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Friday, September 22, 2023

DWTC’s economic output reaches $3.5 billion in 2022


The total economic output of the Dubai World Trade Center (DWTC) across 63 mega-events will reach AED13 billion ($3.53 billion) in 2022, with AED7.4 billion remaining in the local economy, according to a report.

According to the latest 2022 Economic Impact Assessment (EIA) annual report, these business events hosted, organized and hosted at the venue attracted nearly 1.2 million attendees, 40 percent of whom were international – a 49 percent year-on-year increase in foreign Impressive.

The study further observed that direct investment in DWTC activities has a 7.4-fold impact on the wider economy, meaning that every AED 1 million spent on these MICE activities generates approximately AED 7.4 million in economic output.

DWTC Director General Helal Saeed Almarri said DWTC remained committed to furthering its goal of doubling its GDP in the next decade, especially in strengthening its position as a top-three global city.

“The MICE industry has long been an integral pillar of the city’s economy as a business ecosystem stimulator for the wider region, reflecting the emirate’s commitment to diversify its GDP. The latest EIA Annual Report 2022 from DWTC highlights business tourism It is the main driver of economic growth and sustainable development.

“Dubai continues to attract businesses and talent from around the world, and DWTC provides an effective connection platform to collaborate, accelerate innovation, and showcase next-generation products and services to a broad market. This ongoing impact of the live event clearly demonstrates The role of the MICE industry in supporting economic growth and realizing return on investment for all stakeholders,” he added.

Adjacent sectors in the Dubai economy that directly benefit from MICE performance, driving socio-economic value
Direct revenues are estimated to generate around AED7.6 billion through spending in adjacent sectors such as commercial entertainment, accommodation, catering, retail trade, transport and government services.

Events at Dubai World Trade Center are estimated to support more than 48,000 jobs in 2022, a 110% year-on-year increase and increase household disposable income by AED 2.4 billion. Beyond the empowering financial impact of these statistics, a key outcome is a growing knowledge and skills economy within cities, even as the content and engagement of these events represent a material shift towards a more digital and borderless tomorrow.

Increase in international players directly contributes to GDP growth in ancillary sectors
Dubai’s growth as a leading MICE destination and DWTC’s leadership in this sector, further endorsed by the successful Expo 2020 Dubai, underpins the sustainability of its value as a global hub for the international business community. In addition to the 49% year-on-year increase in international participants at DWTC’s mega events (they will account for 40% of total event visits in 2022), the impact on Dubai’s GDP is particularly significant as each overseas visitor spends Dh9,921 per event Ram, 6 times the number of domestic participants.

The direct impact of increased spending in adjacent industries such as tourism, hospitality, retail, food and entertainment is further reinforced by leisure activities and longer stays of travel companions. Overall, DWTC MICE performance in 2022 underscores the significant economic acceleration offered by the MICE industry, not only in revitalizing the industry supply chain but also in boosting activity in tourism-related industries.

Events Dominate 2022
The number of mega-events (2,000 or more participants) increased by 26% year-on-year, and the total direct economic output of all MICE business services and adjacent industries more than doubled by 108% year-on-year to AED9.4 billion. This helps strengthen DWTC’s leadership on the global stage as a benchmark MICE center and continues to drive increased revenues that benefit other important sectors of GDP.

“Dubai remains committed to further enhancing its attractiveness to the global MICE industry through continued investment in infrastructure, innovation and human capital. With a clear focus on sustainability and accessibility, Dubai is poised to lead the future of business tourism and driving economic growth for years to come,” Almarri commented.

Showcasing industry diversity at top performing events
DWTC’s robust portfolio and content-rich calendar features innovative major exhibitions, conferences and conferences covering key priority verticals on Dubai’s economic agenda, which in turn are critical to environmental sustainability and future economic priorities Industry synchronization. Healthcare, Medical & Science Sector, Information Technology (IT) Sector and Food, Hospitality & Catering emerged as the top 3 sectors with 14 events dominating the DWTC calendar for a combined 57% (AED4.3 billion) Gross Value Added (GVA) of the Dubai economy.

As a result, these industries attracted 46 percent (535,000) of event attendees. IT events in 2022 had more than 180,000 attendees with a combined GVA of AED 1.35 billion, second only to the healthcare event which welcomed almost 200,000 attendees and generated a record AED 1.64 billion GVA.

“2022 will be a particularly landmark year for global MICE, and Dubai’s ability to continue its pace of growth in the sector after a transition period demonstrating a post-pandemic recovery is a testament to the A competency player of ongoing value. As we move into the second half of 2023, we aim to build on DWTC’s proven track record of securing high-profile global events, and further leverage the MICE platform to unlock access to cutting-edge knowledge areas and cross-border skills access to the talent pool, becoming a global hub for future business,” concludes Almarri. – trade arab news agency


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