DUBAI, UAE, May 20, 2024
/CNW/ -- 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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SOURCE Dubai World Trade Centre