Dubai World Trade Centre Bolsters Local Economy With Dh18.3 Billion Output In 2023

Dubai World Trade Centre (DWTC) has released its 3 Economic Impact Assessment (EIA) Annual Report, highlighting the significant contribution the company has made to Dubai's economy. The report reveals that large-scale events at DWTC generated a total economic output of AED18.28 billion, with AED 10.53 billion retained as Gross Value Added (GVA) to Dubai's GDP. This represents 58% of the total economic output, demonstrating the substantial impact of DWTC's events on the local economy.

The report also shows that every dirham invested at DWTC for events generated eight times the economic output across the wider economy. This highlights the far-reaching benefits of hosting events at DWTC, as the impact goes beyond the immediate event itself, creating a ripple effect throughout various sectors of the economy.

One key finding from the report is the significant increase in international visitors' participation, which soared by 53% compared to the previous year. This surge in international attendance has driven a substantial GDP impact for adjacent sectors such as travel, accommodation, and retail. It also reflects Dubai's growing dominance and heightened relevance as a global business destination.

The large-scale events hosted by DWTC in 2023 attracted a total of 1.54 million attendees, with 46% of them being international attendees. This increase in international participation has resulted in a higher direct economic impact, as international participants tend to spend more on daily expenses, accommodation, and local businesses. On average, international participants spent Dh10,313 per event, which is 6.2 times higher than the spending of local participants. This demonstrates the value beyond the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector, as DWTC's events contribute to increased economic activity across various sectors.

The report also highlights the positive impact of DWTC's events on job creation and household income. The large-scale events supported over 69,000 jobs and generated Dh3.36 billion in disposable household income for the city. This showcases the significant contribution of high-value sectors like the MICE industry to the local economy.

In terms of sector diversity, the top-performing events hosted at DWTC covered a range of industries, including healthcare, medical, scientific, information communications technology (ICT), and food, hotel, and catering. These sectors collectively accounted for 59% of the Gross Value Added (GVA) to Dubai's economy. The ICT events alone attracted 259,837 visitors and generated a GVA of Dh2.22 billion, while healthcare, medical, and scientific events contributed to a combined GVA of Dh2.17 billion.

DWTC's success in driving the economic growth of Dubai is a testament to its commitment to sector diversification and its role as a leading global business hub. The company's events not only provide a platform for businesses and individuals to connect and innovate but also foster trade and business output for the global community.

Moving forward, DWTC remains dedicated to shaping the future of Dubai's business tourism and trade. It aims to continue spearheading sector diversification efforts and reinforcing Dubai's status as a top global destination for business and travel. With its expertise in delivering world-class events and exhibitions, DWTC is poised to further contribute to Dubai's economic growth and sustainable development.