Seventy six large-scale events at the Dubai World Trade Centre last year generated a total economic output of Dh18.3 billion ($5 billion), of which Dh10.53 billion was retained within the local economy, a report has found.
Business events hosted by the venue welcomed 1.54 million people, 46 per cent of those international – a 53 per cent year-on-year increase in foreign participation, the 2023 Economic Impact Assessment report found on Monday, adding that the total economic output surged 40 per cent annually.
“Dubai World Trade Centre stands as a symbol of innovation and economic advancement. Aligned with Dubai's Economic Agenda D33, we continue to spearhead sector diversification efforts, reinforcing the city’s stature as a leading global business hub,” said Helal Almarri, director general of DWTC Authority.
“Dubai’s MICE [meetings, incentives, conferences, and exhibition] sector, driven by DWTC, remains a vital pillar of financial resilience and growth underscoring our accelerated strides towards sustainable socio-economic development.”
The increase in “international participation, along with the significant economic impact generated across diverse sectors such as travel, accommodation and retail, highlights the city’s steadfast commitment to propelling business tourism”, he said.
Dubai, one of the main commercial, tourism and financial hubs in the Middle East, has maintained a robust growth momentum since the Covid-19 pandemic slowdown.
Dubai is pursuing its D33 economic growth agenda launched in January last year, which aims to increase the size of the economy to Dh32 trillion ($8.71 trillion) by 2033 and establish Dubai as one of the top three cities in the world.
The emirate has intensified its efforts to attract international business events that draw in top investors, entrepreneurs, policymakers, corporate executives, and start-ups.
Growth of the business tourism industry is also supported by robust economic momentum and tourism growth in the emirate.
Dubai recorded an 11 per cent increase in tourist numbers in the first quarter of the year as the emirate continued to benefit from a rebound in global travel demand.
Business activity in the emirate’s non-oil private sector economy grew at the fastest rate in almost four years in February, as continued economic momentum resulted in new orders and an improvement in employment rates.
Events at DWTC last year supported more than 69,000 jobs, yielding an increase in disposable household income of Dh3.36 billion, the DWTC report showed.
Hotels, air travel, local transport, retail, restaurants and business entertainment were the key sectors in the domestic economy that benefitted from the events.
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- 600-seat auditorium
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- An elevated football field that doubles as a helipad
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7pm: Abu Dhabi - Conditions (PA) Dh 80,000 (Dirt) 1,600m
7.30pm: Dubai - Maiden (TB) Dh82,500 (D) 1,400m
8pm: Sharjah - Maiden (TB) Dh82,500 (D) 1,600m
8.30pm: Ajman - Handicap (TB) Dh82,500 (D) 2,200m
9pm: Umm Al Quwain - The Entisar - Listed (TB) Dh132,500 (D) 2,000m
9.30pm: Ras Al Khaimah - Rated Conditions (TB) Dh95,000 (D) 1,600m
10pm: Fujairah - Handicap (TB) Dh87,500 (D) 1,200m
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1. Fasting
2. Prayer
3. Hajj
4. Shahada
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Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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