Events at the Dubai World Trade Centre (DWTC) totalled a record $3.4 billion (AED12.7bn) in retained value towards Dubai’s economy, making up 3.3 percent of the emirate’s GDP in 2017, according to the latest Economic Impact Assessment report released by DWTC.
The total economic output of DWTC’s large-scale events stood at $6bn (AED22.5bn), of which 57% is retained within the local economy. The report also witnessed an 8% increase since 2015.
It further highlighted the importance of large-scale events in the MICE (Meetings, Incentives, Conferences & Exhibitions) sector, which drove 4.3 times its value in overall non-trade business activity across Dubai’s economy, with every $272 (AED1,000) spent at a DWTC event generating $1,170 (AED4,300) in value.
Moreover, the sector is estimated to have supported a total of 84,226 jobs as an immediate consequence of DWTC, generating disposable household income of $1.1bn (AED4.1bn).
Of the figure, MICE and adjacent sectors contributed 71% of jobs created, while 29% were the result of indirect and induced employment.
In 2017 alone, DWTC hosted 103 large-scale events and attracted 2.63 million attendees, of which 1.1 million were overseas visitors. It also opened three new halls in the last quarter of 2015 to meet increasing demand and number of exhibitors.
A large chunk of spend generated by large-scale events was relating to sectors of travel, tourism, hospitality and entertainment.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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