Gitex generates Dh1.6b in economic value for Dubai

Dubai: The week of Gitex generated Dh1.6 billion in revenues – through direct, indirect and induced ways – for Dubai, while the retained value for the emirate’s GDP is Dh919 million for this year.

Of the Dh1.6 billion, Dh354 million came through direct spend at Gitex, which means for each Dh1 spent during the week, 4.5 times was generated in sales value for the wider economy. This is according to the “Gitex Technology Week Economic Impact Assessment Report 2019” released by the event organiser, DWTC.

“Gitex is a critical platform for raising awareness of the ways that organisations can deploy cutting-edge technologies in their digital transformation efforts, and crucial in stimulating national economic growth in the areas of technology and innovation,” said Helal Saeed Almarri, Director-General at Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing.

“Our efforts are aimed at furthering DWTC’s role as a pioneering MICE platform, positioned to connect developed economies with high-growth emerging markets across continents.”

Job gains

Gitex related activities supported a total of 6,239 jobs, in turn generating disposable household income of Dh298 million. Of this, the MICE and associated sectors had a direct say in 71 per cent of the number jobs created, and rest were the result of indirect and induced employment impact across the wider economy.

“Dubai’s evolution as a leading MICE destination has undeniably helped shape its reputation as a global hub for the international business community,” said Almarri.

“We have expanded our horizons to our calendar to encompass the most relevant and strategic global priorities such as food security, artificial intelligence, bio-tech, blockchain, creative economy and environmental sustainability.

“These events not only provide a truly multilateral forum to shape future policy, but also encourage ideation, co-creation and collaboration – positioning Dubai as a global model of a diversified, sustainable and resilient economy, that adapts, transforms and defines the future agenda for development.”

Visitor turnout

The Gitex Technology Week registered 171,282 attendees, 33 per cent of whom were overseas visitors. Attendees came from a total of 152 countries, with the GCC states accounting for 40 per cent of the overseas participants. The event hosted over 4,500 exhibiting companies.

A “direct” economic output of Dh1.13 billion was generated within the MICE and allied sectors by the 171,282 attendees. Direct spend relates to those on accommodation needs, F&B, retail, entertainment, travel and transport, and other business services.

A further Dh468 million was generated by Gitex in indirect and induced output, resulting in a combined total economic output of Dh1.6 billion. (The “indirect” spend relates to necessary production increases to meet increased demand, while “induced” value results from higher employment and consequent disposal income growth.)

“The data from the Economic Impact Assessment Report confirms that international business traffic to Gitex Technology Week is significant in driving economic development,” the official added. “The impact does more than just affect the UAE’s economy, and extends to residents, trade professionals and businesses alike.

“With the growing spotlight on Dubai for its superior business and trade ecosystems, our focus remains on further enhancing our offering of events to continue to attract multi-sector business visitors, with a view to enable future GDP acceleration.”

Fast Facts

• Event-related spend during Gitex totalled Dh391 million. This includes exhibition space rental, stand building and related spend of Dh354 million combined with attendees’ business entertainment spend of Dh37 million.
• Attendee expenses across in-city services, restaurants, retail and accommodation totalled Dh651 million, while travel-related airfare and visa-spend totalled Dh94 million.
• International attendees spent nearly six times more than their local counterparts. The average length of stay for international attendees was 5.7 days, while their average daily spend was Dh1,741, whereas the average length of time spent at Gitex by local participants was 3.6 days, with an average daily spend of Dh483.

* Event-related spend during Gitex totalled Dh391 million. This includes exhibition space rental, stand building and related spend of Dh354 million combined with attendees’ business entertainment spend of Dh37 million.

* Attendee expenses across in-city services, restaurants, retail and accommodation totalled Dh651 million, while travel-related airfare and visa-spend totalled Dh94 million.

* International attendees spent nearly six times more than their local counterparts. The average length of stay for international attendees was 5.7 days, while their average daily spend was Dh1,741, whereas the average length of time spent at Gitex by local participants was 3.6 days, with an average daily spend of Dh483.