As per the GITEX Technology Week Economic Impact Assessment Report 2019 that was issued from DWTC stated that for every AED1 that was spent during the GITEX technology expo 2019, there was the generation of 4.5 times that in the sales volume that amply supported broadening up UAE’s economy.
The report also stated that the economic impact of GITEX Technology Week was valued at AED1.6 billion ($440 million) to Dubai’s overall GDP.
- It also highlighted the fact that this event has rendered an overall 57% of the total economic output Gross Value Added (GVA) also including the (direct, indirect as well as the induced economic levers) that was valued to Dh919 million for Dubai’s GDP this accounting year.
- Out of the Dh919 million combined Gross Value Added (GVA) or economic output generated, Dh669 million was direct GVA, indirect GVA accounted for Dh126million and induced GVA was around Dh124 million thus, showcasing the overall benchmark of the domestic industry and market in terms of absorbing the growing value from the sector.
- This year’s mega-event hosted a staggering 1,71,282 attendees out of which roughly around 33% were the International audience and have contributed around 75% of the overall direct spend.
- The event witnessed a growth of just under 60x attendee base and a near roundabout 100 times scale since its initial upstage as the overall attendees came from an overall 152 countries, GCC countries accounted for 40 percent of International participants, MENA region accounted for 16 percentage, Indian subcontinent accounted for 12 percentage, as well as 10 percentage from Europe and 8 percentage from Asia-Pacific tertiary.
- GITEX event in itself was a huge commercial success as it’s estimated to have created a whopping 6,239 new avenues, jobs that in turn generated an overall net revenue worth AED 300 million in surplus expendable wealth that also aids in for UAE’s domestic consumerism.
- Since the initial launchpad in 1981, GITEX Event continues to be the region’s Economic flagship bearer propelling overall global technological passage and mass propagation across the Middle East, Africa, and South Asia regions.
With the GITEX Future Stars campaign, the event has also evolved its visionary power beyond just being a perfect launchpad for game-changing technological innovation to nurturing up of knowledge economy for the MEASA’s future tech ecosystem.
Helal Saeed Almarri, the director-general, Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing stated that “UAE is evolving as a next-gen global innovation hub and as well pioneering the perfect utilization of disruptive yet transformational technologies like Artificial Intelligence (AI), Blockchain as well as cloud computing. He also added that their overall investments, as well as strategic efforts, are deemed to furthermore pioneering DWTC’s role into channelizing the MICE platform, which’s positioned in such an optimal way for connecting developed economies along with the maximum-growth emerging markets across continents”.
Mr. Almarri also added that “GITEX is a core platform that builds in raising awareness in the methodology of operating different organizations in deploying the cutting-edge, latest, swiftest, unique technologies in channelizing their continued efforts in improvising digital transformation which forms the foundation for a strong national economic growth in innovation and technological sectors. As well as their role, as a global pioneer for such business events to be conducted across Europe, Middle East, Africa, and South Asian tertiary, supports them ably to build Dubai and the UAE in its ambitious diversification and sustainable growth agenda”.
The direct GVA relates to the overall spending for various ancillary sectors like accommodation, F&B, retail, entertainment, travel, and transport, etc. Indirect GVA relates to spending related to necessary production surge that relates to the surge in the demand. The induced GVA is a result of boom in the employment trends and the successive disposable income growth observed during the accounting GDP year.
Mr. Almaari further extended his thoughts by stating that, “the concluded 2019 event GITEX Economic Impact Assessment Report also throws ample limelight regarding DWTC’s proven records and perfect ability that helps it in unlocking a technology-driven ecosystem tuning the region’s economic value. It also is devised to have a vital and wider socio-economic impact, ultimately stimulating the business expansion investment and leadership for Dubai as a global brand hub for the international business”.