Dubai World Trade Centre (DWTC) events accounted for a record AED 12.7 billion in retained value towards Dubai’s economy, equivalent to 3.3 percent of the emirate’s GDP (Gross Domestic Product) in 2017, according to the latest Economic Impact Assessment report released by DWTC. The study estimates the total economic output of DWTC’s large-scale events at AED 22.5 billion, an increase of 8% since 2015, of which nearly 57% is retained within the local economy.
Reaffirming the importance of the MICE (Meetings, Incentives, Conferences & Exhibitions) sector to Dubai, the 2017 report highlighted unprecedented sales within the sector from event participation related spends generated by large-scale events, driving 4.3 times its value in overall non-trade business activity across Dubai’s economy. In other words, every AED 1,000 spent at a DWTC event generated AED 4,300 in value for the Dubai economy in 2017.
multi-sector impact of events driving incremental value across tourism,
hospitality, aviation and entertainment, is estimated to have supported a total
of 84,226 jobs as an immediate consequence of DWTC – hosted and managed –
events, generating disposable household income of AED 4.1 billion. Of the
figure, MICE and adjacent sectors contributed the direct impact at 71% of the
number of jobs created, while 29% of the number of jobs were the result of
indirect and induced employment impact across the wider domestic economy.
Out of the AED 22.5 billion total value generated by large-scale events, AED 16 billion was directly driven by event participants’ spend within the MICE and adjacent sectors relating to travel, tourism, hospitality and entertainment, supported by a 24% increase in MICE business services spend (from AED 4.2 billion in 2015 to AED 5.3 billion in 2017). The growth in total value generated was further catalyzed by a 13% increase in the number of international exhibiting companies (since 2015). Three new halls (Zabeel Hall 4, 5 and 6) were opened by DWTC in the last quarter of 2015 to meet the increasing demand and number of exhibitors.
In 2017, 1.1 million international attendees to business events at DWTC stayed on average five days and spent an average AED 1,341 per day during their visit, which is nearly 4.5 times the average daily spend of UAE-based attendees. Delegates from Europe accounted for the highest number of international visitors (24%), followed by the GCC with 22% and the MENA region with 18%. All the top 10 source markets, which include Saudi Arabia, India, Oman, United Kingdom, Kuwait, Iran, Egypt China, Germany and Turkey, reported an increase in the average stay per event. China, which debuted as a top 10 source market in 2017, accounted for a growing number of delegates travelling to Dubai with a companion, highlighting the popularity of Dubai as a leading business and tourist destination.