DWTC Achieves Significant Economic Impact with AED 18.3 Billion Output in 2023, Marking a 40% Year-on-Year Increase – Business – Economy and Finance

Dubai World Trade Centre (DWTC) Continues to Drive Economic Growth in Dubai

Dubai World Trade Centre (DWTC) has once again demonstrated its pivotal role in driving economic growth and innovation in Dubai, as highlighted in its 2023 Economic Impact Assessment (EIA) Annual Report. The report showcases the significant contribution of DWTC to the city’s GDP, with a remarkable surge in Total Economic Output reaching AED 18.28 billion from 76 large-scale Exhibitions, International Association Conventions, and Industry Conferences.

The Gross Value Added (GVA) to Dubai’s GDP by these events amounted to AED 10.53 billion, representing 58% of the total economic output being retained within the local economy. This has led to the creation of 69,281 jobs and generated AED 3.36 billion in disposable income, further solidifying DWTC’s position as a key driver of economic activity in the region.

The 76 large-scale business events hosted by DWTC attracted 1.54 million attendees, with 46% being international participants. This reflects a significant 53% year-on-year increase in foreign attendance, showcasing Dubai’s growing dominance in the global business landscape. These events not only provide a platform for businesses to connect and collaborate but also facilitate wider trade and business output for the global community.

His Excellency Helal Saeed Almarri, Director General of DWTC Authority, emphasized the company’s commitment to spearheading sector diversification efforts and reinforcing Dubai’s status as a leading global business hub. He credited the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum for guiding DWTC towards sustainable socio-economic development.

The report also highlighted the impact of DWTC events on adjacent sectors, with direct revenue generated through expenditure in areas such as Hotel Accommodation, Air Travel, Retail, Restaurants, and Business Entertainment reaching over AED 10.81 billion. This has led to significant growth and higher spending across these sectors, further boosting Dubai’s economy.

The rise in international participation at DWTC events has been a key factor in driving economic impact, with international participants contributing significantly to Dubai’s GDP through increased spending and longer stays in the city. The report revealed that international participants spend an average of AED 10,313 per event, reflecting the value they bring to the local economy.

DWTC’s large-scale events, including flagship exhibitions like GITEX Global and Gulfood, have been instrumental in generating economic output and Gross Value Added. These events have showcased DWTC’s expertise in delivering world-class exhibitions that resonate with global audiences, further enhancing Dubai’s reputation as a premier international MICE destination.

Sector diversity was also evident in the top-performing events hosted at DWTC, with key sectors like Healthcare, Information Communications Technology (ICT), and Food, Hotel, and Catering contributing significantly to Dubai’s economy. These sectors collectively accounted for 59% of the GVA to Dubai’s economy, highlighting the importance of sector-specific events in driving economic growth.

As DWTC looks towards the future, the company remains dedicated to shaping the future of Dubai’s business tourism and trade. With a focus on collaboration, knowledge sharing, and sustainable development, DWTC is committed to ensuring Dubai remains a front-runner in the global events and exhibitions landscape.

In conclusion, DWTC’s continued success in driving economic growth and innovation in Dubai underscores its position as a key player in the city’s economic landscape. With a focus on sector diversification and international participation, DWTC is poised to further strengthen Dubai’s position as a global business hub and top destination for business and travel by 2033.