Dubai World Trade Centre events fuel Dubai economy in 2022; Generate total incremental economic output of $3.55 billion
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) 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.
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 and Gulfood, 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.
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SOURCE Dubai World Trade Centre
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