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– Dubai World Trade Center delivers impact as economic output rises to $4.98 billion in 2023, up 40% year-on-year
DUBAI, UAE, May 24, 2024 /PRNewswire/ — Dubai World Trade Center (DWTC), a global leader in the events and exhibition 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, of which 46% were foreigners.
DWTC’s 2023 Economic Impact Assessment (EIA) Report, based on its 76 large-scale events (2,000 or more attendees) revealed an impressive increase in total economic output, reaching $4.98 billion, marking a incredible 40% year-on-year increase, with high returns for adjacent industries such as travel, accommodation and retail, connected to the Meetings, Incentives, Conferences and Exhibitions (MICE) ecosystem.
The large-scale DWTC events generated a substantial gross value added (GVA) of $2.87 billion to Dubai’s GDP, retaining an impressive 58% of total economic output locally. International participation soared by 53%, with foreign visitors generating 6.2 times the contribution of their domestic counterparts.
Events hosted at DWTC supported 69,281 jobs, generating $915 million in disposable household income for city 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 centre.
His Excellency Helal Saeed Almarri, Director General of the DWTC Authority, said: “Aligned with Dubai’s D33 Economic Agenda, we continue to spearhead efforts in diversifying the sector, reinforcing the city’s stature as a leading global business hub. The notable achievements of 2023, presented in the ‘DWTC Economic Impact Assessment Report’ demonstrate that Dubai’s MICE sector, powered by DWTC, remains a vital pillar of financial resilience and growth, underlining our accelerated progress towards sustainable socioeconomic development. The increase in international participation, together with the significant economic impact generated in various sectors such as travel, accommodation and retail, highlights the city’s firm commitment to boosting business tourism.”
The venue’s formidable portfolio of events is strategically aligned with Dubai’s economic priorities, showcasing healthcare, medical and scientific care; Information Technology (IT); and Food, Hotels and Catering as the main contributors. These leading sectors collectively accounted for 59% ($1.71 billion) of Dubai’s economy’s GVA and 49% (747,468) of total visits to large-scale events.
Adjacent sectors, including hotels, air travel and local transportation, saw a significant boost in economic activity. Direct revenue generated through spending amounted to nearly $2.94 billion.
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