Dubai is giving a whole new definition to the word ‘grandiose’ by ensuring the success of the mammoth World Expo 2020. Scheduled to run between October 2020 and April 2021, this six-month-long exhibition will be based on the theme ‘Connecting minds, creating future’. For the first time, this will bring together the best of trade, innovation and products from all over the world to the United Arab Emirates.
The government has invested a substantial amount of money to ensure the Expo 2020 takes place without a glitch. At the same time, hosting an exhibition of this magnitude gives the UAE an unmatchable business opportunity to attract foreign investments and build its core economy rapidly by provoking them to incorporate businesses in Dubai.
Analysts believe that the expo will mainly benefit tourism, hospitality and infrastructure development.
Let’s take a look at the key aspects of the Expo 2020:
- According to Reem Al Hashimi, MD, Expo 2020 Executive Body, Dubai’s Expo 2020 is expected to yield $24.2 billion in revenue;
- Expo 2020 will provide 277,000 new job opportunities and will have a positive impact on small and medium enterprises (SMEs);
- It is predicted to boost the economy of the Emirates by an average of 6.4 percent every year from 2014 to 2016 – ultimately increasing to 10.5 percent by 2020;
- The UAE government has predicted that revenues of up to $17.7 billion will be generated if the Expo is a success, which organizers feel is certain;
- Some analysts have predicted that by 2020, the UAE could garner as much as $150 billion in foreign direct investment in sectors such as real estate, hospitality, and tourism;
- The Expo 2020 is expecting 25 million visitors, 17 million of which will be international, this naturally will give a big thrust to the tourism and hospitality industries;
- For the Expo, Dubai is constructing a massive new city over an area of 1,082-acre. This project itself has generated 15% of the city’s new jobs. The figure is expected to double as the city gets closer to 2020.