Five key sectors pump AED 8.6 bn into Dubai’s GVA

Five key industry sectors dominated in 2018 – Food, Hotel and Catering; Healthcare, Medical and Science; Information Technology (IT), Business and Finance; Energy and Environment; and Industrial Manufacturing – accounting for 66% (AED 8.6 billion) of the Gross Value Added (GVA) to Dubai’s economy, according to the Dubai World Trade Center’s latest Economic Impact Assessment report for 2018.

This not only indicates the success of the UAE’s National Innovation Strategy in guiding the nation’s economic diversification efforts, but also demonstrates the strength of DWTC’s dynamic portfolio. The stellar performance of MICE events hosted within these industries, have also largely supported in making the UAE’s economy more competitive and resilient to global headwinds.

The report estimates that these five sectors attracted 62% (1.6 million) of all attendees to DWTC’s 97 large-scale events in 2018, with 66% of all international participants similarly being drawn from the same sectors, thereby building on Dubai’s reputation as an attractive destination as well as one that is primed for business and conducive to foreign investment.

Food, Hotel and Catering remained the top performing sector with 46% international participation and AED 2.7 billion in GVA representing a 41% growth over 2017; followed by the Healthcare, Medical and Science sector with 49% international participation at 18 events which contributed AED 2.5 billion in GVA, marking a 7% increase since 2017. The IT, Business and Finance sector contributed AED 1.7 billion in GVA – a 75% increase over 2017 – with 32% international attendance; followed by the Energy and Environment sector which saw 48% of international participation with AED 900 million in GVA. Of all five sectors, Industrial Manufacturing witnessed the fastest growth in contribution with AED 800 million of GVA, doubling its 2017 figure while attracting 50% in international attendance.

“DWTC’s robust portfolio and content-enriched calendar has evolved tremendously to feature innovative business events spanning the key priority verticals outlined in the UAE National Innovation Strategy. Through our diversification strategy and the development of increasingly bold methods to host large-scale events, we have leveraged Dubai’s strategic positioning as an international hub for business and trade enablement. This has allowed us to effectively attract higher volumes of international business visitors, which in turn has had a positive impact on Dubai’s GDP,” said Helal Saeed Almarri, Director General, Dubai World Trade Center Authority and Dubai Department of Tourism and Commerce Marketing.