DUBAI, UAE – Art Dubai, the leading international art fair for the Middle East and Global South, on Sunday announced that the five-day event, held on March 1-5 2023, has provided a direct economic impact of US$39 million (AED143 million) to the city.
New figures revealed in the Economic Impact Study by leading independent market research consultancy IPSOS also showed that the art fair attracted a staggering 23,500 hotel nights bookings to Dubai.
The recently announced figures demonstrate a significant rise in economic impact, surpassing the most recent comparable data by over 55 percent, compared to US$25 million (AED 92 million) in 2019.
This noteworthy increase reflects Dubai’s progress as a burgeoning cultural and creative hub and highlights its unprecedented growth as a global destination.
Held under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the 2023 edition was Art Dubai’s most successful to date, featuring over 130 contemporary and modern exhibitors from more than 40 countries.
It also had the strongest-ever participation of regional and international institutional representatives.
Hala Badri, Director General of Dubai Culture and Arts Authority, said that the Emirate is experiencing a comprehensive creative and cultural movement.
This is playing a pivotal role in realizing Dubai’s cultural vision of establishing the emirate as a global center for culture, an incubator for creativity and a thriving hub for talent.
Badri said, “At Dubai Culture, we are keen on supporting the cultural and arts sector in the emirate by adopting innovative methods capable of attracting talent and art enthusiasts.”
She said, “In addition to providing creative platforms that allow artists to express their ideas and expand their creative contributions that enrich Dubai’s art scene. The remarkable successes achieved by the 16th edition of the Art Dubai exhibition reflect Dubai’s global position as a vital hub for artistic and creative events.”
She added, “Art Dubai has matured and developed into a unique moment in the international art calendar, convening Dubai’s brightest and best cultural and artistic minds each year.”
Badri said, “The figures announced in the economic impact report further underline the importance of world-class cultural programming in attracting people worldwide to this unique city.”
Benedetta Ghione, Executive Director of Art Dubai, said, “The published economic impact data serves to underscore Dubai’s continued growth and development as one of the major cultural centers of the art world and the cultural capital of the Global South.”
She said, “2023 was Art Dubai’s most successful to date, and our 2024 edition will continue to build on the reputation we have nurtured over the last two decades, reinforcing our unique position in the art market and continuing to push the boundaries of what an art fair can do.”
Across contemporary, modern and digital gallery sections, annual artist commissions and year-round collector and education programs, Art Dubai champions art and artists.
It has established itself as a regional cultural hub and an increasingly important meeting point for the Global South’s art world.
The city has experienced rapid growth over the last 10 years and the fair now welcomes top collecting and institutional audiences from the UAE, the region and internationally.
Art Dubai, held in partnership with A.R.M. Holding, has gained sponsorship from Julius Baer, a Swiss Wealth Management Group.
The fair has also garnered support from HUNA, a developer and partner of Art Dubai.
The Dubai Culture & Arts Authority (Dubai Culture) serves as the fair’s strategic partner and Madinat Jumeirah provides a stunning venue for the event.
Art Dubai’s 2024 edition will take place at Madinat Jumeirah on March 1-3, with previews on February 28-29.