Dubai World Trade Centre economic impact hit $5bn in 2023 as major events thrive

DWTC’s international leadership in the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector continues to play a pivotal role in reinforcing Dubai’s position as a powerhouse of economic activity and innovation. DWTC’s 2023 Economic Impact Assessment (EIA) Annual Report underscores the company’s sustained contribution to the city’s GDP.

Total Economic Output was measured at AED18.28bn ($bn) from 76 large-scale exhibitions, international association conventions, and industry conferences (of the total 301 exhibitions and events in 2023).

Dubai World Trade Centre events

Notably, the Gross Value Added (GVA) to Dubai’s GDP by these large-scale events amounted to AED10.53bn ($2.9bn), representing 58 per cent of the total economic output being retained within the local economy, fostering 69,281 jobs and generating AED3.36bn ($915m) in disposable income.

The 76 large-scale business events hosted, organised and delivered by DWTC attracted 1.54m attendees, with 46 per cent being international attendees.

In absolute terms, this reflects a 53 per cent year-on-year increase in foreign attendance, further cementing Dubai’s growing dominance and heightened relevance in the increasingly borderless world of business.

Beyond the impressive domestic economic implications of these statistics, activities at DWTC not only provided a platform for businesses and individuals to connect, collaborate, and innovate, but also facilitated wider trade and business output for the global business community.

Helal Saeed Almarri, Director General, DWTC Authority, said: “Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai World Trade Centre stands as a symbol of innovation and economic advancement.

“Aligned with Dubai’s Economic Agenda D33, we continue to spearhead sector diversification efforts, reinforcing the city’s stature as a leading global business hub.

“The remarkable accomplishments of 2023, presented in the ‘DWTC Economic Impact 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.”

2023’s unprecedented results, attributed to the increased number of large-scale events and international business visitors, resulted in remarkable growth and higher spending across MICE business services and adjacent industry sectors. Direct revenue generated through expenditure in adjacent sectors reached more than AED10.81bn ($2.9bn).

The key sectors in the domestic economy that benefited were:

• Hotel accommodation (AED2.96bn/$806m, 54 per cent YOY growth)
• Air travel and local transport (AED2.64bn/$719m, 20 per cent YOY growth)
• Retail (AED1.97bn/536$m, 71% per cent YOY growth)
• Restaurants (AED1.71bn/466m, 51 per cent YOY growth)
• Business Entertainment (AED 1.31bn/$357, 27 per cent YOY growth)

According to the Economic Impact Report, the large-scale events at DWTC supported a total of 69,281 jobs and generated an aggregate AED3.36bn ($915m) in disposable household income, demonstrating the significant impact of high value- adding sectors, like Dubai’s MICE industry, to the local economy.

Dubai’s status as a premier international MICE destination, coupled with DWTC’s robust events calendar, has been instrumental in drawing the global business community in record numbers to the city.

International participants deliver a higher “tourism” related direct economic impact, linked to their increased daily spends with local businesses, longer stays in hotels, and by travelling with colleagues or family members (companions).

The notable 53 per cent YOY increase in international participants yielded significant contribution to Dubai’s GDP, with an average participant spend of AED10,313 ($2,808) per event, which is 6.2 times higher than that of local participants.

This reflects the value beyond the MICE sector, as DWTC’s performance in 2023 directly contributed to increased economic activity across Air Travel and Local Transport; Hotel Accommodation; Retail; Restaurants and Business Entertainment.

76 large-scale events (2,000 or more attendees), generated sales of approximately AED2.33bn ($634m) within the MICE sector, resulting in nearly eight times that value in economic output.

This means that for every dirham invested by an organiser or attendee at a DWTC event, it generates eight times in sales value for the broader Dubai economy.

The success of DWTC’s own events and exhibitions such as GITEX Global and Gulfood, which generated AED7.22bn ($2bn) in economic output and AED4.15bn ($1.1bn) in GVA, a 53 per cent increase over 2022, reflects DWTC’s unparalleled expertise in delivering world-class events that resonate with global audiences.

Sector diversity was evident in the top-performing events hosted at DWTC, with a robust portfolio featuring innovative large-scale exhibitions, conventions, and conferences aligned with Dubai economic agenda’s key priority verticals.

“Healthcare, Medical, and Scientific”, “Information Communications Technology (ICT)”, and “Food, Hotel, and Catering” stood out as the top three sectors, collectively accounting for 59 per cent (AED6.27bn/$1.7bn) of the GVA to Dubai’s economy.

These three sectors combined attracted 49 per cent (747,468) of total event attendees and 60 per cent (430,122) of all international visitors, underscoring their significance.

In 2023, the ICT events welcomed 259,837 visitors and generated a GVA of AED2.22bn ($590m), while Healthcare, Medical, and Scientific events attracted 261,348 attendees, contributing to a combined GVA of AED2.17bn ($591m) whereas the Food, Hotel and Catering events attracted 226,283 attendees and generated a GVA of AED1.87bn ($509m).

Al Marri added: “Moving forward, DWTC remains dedicated to shaping the future of Dubai’s business tourism and trade. We are unwavering in our commitment in ensuring Dubai remains a front-runner in the global events and exhibitions landscape, fostering new avenues for collaboration, knowledge sharing, and sustainable development”.