The mega fair Expo 2020 can make a golden step for the economy of Dubai. Dubai targets the Gross Domestic Product (GDP) to rise by 3.8% because of Expo 2020. Dubai is all set to step up its economy to the next level to make its GDP growth in the 2 percent-plus range. The advantages of organizing the Expo 2020 figures prominently in the shows of higher growth for the economy — 3.8 percent next year and then ranging gently to 2.8 percent in 2021. These targets look realistic after Dubai showed its resilience by hosting such a huge event and try to get away to increase its GDP when the growth was pegged at 1.9 per cent.
Expo is a short form of the word Exposition, which means a large scale exhibition. In November 2013, the United Arab Emirates won the pledge to organize the World Expo in Dubai in 2020 by The Bureau International des Expositions (BIE) Since the first great fair of 1851, This is going to be the first time that the World Expo will be staged in the Middle East, North Africa and South Asia (MEASA). Expo 2020, a remarkable platform for international dialogue to create and innovate things for the progress and cooperation of a city or a country representing the technology and ideas. Expo 2020 is going to be a significant technical fair that would be different from any world fair before it. This expo 2020 will be focused on innovative technology, creativity and the infrastructure itself will be shown in digital cities.
GDP growth and Economic Development in Dubai
The cash inflow was Dh38.5 billion in 2018. The next investments might touch Dh50 billion from a 15-20 per cent rise over this year the prediction given by Dubai’s Department of Economic Development (DED), one of the key policy-making authority within the government. , according to DED statistics, In a first-quarter update, the numbers are starting to look challenging
“Economic momentum has picked up its pace at the starting of this year with a surge in new business licenses, During the first three months, 6,709 new business licenses have been issued, a 29 per cent increase over the same period of 2018,” revealed DED.
Expo 2020 has already shown its part to the economy — between 2013-21in various fields that could contribute Dh38 billion and the perks to the construction of infrastructure, communication sectors, business incorporation and financial sectors, transport services.
The Gross Value will be added to another Dh23 billion, which will be a key economic measure for Expo 2020. The DED Forecasts, it has been estimated that Expo 2020 Dubai will create a legacy of innovation and gain between 2021 to 2030. Small and medium enterprises will also certainly booming and are predicted to receive a sum close to Dirham5.2 billion in new business up to April 2021 when the event will end.
Expo 2020 Dubai will show a strategic investment in the ongoing transformation of the emirate into a knowledge-based technical and financially developed economy underpinned by creativity, innovation, and global collaboration. DED survey reveals that 59 per cent of companies were positive about their future growth in the first quarter of 2019, as compared to 2018 when the growth was just 41 per cent; 34 per cent expected stability; and 7 per cent predicted a decline in growth, down from 8 per cent a year ago.
Interventions By Government
The Department of Economic Development (DED) clarified that the government's action is being decisive to increase the economic growth rate in the UAE that reached 1.7 per cent in the first six months of 2018. Major policy initiatives were introduced, and that gave rise to the cost of business declination, which totally boosted the liquidity of SME, and a remarkable improvement of infrastructure, tourism industries and the real estate firms. Inflows of foreign direct investment (FDI) 's inflow is also accelerating. Finally, Dubai also raised its inflow and reached Dh38.5 billion in 2018, and that shows the increment of 41 per cent than in 2017.
"the other initiatives contributed its part to accelerate the growth during the second half of 2018 to 2.2 per cent, resulting in overall real GDP growth rate in 2018 of 1.9 per cent," added DED authority. Dubai is a place where many visitors across the world are in incorporating their business. Business Opportunities in the UAE is at its peak.
The technical events Expo 2020 will definitely contribute to a huge improvement in GDP growth. The vast opportunities in the various fields will expose the country in front of the whole world. We at Commitbiz provide every kind of assistance to set a successful business venture. Starting from the registration, licensing, and every legal documentation and business consultancy is done in a hassle-free manner. Feel free to contact us to know about the other services that we are providing to set up any business venture.