Friday 24 May 2024

Alltech Events

Dubai’s events industry tops $44.7 billion in 2023

DUBAI, April 2, 2024

The event industry in Dubai is estimated to be worth Dh165.15 billion ($44.7 billion) in 2023 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 25% from 2023 to 2027, a report said.

The Meetings, Incentives, Conferences, and Exhibitions (MICE) industry itslef in the UAE is expected to grow at 8.5% during the 2023-30 from $5.21 billion to $9.22 billion by 2030 due to increasing business events, exhibitions and conferences in the country, said the report.

Dubai’s exhibitions, conferences, seminars and business events sector recorded a 25% growth last year with Dubai World Trade Centre (DWTC) saying it attracted 2.47 million visitors to events hosted by it in 2023.
“The results were driven by 301 Meetings, Incentives, Conferences and Exhibitions (MICE), business and consumer events, a notable 23% rise year-on-year,” it said.
The events industry supports 100,000 jobs in Dubai, while it will create a further 10,000 more in the next five years.

According to Market Decipher, a research entity, Middle East Event Services Market shall reach a value of $144.2 billion in 2033, growing with a CAGR of 12.1% during the forecast period of 2023 to 2033.

These results come as Dubai-based Alltech Events Group announced a game-changing expansion plan that will see the company expand its capabilities to boost the emirate’s events industry.

It is hiring 30% more professionals to manage the growth in business.

Alltech Events is also planning to expand beyond the UAE to become a regional player in the next few years.

“We have invested more than Dh5.5 million to acquire new and technologically advanced audiovisual products that will help us to raise the bar in events production while expand our capacity in handling more events,” Rinu Basheer, CEO and Managing Partner of Alltech Events Group that includes Udaya Sound (US) Creations, said.

“Our turnover doubled to Dh15 million in 2023, growing from Dh7.5 million in 2022. We currently produce or handled between 250 and 300 events per year with a team of 72 professionals and sound engineers – which is very high compared to others. – TradeArabia News Service


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