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DWTC’s economic output to rise to Dh18.3 billion by 2023 – News

Every dirham invested for events at DWTC generated eight times the economic output in the wider economy

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Visitors to the recent Arabian Travel Market at the Dubai World Trade Centre. The 2023 results resulted in notable growth and increased spending in the MICE business services and adjacent industrial sectors. — File photo

Dubai World Trade Center (DWTC) announced on Monday that it generated a total economic output of Dh18.28 billion in 2023 from 76 large-scale exhibitions, international association conventions and industrial conferences (out of a total of 301 exhibitions and events).

The gross value added (GVA) to Dubai’s GDP as a result of these large-scale events amounted to Dh10.53 billion, representing 58 percent of total economic output remaining within the local economy, supporting 69,281 jobs and Dh3.36 billion in available resources is generated. income.

The 76 large-scale business events organized, organized and delivered by DWTC attracted 1.54 million visitors, of which 46 percent were international visitors. This reflects a 53 percent increase in foreign visitors year-on-year, further cementing Dubai’s growing dominance and increased relevance in the increasingly borderless business world. In addition to the impressive domestic economic implications of these statistics, DWTC’s activities not only provided a platform for companies and individuals to connect, collaborate and innovate, but also facilitated broader trade and business output for the global business community.

Helal Saeed Almarri, Director General of the DWTC Authority, said: “Dubai’s MICE (meetings, incentives, conferences and exhibitions) sector, powered by DWTC, remains an essential pillar of financial resilience and growth and underlines our accelerated steps towards sustainable socio-economic development. . The increase in international participation, together with the significant economic impact generated across sectors such as travel, accommodation and retail, underlines the city’s steadfast commitment to boosting business tourism.”

Helal Saeed Almarri, Director General, DWTC Authority

The 2023 results resulted in notable growth and increased spending in the MICE business services and adjacent industrial sectors. Direct income from expenditure in adjacent sectors amounted to over Dh10.81 billion. The main sectors in the domestic economy that benefited were hotel accommodation (Dh2.96 billion, 54 percent year-on-year growth), air travel and local transport (Dh2.64 billion, 20 percent year-on-year growth), retail (Dh1.97 billion, 71 percent year-on-year growth), restaurants (Dh1.71 billion, 51 percent year-on-year growth) and business entertainment (Dh1.31 billion, 27 percent year-on-year growth).

Increase in international participation in DWTC events

Dubai’s status as a leading international MICE destination, coupled with DWTC’s robust events calendar, has helped attract global business to the city in record numbers. International participants provide a higher ‘tourism’-related direct economic impact, linked to their higher daily spending at local businesses, longer stays in hotels and by traveling with colleagues or family members (companions). The remarkable 53 percent year-on-year increase in the number of international participants made a significant contribution to Dubai’s GDP, with an average participant spend of Dh10,313 per event, which is 6.2 times higher than that of local participants.

DWTC’s large-scale events increase the economic impact

In total, 76 large-scale events (2,000 or more visitors) generated revenues of approximately Dh2.33 billion within the MICE sector, resulting in almost eight times that value of economic output. This means that for every dirham invested by an organizer or participant in a DWTC event, it generates eight times the retail value for the wider Dubai economy.

The success of DWTC’s own events and exhibitions, such as GITEX Global and Gulfood, which generated Dh7.22 billion in economic output and Dh4.15 billion in gross value added – a 53 percent increase from 2022 – reflects DWTC’s unrivaled expertise in delivering world-class events that resonate with global audiences.

“Going forward, DWTC remains committed to shaping the future of Dubai’s business tourism and trade. We are unwavering in our commitment to ensure that Dubai remains at the forefront of the global events and exhibition landscape, fostering new avenues for collaboration, knowledge sharing and sustainable development,” said Almarri.