The Dubai World Trade Centre has released the GITEX Technology Week Economic Impact Assessment 2019 Report, which revealed that the mega tech event generated AED 1.6 billion in revenue across direct, indirect and induced economic levers.
GITEX Technology Week also translated a high 57 percent of this total economic output into retained value of AED 919 million for Dubai’s GDP this year.
The whitepaper provides in-depth insights into how the scale of and global exhibitors and visitors at GITEX collectively yield a ripple effect beyond the technology and MICE sector, sustainably supporting the country’s diversification agenda that has been identified as a strategic priority in the UAE Centennial 2071 Strategy.
The report revealed that the total economic output of AED 1.6 billion generated by the event was driven by the AED 354 million in direct spend at GITEX, meaning that for every AED 1 spent at GITEX, 4.5 times was generated in sales value for Dubai’s wider economy.
Direct Economic Output of AED 1.136 billion was generated within the MICE and adjacent sectors by GITEX’s 171,282 attendees in 2019, representing the impact of their total spend on goods and services related to their participation in the event as well as their spend across ancillary sectors during the course of their business visit to Dubai. A further estimated AED 468 million was generated by GITEX in indirect and induced output, resulting in a combined Total Economic Output of AED 1.6 billion.
With an extremely high 57 percent retention of value within the economy, GITEX produced a combined Gross Value Added (GVA) of AED 919 million, of which AED 669 million was direct GVA, AED 126 million was indirect GVA and AED 124 million was induced GVA, showing the strength of the domestic industry and market in terms of absorbing the growing value from the sector.
“The UAE is evolving into a global innovation hub and pioneer in the use of transformational technologies such as artificial intelligence and blockchain. Our investments and strategic efforts are aimed at furthering DWTC’s role as a pioneering MICE platform, optimally positioned to connect developed economies with high-growth emerging markets across continents,” said Helal Saeed Almarri, Director General, Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing. “The 2019 GITEX Economic Impact Assessment report sheds light on DWTC’s approach and proven ability to unlock ecosystem-wide economic value, creating even more critical wider socio-economic impact, ultimately spurring business expansion investment and leadership for Dubai as a global hub for international business.”
GITEX registered a total of 171,282 attendees, 33 percent of which (57,367) were international, while the event hosted over 4,500 exhibiting companies.
“GITEX is a critical platform for raising awareness of the ways that organisations can deploy cutting-edge technologies in their digital transformation efforts, and is crucial in stimulating national economic growth in the areas of technology and innovation. Our role, as a leading global platform for business events across the Europe, Middle East, Africa and South Asia region, allows us to ably support Dubai and the UAE in its ambitious diversification and sustainable growth agenda,” Almarri said.