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Wednesday, July 24, 2024

Dubai World Trade Centre Catalyzes Economic Boom with $4.98 Billion Surge in 2023

Dubai World Trade Centre - logoThe Dubai World Trade Centre (DWTC), a premier global event and exhibition leader, has significantly bolstered Dubai’s economy in 2023. According to the DWTC’s 2023 Economic Impact Assessment (EIA) Report, the Centre generated an impressive economic output of US$4.98 billion, marking a 40% year-on-year (YoY) increase. This achievement underscores DWTC’s pivotal role in reinforcing Dubai’s stature as a leading global business hub.

The DWTC hosted 301 events in 2023, drawing in 2.47 million participants. Of these events, 76 were large-scale, attracting 1.54 million attendees, with 46% being international visitors. This influx of global participation has significantly contributed to the city’s economic landscape, enhancing its appeal as a major destination for business tourism.

His Excellency Helal Saeed Almarri, Director General of DWTC Authority, emphasized the Centre’s alignment with Dubai’s Economic Agenda D33. He stated, “Aligned with Dubai’s Economic Agenda D33, we continue to spearhead efforts in sector diversification, reinforcing the city’s stature as a leading global business hub. The remarkable accomplishments of 2023, presented in the ‘DWTC Economic Impact Assessment Report’ demonstrate that Dubai’s MICE sector, driven by DWTC, remains a vital pillar of financial resilience and growth underscoring our accelerated strides towards sustainable socio-economic development. The increase in international participation, along with the significant economic impact generated across diverse sectors such as travel, accommodation and retail, highlights the city’s steadfast commitment to propelling business tourism.”

The Centre’s activities have led to substantial economic benefits beyond direct revenue generation. The large-scale events generated US$2.87 billion in Gross Value Added (GVA) to Dubai’s GDP, retaining 58% of the local economic output. This surge has positively impacted adjacent industries such as travel, accommodation, and retail, integral to the Meetings Incentives Conferences and Exhibitions (MICE) ecosystem.

Moreover, the events hosted at DWTC have supported 69,281 jobs, contributing US$915 million in disposable household income for Dubai’s residents. This job creation has fostered socio-economic development, further solidifying Dubai’s reputation as a thriving global business hub.

A closer look at the sectors reveals that Healthcare, Medical and Scientific, Information Technology (IT), Food, Hotel, and Catering emerged as top contributors, collectively accounting for 59% (US$1.71 billion) of the GVA to Dubai’s economy. These sectors also represented 49% (747,468) of the total large-scale event visitation, reflecting their significant role in driving economic activity.

The adjacent sectors, including hotels, air travel, and local transportation, also experienced substantial growth. The direct revenue generated through expenditure was nearly US$2.94 billion, illustrating the far-reaching economic impact of the events held at DWTC.

In summary, the DWTC’s strategic alignment with Dubai’s economic priorities and substantial contributions to the local economy underscore its critical role in the city’s development. As Dubai continues enhancing its global business hub status, the DWTC is a cornerstone of its economic resilience and growth.




Written by: My Thanh Pham







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