Dubai is on the edge of playing its smart move by the fourth quarter of 2020. By winning the toss back in 2013 to conduct the World Expo, UAE has uplifted its economy to a great extent. The entire world is waiting for the Dubai Expo 2020, which will act as a game-changer for the business world. According to the projections made, the Expo is estimated to attract a count of 25 million visitors worldwide in between Oct 2020-April 2021, which is a massive count.
Considering the economic development, the Expo is expected to fetch in Dh 122.6 billion to the region’s economy by the end of 2031. The Emirati government has made a considerable investment to carry out the complete operations at ease. So far, the Expo dividend has been considered as the significant event ever to be held in the Arabian region. The event will have a drastic impact on multiple business sectors. This article will give you a complete idea regarding the impact on different industries. If you are a business owner or an entrepreneur, then this write-up is for you. Let’s start.
Dubai is regarded as one of the famous international tourist’s spots. The Emirate has got a multi-cultural environment as it is a blend of foreign expats from all possible countries. There has been a rapid growth in Dubai Tourism and is expected to flourish in the future. The Expo is expected to attract a count of 25 million visitors, out of which 70% are considered to be international visitors. So, imagine the potential and opportunities the Expo holds for the tourism business. This turns out to be a favourable opportunity for business investors and entrepreneurs who wants to start a tourism business in Dubai. If you hold an idea of starting a business in the same industry, then this is the right time to give a kick start.
Being in parallel sink with the tourism industry, the hospitality industry is also expected to thrive to reach the next level. To cater the needs of 25 million people, the region has already started leveraging the business activities. Understanding the demand for the hospitality industry, and the opportunities it holds, a recent move taken by India’s largest hotel-chain Oyo Rooms is that they have expanded their business in Dubai. If you are planning to start a business in Dubai, opting for a hospitality business at this point would turn out to be beneficial.
As the demand for hospitality flourishes, the need for a cleaning business will also increase accordingly. At present, in Dubai, multiple hotels, shopping malls, showrooms etc. are getting incorporated with an expectation to grow their business during the expo duration and even after that. Now, each of them does require cleaning services, and in due course of time, the demand will accelerate more. So, it is an excellent opportunity for business owners to come forward and establish a cleaning company in Dubai. However, it is to be noted that the incorporation of a cleaning company demands cleaning license which needs to be obtained from the Government Authorities of the UAE.
There will be a drastic impact on the finance business, as well. Incorporation of a company needs funding. The Dubai Expo is expected to build numerous business opportunities for the corporate world. New business entities, mergers and acquisitions will take place at some point, and to cater their needs, the financial institutions must come into the picture. If you are planning to start a finance business in Dubai, then this is the right time for you to start because business entities will be incorporated both pre-expo and post-expo duration.
The real estate sector is also expected to grow at an immense speed during and Expo 2020. According to the reports, in 2019, 59,800 properties have been scheduled for delivery. Another block of 33,800 properties who have completed around 80-90 per cent of their work, is yet to enter the Dubai market. Recently, the government has also implemented the 10-year residency visa rules, which will make it easy for foreign expats to come forward and settle in Dubai. Starting a real estate business in UAE turns out to be a smart option at this point. To know why, click here.
Thus, you have seen that the World Expo has got various opportunities for all possible business industries. Be it a small business or a large one, an experienced business owner or a newbie in the market, Dubai has got a place for all. Do check out our next blog “Impact of Dubai Expo 2020 on Different Business Industries- Part 2”, to know about the other industries and the expo impacts. It is essential to remember that having a word with a business consultant at the initial phase of starting a business in UAE turns out to be profitable. Professional experts are well-versed with the legal proceedings, and it becomes easier to carry out the incorporation process.
Commitbiz Consultants stands as one of the best business consultants in UAE, who will help you to convert your business dreams into reality. Our business experts will guide you at every step and carry out the business incorporation process in a hassle-free way. In case you a hold a query or doubt, do contact us-we’d be glad to assist.