DUBAI, (Pakistan Point News - 03rd Nov, 2019) The growing contribution of the GITEX Technology Week to Dubai’s economy is attested by the results published in the GITEX Technology Week Economic Impact Assessment 2019 Report issued today by the DWTC, which revealed a significant AED1.6 billion in revenue generated during the exhibition.
GITEX Technology Week also translated a high 57 percent of this total economic output into a retained value of AED919 million for Dubai’s GDP this year.
The GITEX Technology Week Economic Impact Assessment Report 2019 is designed to provide insights and data-backed analysis pertaining to the impact of the trade show on the emirate’s economy.
A Direct Economic Output of AED1.136 billion was generated within the MICE and adjacent sectors by the 171,282 attendees at GITEX in 2019, representing the impact of their total spending on goods and services related to their participation in the event, as well as their spendings across ancillary sectors during the course of their business visit to Dubai. A further estimated AED468 million was generated by GITEX in indirect and induced output, resulting in a combined Total Economic Output of AED1.6 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 AED669 million was direct GVA, AED126 million was indirect GVA and AED124 million was induced GVA, showcasing 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 the 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 GITEX Technology Week Economic Impact Assessment Report 2019 showed that the total economic output of AED1.6 billion generated by the event was driven by the AED354 million in direct spending at GITEX, meaning that for every AED1 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 percent of which (57,367) were international, while the event hosted over 4,500 exhibiting companies.
