(MENAFN - Khaleej Times) An Economic Impact Assessment report prepared by Oxford Economics has revealed that the spending associated with events at the Dubai World Trade Centre, or DWTC, in 2011 has contributed Dh6.5 billion to Dubai's economy in the year, equivalent to 2.1 per cent of the emirate's gross domestic product.
Regional and local trade from sales made during or as a direct result of events held at the DWTC was estimated at a further 37 times the value of Mice sector contribution, creating far-reaching economic benefits for the Middle East and Africa region, or MEA. The report specifically focuses on the impact due to DWTC event participation and shows that the exhibitions and conference sector delivered more than 36,500 jobs across the emirate in 2011 alone.
This comprehensive analysis covering the retained economic gains through in-city spending during business events, the critical secondary benefits to the broader supply chain and the increase in wages of the employed population, reinforces the role of the DWTC and business events as key drivers of value for Dubai, particularly with the strength of its position as a regional hub, attracting a high volume of international visitor traffic and consequently driving significant foreign spend within the local economy.
The scale of the DWTC's contribution is even more impressive when viewed as one organisation generating a similar impact as the entire exhibition industry of a world-leading business tourism destination like Hong Kong, where the sector as a whole contributes to 2.1 per cent of Hong Kong's GDP.
Throughout its 33 years of operations, the DWTC has built on the city's geographic advantage and offered best-in-class hosting infrastructure with seamless visitor experience delivery at its events, raising the profile of trade and consumer events in the region and furthering Dubai's position as the global hub for trade within the MEA.
"The DWTC is a catalyst for economic growth in the UAE. In the current economic climate, hub locations like Dubai with world-class facilities such as those offered by the DWTC are able to leverage business tourism as a sustainable generator of economic output.
The multiplier effect of the DWTC activities adds to its impact on local businesses and employment. Every dollar spent at the DWTC events pumps an additional four dollars in to the local economy and every job created by the DWTC supports an additional 30 jobs in Dubai," Oxford Economics director Adam Sacks said.
The Oxford Economics study projected that DWTC events generated Dh10.9 billion in total sales purely from event participation related spends, not including any commercial deals closed at or after the event, or the value of business partnerships established during the event.