DWTC events generated $3.5bn in economic output

Sixty-three large-scale events at the Dubai World Trade Centre last year generated a combined economic output of Dh13 billion ($3.5 billion), of which Dh7.4 billion was retained within the local economy, a report has said.

Regarding direct investments at events held at DWTC, every Dh1 million spent drove about Dh7.4 million of economic output for Dubai across linked sectors, the 2022 Economic Impact Assessment report said yesterday.

Business events hosted by the venue welcomed nearly 1.2 million people, 40 per cent of those international – a 49 per cent annual increase in foreign participation, it said.

“DWTC remains committed to furthering its contribution to the targets of doubling gross domestic product over the next decade, particularly in consolidating Dubai’s position as a top-three global city,” said Helal Almarri, director general of DWTC Authority.

“The meetings, incentives, conferences and exhibitions sector has long been an integral pillar of the city’s economy, as the business ecosystem stimulator for the wider region, reflecting the emirate’s commitment to GDP diversification.”

The latest report “underscores business tourism as a key driver of economic growth and sustainable development”, he added.

Dubai has increased efforts to attract global business events that draw leading investors, entrepreneurs, policymakers, company executives and start-ups.

The emirate will host the Cop28 climate change summit at Expo City from November 30 to December 12.

The global event is expected to be attended by up to 70,000 delegates, including government officials, leaders of global industrial sectors, private sector representatives and climate experts.

The growth of the business tourism industry is also supported by robust economic momentum in the emirate.

Business activity in Dubai’s non-oil economy rose to an eight-month high last month, boosted by a sharp rise in sales and new orders as demand growth quickened.

Dubai’s economy expanded by 4.6 per cent on an annual basis in the first nine months of last year, data from the Dubai Statistics Centre found.

Emirates NBD estimates the emirate’s GDP to grow by 3.5 per cent this year.

Last year, the emirate’s tourism sector contributed $29.4 billion to its economy, the World Travel and Tourism Council said in December.

About Dh7.6 billion is estimated to have been generated in direct revenue through spending by business travellers across adjacent sectors spanning entertainment, accommodation, restaurants, retail trade, transport and government services, the DWTC report found.

Events at DWTC last year supported more than 48,000 jobs, representing a 110 per cent annual rise and yielding an increase in disposable household income of Dh2.4 billion, the research indicated.

The number of large-scale events (with 2,000 or more in attendance) increased by 26 per cent, compared with the preceding year, the report said.

The health care, medical and scientific, information technology, and food, hotel and catering sectors emerged as the top three segments with a total of 14 events held at the Dubai centre.

The three sectors collectively accounted for 57 per cent or Dh4.3 billion of the gross value added to Dubai’s economy last year, the DWTC said.

These sectors also attracted 46 per cent of the visitors who attended large-scale events.