DWTC EVENTS DRIVE DH12.7B IN ECONOMIC VALUE
Dubai World Trade Centre events accounted for a record Dh12.7 billion in retained value towards Dubai’s economy in 2017, according to the latest Economic Impact Assessment report released by DWTC
dubai — Events at the Dubai World Trade Centre (DWTC) contributed Dh12.7 billion to Dubai’s economy, equivalent to 3.3 per cent of the emirate’s GDP in 2017, reaffirming the importance of the meetings, incentives, conferences and exhibitions (Mice) sector.
The Economic Impact Assessment report released by the DWTC estimated that the total economic output of the centre’s large-scale events was Dh22.5 billion, an increase of 8 per cent since 2015, of which nearly 57 per cent is retained within the local economy.
The report noted that unprecedented sales within the sector from event participation related spends generated by large-scale events, driving 4.3 times its value in overall non-trade business activity across Dubai’s economy. In other words, every Dh1,000 spent at a DWTC event generated Dh4,300 in value for the Dubai economy in 2017.
The multi-sector impact of events driving incremental value across tourism, hospitality, aviation and entertainment is estimated to have supported a total of 84,226 jobs as an immediate consequence of DWTC-hosted and managed events, generating disposable household income of Dh4.1 billion.
Of the figure, Mice and adjacent sectors contribution to direct jobs was 71 per cent, while 29 per cent of indirect jobs were created as a result of strong activity in the Mice sector.
The DWTC continued to lead the region’s Mice sector activity in 2017, hosting 103 large-scale events and attracting 2.63 million
We want every business visitor to the dWTC to be a strong advocate for dubai and revisit, not just for business but also for leisure — further amplifying our contribution to the local economy
Helal Saeed Almarri, Director-general of the Dubai World Trade Centre Authority
attendees, of which 1.1 million were overseas visitors.
Large-scale events, defined as events hosting more than 2,000 attendees, form the focus of the report and emphasise the importance of sustainable scalability through their ability to attract a diverse audience from local and international markets, and are hence instrumental to driving higher-impact economic value and growth.
Out of the Dh22.5 billion total value generated by large-scale events, Dh16 billion was directly driven by event participants’ spend within the Mice and adjacent sectors relating to travel, tourism, hospitality and entertainment, supported by a 24 per cent increase in Mice business services spend (from Dh4.2 billion in 2015 to Dh5.3 billion in 2017).
“The value for Dubai’s economy through hosting business events is undeniable and our strategy focuses on attracting maximum overseas participation, which is critical to ensuring the success and sustainability of events in the Mice sector. The strong growth not just in the gross revenues but also in the economic value added are a testament to the ability of the industry to minimise leakage and retain the contribution within our economy for continued growth,” said Helal Saeed Almarri, director-general of the Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing.
Foreign visitors’ spend
The report observed that international attendees spend nine times more on average per event than locally-based attendees, as 42 per cent of the 2.6 million visitors to large-scale events in 2017 were overseas visitors and responsible for generating 75 per cent of the overall direct spend. International attendees have a higher daily spend primarily driven by their accommodation, retail, entertainment and F&B spend.
In 2017, 1.1 million international attendees to business events at the DWTC stayed on average 5 days and spent an average Dh1,341 per day during their visit, which is nearly 4.5 times the average daily spend of UAE-based attendees.
“We continue to engage with overseas markets with the view to enhancing our portfolio and customer experience in order to increase new and repeat business travellers to Dubai, customising our offerings to be most conveniently accessible to them, with a view to facilitate greater choice, better relevance, and most importantly deliver highest levels of satisfaction with their Dubai experience. Ultimately we want every business visitor to the DWTC to be a strong advocate for Dubai and revisit, not just for business but also for leisure — further amplifying our contribution to the local economy,” Almarri said.
— waheedabbas@khaleejtimes.com