Tourism Breaking News
In line with Dubai Economic Agenda D33’s objective of solidifying the emirate’s position as one of the top three global cities for business and travel, business tourism accelerated its role in fostering economic growth during 2022. Continuing to drive Meetings Incentives Conferences and Exhibitions (MICE) sector growth in Dubai in a post-pandemic new market, the largest operator across the wider region, Dubai World Trade Centre’s (DWTC) event calendar remained an economic catalyst for the nation – generating sustainably high returns for adjacent industries connected to the MICE ecosystem.
The latest 2022 Economic Impact Assessment (EIA) Annual Report estimates DWTC’s total economic output across 63 large-scale events at AED 13Bn, of which a substantive AED 7.4Bn was retained within the local economy. These business events hosted, organised and delivered at the venue, welcomed nearly 1.2MM attendees with 40% being international – an impressive 49% YOY increase in foreign participation, emphasising Dubai’s leadership as a global mega-event hub. The study further observed that direct investments in an event at DWTC generated 7.4x in impact across the wider economy, meaning that every AED 1MM spent at these MICE events, drove circa AED 7.4MM of economic output for Dubai across other interlinked sectors.
“Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the recently launched Dubai Economic Agenda D33, DWTC remains committed to furthering its contribution to the targets of doubling GDP over the next decade, particularly in consolidating its position as a top three global city,” said His Excellency Helal Saeed Almarri, in his capacity as Director General, DWTC Authority.
“The MICE sector has long been an integral pillar of the city’s economy, as the business ecosystem stimulator for the wider region, reflecting the emirate’s commitment to GDP diversification. The latest 2022 EIA Annual Report from DWTC underscores business tourism as a key driver of economic growth and sustainable development. Dubai continues to attract businesses and talent from around the world, with DWTC providing an effective connectivity platform to collaborate, accelerate innovation, and showcase next generation products and services to far-reaching markets. This sustained impact of in-person events is a clear indicator of the MICE industry’s role in supporting economic growth and achieving investment returns for all stakeholders,” he added.
Adjacent Sectors across Dubai’s economy that benefited directly from MICE performance, driving socio-economic value. Approximately AED 7.6Bn is estimated to have been generated in direct revenue through spend across adjacent sectors spanning business entertainment, accommodation, restaurants, retail trade, transport, and government services. Events at DWTC during 2022 are estimated to have supported over 48,000 jobs representing a 110% YOY increase, yielding an increase in disposable household income of AED 2.4Bn. Beyond the empowering financial implications of these statistics, a key outcome is the growing knowledge and skills economy within the city even as the content and participation at these events, represent a material shift towards a more digitalised and borderless tomorrow.
Dubai’s evolution as a leading MICE destination and DWTC’s leadership in this sector, further endorsed by the successful Dubai Expo 2020, has cemented the sustainability of its value as a global hub for the international business community. Beyond the 49% YOY growth in international attendees at DWTC’s large-scale events – where they accounted for 40% of total event visitation in 2022 – this is particularly relevant in its implications for Dubai’s GDP, as the per-event spend per overseas traveller at AED 9,921, was 6 times more than that of a domestic attendee. The direct implications of the higher spend on adjacent sectors like travel, hospitality, retail, food and entertainment, are further enhanced by the extended lengths of stay for leisure activities and travel companions. Collectively, the DWTC MICE performance in 2022 emphasises the significant economic acceleration provided by the MICE sector not just in reviving the sector supply chain, but also in boosting activity across travel related sectors.
