SiGMA Group welcomed 25,000 delegates as part of its Malta Week event this November. An impact assessment report carried out by E-Cubed Consultants has revealed that the SiGMA Group’s Malta-based summit generates significant economic activity on the island – contributing to sustainable growth and development of the Maltese economy through job creation, leisure and retail activity, and tourist attraction.
The report looked at revenue data from 2016 to 2019 and for the year 2022, the number of visitors arriving for the event and their expenditure – including accommodation and travel. The years 2020 and 2021 were excluded from the report due to the impact of the Covid-19 pandemic.
Boosting Employment generation and economic value
The report revealed that the Group’s November event generates enough economic activity to sustain the equivalent of 950 jobs for one year. The jobs occur across a wide range of sectors – extending across the gaming industries to retail, manufacturing, and leisure.
Firms with sectors associated with the Malta Week event (gaming, esports, emerging technology, ICT, corporate services, medical technology and digital/affiliate marketing) in 2019 directly generated €194 million in value added to Malta economy, equivalent to 7% of the direct value-added of the relevant sectors.
These economic sectors are currently generating 38,000 jobs in Malta – equivalent to 33% of the total employment sector in the country.
Attracting visitors in a cold shoulder month
International visitors to the event in November will occupy over 60% of 4 and 5 star hotels in Malta during their stay. This influx of guests offers a significant boost to a sector that would otherwise see an average occupancy of 40% during this cold shoulder month.
SiGMA Malta 2019 generated from both event and tourist expenditure: €6 million in value added, equivalent to 0.05% of the total value added to the economy of the country.
2022 welcomes 50,000 delegates
Over the years, SiGMA has seen strong continuous growth. From a single event in 2014 hosting 1,500 people, SiGMA has expanded to host four events in 2022 – welcoming over 50,000 people. Over 25,000 participants attended the Malta Week event this November.
2023 – A calendar of events
The SiGMA Group prides itself on its broad horizons, drawing on some of the most vibrant, entrepreneurial and fast-growing industries in the global economy.
The Group has announced that is will hold six world class, bi-monthly summits next year – with events taking place across 5 continents: Nairobi, Dubai, Sao Paulo, Manila, Limassol, and Malta.
Coming up, SiGMA Group will launch their inaugural event in Africa, with Nairobi 2023 set to take place next January.