Mon 16-08-2021 14:31 PM
DUBAI, 16th August, 2021 (WAM) -- The Dubai World Trade Centre (DWTC) has played a major role in diversifying Dubai's economy and has worked to create a broader economic impact, cementing Dubai's position as a global centre for trade and business tourism.
The centre, which was established in 1979, introduces the region to the international exhibitions and conferences industry and has become the vibrant heart of Dubai as it continues to grow as a platform for opportunities, creativity and communication as a result of its unique position as the leading centre for events, exhibitions and conferences in the region.
Regarding the centre's preparations to celebrate the UAE’s 50th anniversary, Mahir Abdulkarim Julfar, Executive Vice President, Venue Services Management, Dubai World Trade Centre, said in an exclusive interview with the Emirates News Agency (WAM) that the UAE’s success is the result of visionary leadership and an open, forward-thinking approach to business and trade.
As Dubai prepares to host the world with Expo 2020 Dubai, Dubai World Trade Centre is set to operate Dubai Exhibition Centre (DEC), the largest venue at Expo 2020 Dubai which will increase the Emirate’s indoor exhibition capacity by 45%, presenting new opportunities for economic growth through the expansion of the MICE (Meetings, Incentives, Conferences and Exhibitions) industry.
DEC represents a unique value proposition with its world-class exhibition space and is a business and trade hub which will host international and regional trade exhibitions, meetings, conferences and business events for the six-month duration of the upcoming Expo 2020 Dubai.
He also added that DEC will increase Dubai's events infrastructure and attractiveness to global businesses, and is purpose-built to host ambitious, large-scale events for the world's most influential companies and industries.
With regard to DWTC’s achievements in the hospitality and exhibitions sector during the past years, Julfar highlighted that the Centre is a global enabler of international trade that has the aim of becoming the world’s leading destination for all major exhibitions, conferences and events.
As well as being a direct economic contributor to Dubai, DWTC has always given prospective foreign investors the opportunity to see what the emirate can offer: excellent infrastructure, a large number of fast-growing industries, a supportive government and regulatory environment – and the ability to reach into high-potential markets with fast-rising populations and rapidly accelerating needs.
Executive Vice President, Venue Services Management said that over the past 40 years, DWTC has played an integral role in diversifying Dubai’s economy while creating significant wider economic impact, establishing the city as an international centre for trade and business tourism.
Today, Dubai is a gateway into fast-growing economies in the Middle East, Asia and Africa, as well as a preferred destination for businesses from Europe. DWTC is an invaluable facilitator of intercontinental trade and development, and its role extends far beyond the encouragement of domestic export/import markets, it is a true regional and global business hub and a catalyst for growth, bringing the world together and connecting possibilities everywhere.
The Centre's event organisers, exhibitors and visitors all have a direct, indirect and induced impact on spending across the city. Direct economic impact covers a range of sectors, including hotels and restaurants, retail, transport, and government and business services.
The indirect impact comes in the form of industries that supply raw materials, manufactured goods and ancillary services to DWTC, all of which see a surge in demand for their products as a result of our MICE activity. This supply chain – which features purchases such as utilities, food and commodities, and construction – has an indirect impact that ripples across the city and its industries, driving growth and generating incremental value in the economy.
That ripple effect contributes to the third and final area of our impact model: induced impact. This is the economic effect of the increases in household income driven by DWTC’s activities; consumption-induced impact that manifests itself in higher spending on food, consumer products, retail and entretainment, transport, housing, financing and various other goods and services.
He noted that DWTC has generated over AED200 billion of total economic output for Dubai’s GDP over the past four decades, resulting from the 5,000 MICE events that it has hosted. Having attracted over 30 million business visitors to Dubai, 12 million of which were from international markets, DWTC has reinforced Dubai’s status as a global hub of entrepreneurship and innovation, a legacy which Expo 2020 Dubai is set to continue.
With regard to the reasons that enabled DWTC to be one of the most important venues for exhibitions and conferences in the region, he said that the Centre was established in 1979 and opened the region’s doors to the global MICE industry. DWTC has become the heart of the city as it has grown and become a platform for opportunity, innovation and connectivity. DWTC enjoys an unparalleled reputation as the region’s premier venue for events, exhibitions, congresses and conferences.
DWTC’s continued commitment to delivering events that enable international trade, whilst contributing to the development of Dubai’s knowledge-based economy, is the primary reason behind its continued success and established leadership position, delivering sustainable economic value to Dubai’s GDP.
He also highlighted DWTC’s plans for the post 50th anniversary of the UAE’s union, noting that Dubai Exhibition Centre is a world-class venue for that will also play a central role in the future legacy of Expo 2020 Dubai. Under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Expo 2020 Dubai will form a new urban centre as part of the Dubai 2040 Urban Master Plan. DEC’s opening will represent a milestone for Dubai’s world-leading MICE sector, which is empowering the development of a self-sustaining entrepreneurial ecosystem and knowledge-based economy.
DEC will also be an integral landmark of District 2020, the planned mixed-use urban development that aims to repurpose 80% of the Expo's built environment - a project which will deliver sustained economic value to Dubai.
Evolving from Expo 2020 Dubai, District 2020 will form a smart and sustainable urban centre, providing an innovation-driven business ecosystem and coming together of minds in which technology and innovation will support industry growth. Focusing on innovations in sectors including clean energy, artificial intelligence and autonomous transport, District 2020 will spawn a mixed use community of innovators that will provide unique opportunities for collaboration in advanced technologies.