Dubai, Vae (ots/PRNewswire) – Das Dubai World Trade Center (DWTC), a global leader in the events and exhibitions industry, once again demonstrated its significant impact on Dubai’s economy in 2023 by welcoming 2.47 million participants and hosting 301 events, including 76 major events, attracting 1.54 million visitors attracted, 46% of whom came from overseas.
The DWTC Economic Impact Assessment Report for 2023, based on the 76 major events (2000 or more participants), found an impressive increase in total economic output to $4.98 billion, an incredible 40% increase compared to last year means with high returns for adjacent industries such as travel and accommodation and retail, which are connected to the MICE (Meetings Incentives Conferences and Exhibitions) ecosystem.
The major DWTC events contributed significantly to Dubai’s GDP with a gross value added of US$2.87 billion, retaining an impressive 58% of total local economic output. International participation increased by 53%, with overseas visitors contributing 6.2 times more than domestic visitors.
DWTC events created 69,281 jobs, generating $915 million in disposable household income for city residents. The significant economic impact of these events goes beyond generating direct revenue, promoting socio-economic development and contributing to Dubai’s status as a leading global business hub.
His Excellency Helal Saeed Almarri, Director General of DWTC Authority, said: “In line with Dubai’s D33 economic agenda, we continue our efforts to diversify sectors, strengthening the city’s position as a leading global economic hub. The notable achievements of 2023 presented in the DWTC Economic Impact Assessment Report” show that Dubai’s MICE sector, driven by the DWTC, remains a key pillar of financial stability and growth, underscoring our accelerated steps towards sustainable socio-economic development. The increase in international participation and the significant economic impact achieved across sectors such as travel, accommodation and retail underscore the city’s unwavering commitment to promoting business tourism.
The venue’s significant events portfolio is strategically aligned with Dubai’s economic priorities, with key contributors being healthcare, medical and science, information technology (IT), and food, hotel and catering. These leading sectors collectively contributed 59% ($1.71 billion) to the GVA of Dubai’s economy and accounted for 49% (747,468) of total major event attendance.
Related sectors such as hotels, aviation and local transportation experienced a significant increase in economic activity. Direct revenue generated through expenses was nearly $2.94 billion.
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