Dubai World Trade Centre events fuel Dubai economy in 2022; Generate total incremental economic output of $3.55 billion

by Theleaders-Online | May 30, 2023 6:00 am

DUBAI, UAE, May 30, 2023 /PRNewswire/ — A key driver of MICE sector growth and the largest operator across the wider MENASA region, Dubai World Trade Centre’s (DWTC[1]) event calendar remained an economic catalyst for the Emirate – generating sustainably high returns for adjacent industries connected to the MICE ecosystem. 63 Large scale events held at DWTC welcomed nearly 1.2MM attendees with 40% being international – an impressive 49% YOY increase in foreign participation, emphasising Dubai’s leadership as a global mega-event hub.

“Dubai continues to attract businesses and talent from around the world, with DWTC providing an effective connectivity platform to collaborate, accelerate innovation, and showcase next-generation products and services to far-reaching markets. This sustained impact of in-person events is a clear indicator of the MICE industry’s role in supporting economic growth and achieving investment returns for all stakeholders,” said H.E. Helal Saeed Almarri Director General of DWTC Authority[3].

According to DWTC’s 2022 Economic Impact Assessment Report, released today, DWTC’s 63 large-scale events (>2,000 attendees) grew by 26% YOY. Total direct economic output across MICE business services and adjacent sectors more than doubled YOY (108%) to reach $2.55 billion. This further reinforces DWTC’s global leadership as a consistent driver of incremental revenues benefiting other vital sectors of the economy.

DWTC events supported over 48,000 jobs, representing a 110% YOY increase, yielding increased disposable household income of $651 million.

DWTC’s robust events portfolio spans key priority verticals for Dubai’s economic agenda with Healthcare, Medical, and Scientific; Information Technology (IT); and Food, Hotel, and Catering, emerging as the top three sectors. They accounted for 57% ($1.16 billion) of the gross value added (GVA) to Dubai’s economy. Combined attendance represented 46% (535,000) of total large-scale event visitation.

Annual events, which included GITEX Global[4] and Gulfood[5], generated $3.55 billion in economic output, of which $2.03 billion was retained within Dubai’s GDP.

“2022 has been a particularly milestone year for global MICE, and Dubai’s ability to continue to sustain its pace of growth in this sector that has been through a transformative period showcasing revival post-pandemic, is testament to our ability to render sustained value to business participants,” concluded His Excellency Almarri.

For more info, please contact prteam@acornstrategy.com[6], +971 56 588 5578

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Source URL: https://theleaders-online.com/dubai-world-trade-centre-events-fuel-dubai-economy-in-2022-generate-total-incremental-economic-output-of-3-55-billion/

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