
- Satisfaction: Corporate travel platforms can improve employee satisfaction by making it easier for them to book travel and track their expenses. This can help to reduce stress and improve productivity.
Additional benefits of corporate travel platforms include:
- Better negotiation power: Corporate travel platforms can negotiate better rates with airlines and hotels, which can save businesses money.
- Access to exclusive deals: Corporate travel platforms often have access to exclusive deals that are not available to the general public. This can help businesses to save money on their travel expenses.
- Travel insights: Corporate travel platforms can provide businesses with travel insights, such as trends in travel demand and pricing. This information can help businesses to make better decisions about their travel policies and strategies.
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