Gitex Technology Week 2019 generated sales of Dh1.6b
Gitex Technology Week has generated Dh1.6 billion in revenue across direct, indirect, and induced economic levers, results published in the Gitex Technology Week Economic Impact Assessment 2019 Report issued by DWTC showed.
The report also showed that the event translated 57 per cent of this total economic output into a retained value of Dh919 million for Dubai's GDP this year.
A direct economic output of Dh1.136 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. Gitex also produced a combined Gross Value Added (GVA) of Dh919 million, of which Dh669 million was direct GVA, Dh126 million was indirect GVA and Dh124 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's event-related spend, which includes exhibition space rental, stand building and related spend, combined with attendees' business entertainment spend, totalled Dh391 million, accounting for 34 per cent of Gitex's direct economic output. Attendee expenses across in-city services and propositions, restaurants, retail and accommodation in 2019 totalled Dh651 million and represented 58 per cent of Gitex's direct economic output, while travel-related airfare and visa-spend totalled Dh94 million, which is eight per cent of Gitex's direct economic output. The 2019 report also showed that for every Dh1 spent at Gitex, 4.5 times was generated in sales value for Dubai's wider economy.
"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.
Gitex registered a total of 171,282 attendees, 33 per cent of which were international, while the event hosted over 4,500 exhibiting companies. Attendees came from a total of 152 countries, with the GCC accounting for 40 per cent of the international participants, 16 per cent from the wider MENA region, 12 per cent from the Indian Subcontinent, 10 per cent from Europe, and eight per cent from the Asia-Pacific. The report reveals that international attendees spent nearly six times more than their local counterparts, clocking in 5.7 days as their average length of stay and Dh1,741 as their average daily spend.
World stocks closed out a notably profitable year, with Wall Street... READ MORE
Carlos Ghosn's daring flight from Japan, where he was awaiting trial... READ MORE
Airbus has become the world's largest planemaker for the first time... READ MORE
A partial new US-China trade agreement will be signed in the middle... READ MORE
Mohammed bin Salman bin Abdul Aziz, Saudi Crown Prince, Deputy Prime... READ MORE
Surprise sales to be announced during the 25th Dubai Shopping... READ MORE
Hundreds of thousands of spectators witnessed the 13-minute long... READ MORE
ITC, Ras Al Khaimah Transport Authority launch new bus service. READ MORE