Dubai World Trade Centre events generated $5bn in economic output last year

22 May 2024

Dubai World Trade Centre events generated $5bn in economic output last year

Dubai World Trade Centre events generated $5bn in economic output last year

Seventy six large-scale events at the Dubai World Trade Centre last year generated a total economic output of Dh18.3 billion ($5 billion), of which Dh10.53 billion was retained within the local economy, a report has found.

Business events hosted by the venue welcomed 1.54 million people, 46 per cent of those international – a 53 per cent year-on-year increase in foreign participation, the 2023 Economic Impact Assessment report found on Monday, adding that the total economic output surged 40 per cent annually.

“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,” said Helal Almarri, director general of DWTC Authority.

“Dubai’s MICE [meetings, incentives, conferences, and exhibition] 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”, he said.

Dubai, one of the main commercial, tourism and financial hubs in the Middle East, has maintained a robust growth momentum since the Covid-19 pandemic slowdown.

Dubai is pursuing its D33 economic growth agenda launched in January last year, which aims to increase the size of the economy to Dh32 trillion ($8.71 trillion) by 2033 and establish Dubai as one of the top three cities in the world.

The emirate has intensified its efforts to attract international business events that draw in top investors, entrepreneurs, policymakers, corporate executives, and start-ups.

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

Dubai recorded an 11 per cent increase in tourist numbers in the first quarter of the year as the emirate continued to benefit from a rebound in global travel demand.

Business activity in the emirate’s non-oil private sector economy grew at the fastest rate in almost four years in February, as continued economic momentum resulted in new orders and an improvement in employment rates.

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