Wednesday, May 31, 2023
Large-scale events at Dubai World Trade Centre (DWTC) generated total incremental economic output of AED13bn (US$3.54bn) last year with a substantial 57% retained within Dubai’s GDP.
The figures are confirmed in the latest, 2022 Economic Impact Assessment (EIA) Annual Report and show that every dirham invested at DWTC for events and related services within the MICE sector, generated over 7.4 times that value across the city’s wider economy.
Other key statistics from the EIA Annual Report include the fact that 40% of the 2022 DWTC event attendees were Dubai World Trade Centre (DWTC) , who drove six times more contribution than their domestic counterparts.
The DWTC event calendar also supported over 48,000 jobs, generating AED2.4bn in disposable household income for city residents.
In line with Dubai Economic Agenda D33’s objective of solidifying the emirate’s position as one of the top three global cities for business and travel, business tourism last year accelerated its role in fostering economic growth and the MICE industry remained an economic catalyst for the nation, generating sustainably high returns for adjacent industries connected to the MICE ecosystem.
Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice-president, prime minister and ruler of Dubai, and the recently launched Dubai Economic Agenda D33, DWTC remains committed to furthering its contribution to the targets of doubling GDP over the next decade, particularly in consolidating its position as a top three global city, said His Excellency Helal Saeed Almarri (pictured), in his capacity as director general, DWTC Authority.
The MICE sector has long been an integral pillar of the city’s economy, as the business ecosystem stimulator for the wider region, reflecting the emirate’s commitment to GDP diversification.
The latest 2022 EIA Annual Report from DWTC underscores business tourism as a key driver of economic growth and sustainable development.
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, he added.
Other data from the EIA Annual Report included the number of large-scale events (2,000 or more attendees) growing by 26% Y-o-Y.
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 way in shaping the future of business tourism, and driving economic growth for years to come, Almarri added.
The Healthcare, Medical, and Scientific sector, Information Technology (IT) sector, and Food, Hotel, and Catering sector emerged as the top three sectors with a total of 14 events dominating the DWTC calendar, collectively accounting for 57% (AED4.3bn) of the gross value added (GVA) to Dubai’s economy.
Consequently, these sectors attracted 46% (535,000) of total large-scale event attendees.