Dubai World Commerce Centre Drives Impression as Financial Output Surges to US$4.98 Billion in 2023, up 40% YoY

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DUBAI, UAE, Could 20, 2024 /PRNewswire/ — Dubai World Commerce Centre (DWTC), a world chief within the occasions and exhibitions business, has as soon as once more demonstrated its important impression on Dubai’s economic system in 2023, welcoming 2.47 million contributors and internet hosting 301 occasions, 76 of which, had been large-scale occasions that attracted 1.54 million attendees, with 46% from abroad.

DWTC’s 2023 Financial Impression Evaluation (EIA) Report, based mostly on its 76 large-scale occasions (2000 or extra attendees) revealed a powerful surge within the whole financial output, reaching US$4.98 billion, marking an unbelievable 40% YoY improve, with excessive returns for adjoining industries equivalent to Journey, Lodging and Retail, related to the Conferences Incentives Conferences and Exhibitions (MICE) ecosystem.

DWTC’s large-scale occasions generated a considerable US$2.87 billion Gross Worth Added (GVA) to Dubai’s GDP, retaining a powerful 58% of the full financial output regionally. Worldwide participation soared by 53%, with abroad guests driving 6.2 occasions extra contribution than home counterparts.

Occasions hosted at DWTC supported 69,281 jobs, producing US$915 million in disposable family revenue for the town’s residents. The substantial financial impression of those occasions extends past direct income technology, fostering socio-economic growth and contributing to Dubai’s standing as a number one world enterprise hub.

His Excellency Helal Saeed Almarri, Director Common of DWTC Authority, mentioned: “Aligned with Dubai’s Financial Agenda D33, we proceed to spearhead efforts in sector diversification, reinforcing the town’s stature as a number one world enterprise hub. The exceptional accomplishments of 2023, offered within the ‘DWTC Financial Impression Evaluation Report’ exhibit that Dubai’s MICE sector, pushed by DWTC, stays an important pillar of economic resilience and development underscoring our accelerated strides in the direction of sustainable socio-economic growth. The rise in worldwide participation, together with the numerous financial impression generated throughout numerous sectors equivalent to journey, lodging and retail, highlights the town’s steadfast dedication to propelling enterprise tourism.”

The venue’s formidable occasions portfolio strategically aligned with Dubai’s financial priorities, showcasing Healthcare, Medical, and Scientific; Info Expertise (IT); and Meals, Resort, and Catering as the highest contributors. These main sectors collectively accounted for 59% (US$1.71 billion) of the GVA to Dubai’s economic system, and 49% (747,468) of the full large-scale occasion visitation.

Adjoining sectors, together with accommodations, air journey, and native transportation skilled a major increase in financial exercise. The direct income generated via expenditure was practically US$2.94 billion.

SOURCE Dubai World Commerce Centre

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