DUBAI, UAE, May 20, 2024 /PRNewswire/ -- Dubai World Trade
Centre (DWTC), a global leader in the events and exhibitions
industry, has once again demonstrated its significant impact on
Dubai's economy in 2023, welcoming
2.47 million participants and hosting 301 events, 76 of which, were
large-scale events that attracted 1.54 million attendees, with 46%
from overseas.
DWTC's 2023 Economic Impact Assessment (EIA) Report, based on
its 76 large-scale events (2000 or more attendees) revealed an
impressive surge in the total economic output, reaching
US$4.98 billion, marking an
incredible 40% YoY increase, with high returns for adjacent
industries such as Travel, Accommodation and Retail, connected to
the Meetings Incentives Conferences and Exhibitions (MICE)
ecosystem.
DWTC's large-scale events generated a substantial US$2.87 billion Gross Value Added (GVA) to
Dubai's GDP, retaining an
impressive 58% of the total economic output locally. International
participation soared by 53%, with overseas visitors driving 6.2
times more contribution than domestic counterparts.
Events hosted at DWTC supported 69,281 jobs, generating
US$915 million in disposable
household income for the city's residents. The substantial economic
impact of these events extends beyond direct revenue generation,
fostering socio-economic development and contributing to
Dubai's status as a leading global
business hub.
His Excellency Helal Saeed Almarri, Director General of DWTC
Authority, said: "Aligned with Dubai's Economic Agenda D33, we continue to
spearhead efforts in sector diversification, reinforcing the city's
stature as a leading global business hub. The remarkable
accomplishments of 2023, presented in the 'DWTC Economic Impact
Assessment Report' demonstrate that Dubai's MICE sector, driven by DWTC, remains a
vital pillar of financial resilience and growth underscoring our
accelerated strides towards sustainable socio-economic development.
The increase in international participation, along with the
significant economic impact generated across diverse sectors such
as travel, accommodation and retail, highlights the city's
steadfast commitment to propelling business tourism."
The venue's formidable events portfolio strategically aligned
with Dubai's economic priorities,
showcasing Healthcare, Medical, and Scientific; Information
Technology (IT); and Food, Hotel, and Catering as the top
contributors. These leading sectors collectively accounted for 59%
(US$1.71 billion) of the GVA to
Dubai's economy, and 49% (747,468)
of the total large-scale event visitation.
Adjacent sectors, including hotels, air travel, and local
transportation experienced a significant boost in economic
activity. The direct revenue generated through expenditure was
nearly US$2.94 billion.
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