Event Industry in the United Arab Emirates - Assignment Example

11/6 Event Industry in the UAE | cinderella mubarak Acknowledgement Table of contents 1-Introduction -----------------------------------------------------------------------------3 2-Purpose ----------------------------------------------------------------------------------3 3-Characteristics of the UAE------------------------------------------------------------4 4-Events Industry in UAE ---------------------------------------------------------------4 5- Growth Forecasts for the Event Industry-------------------------------------------5 6-Benefits Attained from the Event Industry -----------------------------------------6 7-Challenges Facing the Event Industry-----------------------------------------------7 8-Conclusion-------------------------------------------------------------------------------7 9. References ------------------------------------------------------------------------------8 Introduction An event is an assemblage of people for a particular purpose usually social, business sporting and entertainment. The event industry is a wide and lucrative business sector involved with the creation, planning and development of events. It covers a wide range of occasions from worldwide events that bring together thousands of people to small conferences and meetings involving two people. Major segments involved include conception of the event, laying down the logistics, coordination of the technical aspects such as date and venue, actual implementation of the event and finally the post-event management. The event industry in the United Arab Emirates (UAE) is one of the fastest growing industries in the country and one that is considered by event management professionals to be the best in the Middle East region (Business). Dubai has regularly been referred to as the capital city of entertainment in the Middle East. Major events in the UAE comprise leisure events, entertainment fiestas, corporate conferences and meetings, fashion events, sporting tournaments, trade fairs, cultural celebrations, religious fetes and holiday galas. The event industry in the UAE has close association with the hospitality industry (Godwin). Purpose The objective of this study is to analyse the event industry in the UAE examining its attributes and elements, the main players involved, growth forecasts, the gains and the various challenges afflicting the industry. Characteristics of UAE The UAE is a country located in the Arabian Peninsula in the Middle East. The country comprises of seven Emirates. All the Emirates are clothed in immense economic, social, cultural and political power. The capital city of the UAE is Abu Dhabi with the largest city being Dubai. The National Bureau of Statistics estimates the current population of the UAE to be over 8.2 million. Demographically, the UAE is a very diverse and cosmopolitan country with over 75% of the population being foreign born. The national and official language of the UAE is Arab. Islam is the major religion within the nation. The economy of the UAE is very assorted and is the second largest in the Middle East, only behind Saudi Arabia. The main revenue earners are tourism, trade, oil industry, finance, manufacturing, construction and real estate. The UAE is the largest consumer market in the region and has significant economic ties with several countries such as India, Pakistan, Iran and the United Kingdom (Godwin). Event Industry in UAE Some of the recent high profile events that have been held in the UAE include: the Formula 1 Abu Dhabi Grand Prix, Dubai International Trade Fair, Dubai Rugby Sevens tournament, Abu Dhabi Film Festival, Mubadala World Tennis Championship and the Dubai Jazz Festival (Business). The major players involved include the government, the local governments of various cities, event organisation firms, and local and international companies, hospitality and tourism industry. The event industry in the UAE has seen major growth over the years to become one of the leading revenue generators in the country. Currently there are many event management companies located in the UAE spanning different cities. The event industry has experienced an increase in number of events, scale of the events and more revenues from the events over time. The major pillars of growth have been the hospitality industry which has undergone an increase in facilities and quality of the facilities; increase in good venues; back to back events make the UAE attractive and gives stakeholders and visitors variety of choices; lenient government laws, regulations and taxes have given event planners ease of organizing and executing events and the exceptional marketing and advertising industry. These factors have all contributed in spurring the event industry into outstanding growth levels. Growth Forecast for the Event Industry The event industry has been steadily growing and expanding and is expected to continue with the remarkable growth. More and more event organizations are setting shop in UAE and this is a clear indication that the sector will definitely undergo a surge in the number of events in the future (Godwin). The industry will also have a growth in the number of experienced staff, promoters and support staff. The UAE’s growing population is good for the event industry as more and more people will be involved in different happenings. The perceived value of events by firms and corporations is a clear indicator that event industry is set for a leap in revenues and occurrence. The UAE has also seen a growth and diversification of different sectors. Industries such as fashion and sports that had previously suffered slow growth have had a boost in growth and this is expected to continue in the forthcoming years. Sporting tournaments in games such as rugby, football, golf, athletics and tennis are anticipated to draw larger crowds and bigger worldwide audiences. More entertainment events are expected to be held in the country to follow up to such occasions that have been held before such as the Abu Dhabi Film Festival, Dubai Shopping Festival, Dubai Fashion Festival and the UAE Desert Challenge. Most of the trade fairs, galas and festivities are held annually and with time will develop in size and reach thanks to UAE’s growing reputation and brilliant marketing. Benefits Attained from the Event Industry 1. Increased employment opportunities. The event industry employs a varying range of workers such as event managers, event planners, event promoters, support staff, outsourced staff, advertising agencies and logistics managers. With the upturn in events, more and more people are getting employed in the various available jobs. This has offered income earning opportunities to many people in the event industry and supporting sectors (Business). 2. Aided the growth of other sectors of the economy. The growth of the trade, hospitality, travel, advertising, logistics management, transport, public relations and communications sectors has been sustained by the event industry. 3. Revenue earner. The several events held bring in the much needed revenue both for the private sector through various and the government through taxation. The event industry has risen quickly through the ranks to become one of biggest income generators only just behind tourism, oil, real estate and trade (Godwin). 4. Marketing of the UAE. The many international trade fairs, religious festivities, fashion events, film festivals and sport tournaments has frequently marketed the country all over the world. This helps in opening the nation to new possibilities especially in tourism and trade. 5. Promoting the culture and practices of the UAE. Cultural events and celebrations have gone a long way in promoting the social culture and beliefs of the UAE. Multi-ethnic Interactions have also enhanced the fashion, entertainment, technology and sporting practices within the UAE. Challenges Facing the Events Industry The problems that afflict the events industry include 1. Unpredictability of the market. The needs and preferences of the market are always changing and this is a major let down for the events industry. This creates the need to constantly alter the structure and logistics of organizing and fulfilling events which ends up being costly. 2. High cost of operation. Booking event venues is proving to be very expensive.. Paying the many support and outsourced staff also takes a large chunk of the expenditure. 3. Changing technology and client needs. Keeping up with the ever shifting technology is another challenge. Event organizers have to employ new technology no matter how taxing this can be so as to meet customer needs and to attract larger audiences. Conclusion The event industry in the UAE is a very productive and essential sector in the economy. Growth in the industry has been impressive and this is envisaged to continue. Numerous gains have been felt especially in generating revenue, employment and marketing the UAE worldwide. References Business, The National. Events Industry Boom in the UAE. 30 10 2012. 6 11 2014. Godwin, Steward. Globalization, Education and Emiratization: A Case Study of the United Arab Emirates. 2006. Read More