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DUBAI / WAM
Dubai’s economy continues to experience sustained growth from the contribution of business tourism, thereby driving the nation’s economic diversification agenda prioritised in the UAE Centennial 2071 strategy.
As such, the Dubai World Trade Centre’s (DWTC) latest economic impact assessment report for 2018 saw a record AED13.1 billion, equivalent to 3.3 percent of the emirate’s gross domestic product (GDP), added in incremental retained economic value by the DWTC. The total corresponding gross output was estimated at AED23 billion, resulting in a high 57 percent locally retained impact, marking a three percent increase over 2017.
Analysing the factors underlying the DWTC’s growing contribution to the city’s GDP acceleration agenda, the report highlighted the success of the venue’s 97 large-scale exhibitions, trade events, conventions and conferences hosted through 2018.
“Our role as a leading global platform for business events across the EMEASA region has supported Dubai and the UAE in the diversification and sustainable growth agenda. The 2018 Economic Impact Assessment white paper sheds light on the DWTC’s approach and proven ability to unlock ecosystem-wide economic value, creating even more critical wider socio-economic impact, ultimately spurring business expansion investment and leadership for Dubai as the world’s number one hub for international businesses,†said Helal Saeed Almarri, Director-General, Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing.
The study attributed record AED13.1 billion in retained economic value for Dubai’s import-based economy to the performance of the DWTC’s large-scale events, estimating that for every AED 1 spent at these events, a further 4.4 times in sales value was generated for ancillary sectors and Dubai’s wider economy.
Europe accounted for the highest number of international business event visitors at 25 percent, followed by the GCC (21 percent), and Mena region (17 percent). Five key industry sectors dominated in 2018, including food, hotel and catering; healthcare, medical and science; information tech, business and finance; energy and environment; and
industrial manufacturing.