DWTC Contributed AED18 Billion To Dubai’s GDP In 2023
Global Attendees Boost City’s Economy
Dubai World Trade Centre (DWTC) contributed a significant AED18.28 billion ($4.6 billion) to Dubai’s GDP in 2023, resulting from 76 on-site exhibitions, conventions, and industry conferences, according to the company’s newly released 2023 Economic Impact Assessment Annual Report.
Of this mammoth yield, AED10.53 billion ($2.86 billion) was added as GVA to Dubai’s GDP, denoting a 58% contribution to the domestic economy.
DWTC’s events in 2023 also fostered job creation, with 69,281 positions generated across various sectors and a substantial AED3.36 billion ($913 million) in disposable income injected into Dubai’s economy.
DWTC’s events in the past year attracted an impressive 1.54 million attendees, half of whom came from international destinations. This surge in global participation represents a significant 53% year-on-year increase, enhancing Dubai’s reputation as a thriving hub for worldwide business and innovation.
In 2023, the economic impact of DWTC’s events encompassed various industries. These events spurred substantial revenue growth in hotel accommodation, air travel, retail, restaurants, and business entertainment, collectively generating over AED10.81 billion ($2.3 billion) in direct revenue.
Global Attendees
The surge in international participation at DWTC events in 2023 boosted Dubai’s GDP, with global attendees contributing significantly to the city’s economic vitality. On average, international participants spent AED10,313 ($2,802) per event, highlighting their substantial economic impact beyond the MICE sector.
DWTC’s exceptional expertise in event management is exemplified by the success of flagship exhibitions such as GITEX Global and Gulfood, which collectively generated AED7.22 billion ($1.96 billion) in economic output in 2023.
These events, aligned with Dubai’s financial priorities, have emerged as beacons of sector diversity, catering to critical verticals such as healthcare, information communications technology (ICT), and food and catering.
Dubai’s GDP stands as a testament to its remarkable economic resilience and dynamism on the global stage. As a beacon of innovation and progress in the Middle East, Dubai’s GDP reflects the multifaceted nature of the emirate’s economy, which thrives on diverse sectors, including tourism, trade, real estate, finance, and logistics.
Strategic Move
Over the years, Dubai has strategically leveraged its geographical location, world-class infrastructure, and business-friendly policies to attract investments and foster economic growth.
The emirate’s GDP has consistently surged, driven by strategic initiatives prioritising sustainable development, innovation, and the knowledge economy.
Moreover, Dubai’s hosting of major international events like Expo 2020 Dubai has showcased its capabilities on a global platform and injected substantial economic stimulus into the emirate. These events have attracted millions of visitors, facilitated business opportunities, and propelled growth across various sectors, contributing significantly to Dubai’s GDP.
Furthermore, Dubai’s commitment to diversifying its economy and embracing emerging industries such as technology and renewable energy bodes well for its long-term economic sustainability.
Featured image: Gulfood is a flagship event of DWTC. Credit: Arnold Pinto
