DWTC’s Economic Output is $3.54 Billion by Holding 63 Mega Events in 2022

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DWTC’s Economic Output is $3.54 Billion by Holding 63 Mega Events in 2022

The total economic output of Dubai World trade Centre (DWTC) across 63 large-scale events was $3.54 billion, of which a substantive $2.01 billion was retained within the local economy, according to the estimates of the latest 2022 Economic Impact Assessment (EIA) Annual Report.

These business events hosted, organised and delivered at the venue, welcomed nearly 1.2 million attendees with 40% being international – an impressive 49% Y-oY increase in foreign participation, emphasising Dubai’s leadership as a global mega-event hub.

The study further observed that direct investments in an event at DWTC generated 7.4x in impact across the wider economy, meaning that every AED 1MM spent at these MICE events, drove circa $2.01 billion of economic output for Dubai across other interlinked sectors.

In line with Dubai Economic Agenda D33’s objective of solidifying Dubai’s position as one of the top three global cities for business and travel, business tourism accelerated its role in fostering economic growth during 2022.

Continuing to drive Meetings Incentives Conferences and Exhibitions (MICE) sector growth in Dubai in a post-pandemic new market, the largest operator across the wider region, the DWTC event calendar remained an economic catalyst for the nation – generating sustainably high returns for adjacent industries connected to the MICE ecosystem.

Helal Saeed Almarri, in his capacity as Director General, DWTC Authority. Said that guided by the vision of H H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the recently launched Dubai Economic Agenda D33, DWTC remains committed to furthering its contribution to the targets of doubling GDP over the next decade, particularly in consolidating its position as a top three global city.

According to him, the MICE 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 2022 EIA Annual Report from DWTC underscores business tourism as a key driver of economic growth and sustainable development.

“Dubai continues to attract businesses and talent from around the world, with DWTC providing an effective connectivity platform to collaborate, accelerate innovation, and showcase next generation products and services to far-reaching markets. This sustained impact of in-person events is a clear indicator of the MICE industry’s role in supporting economic growth and achieving investment returns for all stakeholders,” he added.

Adjacent Sectors

The direct revenue generated through spend across adjacent sectors spanning business entertainment, accommodation, restaurants, retail trade, transport, and government services was approximately $2.07 billion.

The events held at DWTC in 2022 are estimated to have supported over 48,000 jobs representing a 110% Y-o-Y increase, yielding an increase in disposable household income of $650 million. Beyond the empowering financial implications of these statistics, a key outcome is the growing knowledge and skills economy within the city even as the content and participation at these events, represent a material shift towards a more digitalised and borderless tomorrow.

Large-Scale Events

The number of large-scale events (2,000 or more attendees) grew by 26% Y-o-Y, with the total direct economic output across all MICE business services and adjacent sectors more than doubling at 108% YOY to reach $2.56 billion. This reinforced DWTC’s leadership on the global stage as a benchmark MICE hub, and a consistent catalyst for incremental revenues benefiting other vital sectors across the GDP.

Almarri “Dubai remains committed to further enhancing its attractiveness to the global MICE Industry through continued investment in infrastructure, innovation, and human capital. With a clear focus on sustainability and accessibility, Dubai is poised to lead the way in shaping the future of business tourism, and driving economic growth for years to come,” commented His Excellency Almarri.

Diverse Sectors

DWTC’s robust portfolio and content-rich calendar featured innovative large-scale exhibitions, conventions and conferences spanning key priority verticals for Dubai’s economic agenda, that are in turn synchronised with sectors that are fundamental to environmental sustainability, and future-economy priorities.

The Healthcare, Medical, and Scientific sector, Information Technology (IT) sector, and Food, Hotel, and Catering sector emerged as the top 3 sectors with a total of 14 events dominating the DWTC calendar, collectively accounting for 57% ($1.17 billion) of the gross value added (GVA) to Dubai’s economy.

Consequently, these sectors attracted 46% (535,000) of total large-scale event attendees. With over 180,000 attendees to IT events in 2022, their combined GVA of AED 1.35Bn was only bettered by healthcare events that welcomed nearly 200,000 attendees, delivering a record-breaking GVA of $450 million.

Global Business Magazine

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