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Adnec Group adds record $2.3bln to UAE economy in 2024

Adnec Group, a company which owns and operates the region's largest expo venue - Adnec Centre Abu Dhabi - has announced that it has delivered the highest economic impact in its history, contributing AED8.5 billion ($2.3 billion) to the UAE economy.

This even surpassed the previous year's figure of AED7.4 billion, thus highlighting the group’s growing role in driving economic growth and supporting the UAE’s strategic objective of building a diversified, knowledge-based economy, said Adnec Group in a statement.

The year also saw Adnec Group successfully acquire Royal Catering and the Business Design Centre in London, UK, expanding its portfolio of venues to four and strengthening its market presence.

These achievements underscore Adnec Group’s commitment to fostering talent and delivering exceptional results across its key business segments, it stated.

Managing Director and Group CEO Humaid Matar Al Dhaheri said: "2024 has been a landmark year for Adnec Group, marked by exceptional achievements across all sectors of our business. These milestones are a direct result of the sustained support of our wise leadership, whose guidance enables us to continue contributing to Abu Dhabi’s economic growth and global prominence."

"Sustainability remained a key focus, with Adnec winning the Sheikh Hamdan Environmental Award," he stated.

The Adnec Centre Abu Dhabi also became the first Mice venue in the Middle East to be powered by clean energy from the Emirates Water and Electricity Company (EWEC), setting a new standard for environmental leadership in the region.

The launch of TerraTile, an innovative sustainable flooring product made from exhibition waste, demonstrated the group’s dedication to advancing sustainability in the events industry, it added.

Adnec Group's venues including Adnec Centre Abu Dhabi, Adnec Centre Al Ain and ExCeL London hosted more than 1,000 events in 2024, welcoming over 5.4 million visitors, the highest number in its history.

Among the year’s highlights were the completion of the ExCeL London expansion, which saw the venue reach 270,000 sq m. Adnec Centre Abu Dhabi hosted the largest and most successful editions of flagship events such as the Abu Dhabi International Boat Show (ADIBS), Global Food Week, and Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX).

Capital Events, the event organising arm of Adnec Group, facilitated more than AED10 billion in deals at eight of its events, further solidifying its reputation as a leader in event management.

Adnec Hotels welcomed a record-breaking 1,531,000 guests, while Capital Catering, the group’s Food & Beverage cluster, delivered 40 million meals across 45 locations and catered for 2,200 weddings and events, including the largest corporate Iftar at Adnec Centre Abu Dhabi for 8,000 guests, said the statement.

Capital 360 Event Experiences achieved its most successful year, driven by regional expansion and key project wins, including ventures in Saudi Arabia and Qatar. Tourism 365, the tourism arm of Adnec Group, managed 350,000 travellers, generating 250,000 room nights, the highest performance since its establishment.

Twofour54, an Adnec Group company, expanded its offerings with the launch of two TV studios at Yas Creative Hub.

"Our 2024 results also reflect Adnec’s unwavering dedication to delivering significant value to our key shareholders and partners in both the government and private sectors, as well as the hard work and commitment of our team to innovation, sustainability and excellence," he stated.

"As we look to the future, we remain focused on driving positive impact locally and globally, in alignment with the UAE’s vision for economic diversification and sustainable development," he added.-TradeArabia News Service