The Dubai Expo 2020 is only a few months away from its grand opening. The mega event is to be a huge success and is expected to boost the economy of the country at quite a higher level. The Expo is going to be one of the most significant events of its kind ever seen to date and is expected to provide a large number of employments in the country. A record number of 170 countries will be taking part in Expo, including the UK, US, Germany, Sweden, Chile, and Nigeria. The global involvement in the mega event is expected to provide a major boost to the UAE’s reputation across the world. The event will also uplift the economic and cultural growth of the country with an estimated financial increase worth $33.4 billion by 2031.
Dubai was awarded the right to host the grand event in 2013, and since then the officials hosting the event have said that the event will impact and grow the economy of Dubai significantly. The impact of the event is already showing up with many jobs being already created in the management and construction sector for the Expo. According to a report from EY, the Expo 2020 is expected to create nearly 905,200 full-time jobs by the year 2031 with around 49,700 jobs being set to be generated each year in the period.‘
Retail Industry in Dubai
Dubai is the home to some of the world’s biggest retail markets, malls, food outlets, and shopping festivals. There is no shortage of business opportunities in the retail industry of Dubai; the city is the best place in the middle-east region to embark on some retail business therapy making it a shopper’s paradise across the world.
After London, Dubai is the only city that is being considered as the city with the most significant business opportunities for several top international brands. The city has no shortage of global brands in its shopping industry comprising of all high-end European brands to mainstream and local shopping outlets. There are over 100 malls in the city, with every mall having unique and attractive design and services. The malls serve a large number of customers every day since the shopping industry in Dubai contributes significantly to the economy of the UAE; the business investors do incredibly well in the retail sector of the country.
The two significant events that impact the retail industry in Dubai are hosted to attract maximum tourists from across the world. The Dubai Shopping Festival, which is hosted for January and February, is the mega event that offers huge discounts and sales for a large number of products. This massive event contributes to making around 30 per cent of annual sales in the retail industry. Another big event that boasts the retail sector in Dubai is the Dubai Summer Surprises, which was introduced after the grand success of DSF. The Dubai Summer Surprises fest is hosted for three months from June to August and is attended by world-famous celebrities and artists to help promote the deals.
How Will Expo 2020 Benefit the Dubai Retail Industry?
The Expo 2020 will be a significant investment that has been organized to promote and help the various business sectors in the UAE to grow and boost up. Many business investors and advisors predict that the event is expected to have an impact on the economy and create a large number of jobs directly and indirectly.
Since this Expo will attract tourists and customers in a significant number, the retail business is expected to make huge profits from sales. Needless to say, that nearly 20 million visitors are expected to attend the six-month mega event; hence, it will have a massive impact on the retail industry in Dubai. As there will be a large number of visitors and tourists during the event, the demand for shopping will be increased significantly.
Several financial and business experts have predicted a boost of over $10 billion in retail spending in the city. With such significant growth in visitors, the occupancy at hotels and resorts will rise automatically, and more involvement of tourists will also make the retail industry grow.
The rise in retail sales will help not only businesses make a profit but will also lead to an increase in job opportunities in the sector. Few other sectors that will see a boost from Expo 2020 and increase job opportunities are :
- Infrastructure and Construction
Future Prospects in the Retail Sector
The Dubai Expo 2020 will not only affect the country’s businesses and industries for the six-month event period, but it will bring a new wave of social development in the country for the upcoming decade. Companies in Dubai are expecting to seek profit from the Expo for the next 10-15 years also. Hence, this event will go beyond a global showcase of the most innovative technologies and futuristic developments.
How can Commitbiz help you?
Setting up a business will always prove a fruitful decision for any investor. The land of deserts has a lot to offer to upcoming companies in its region and always welcomes new businesses with open arms to its territory. Commitbiz is a business consultancy firm that seeks to provide various business-related help to aspiring investors. Our team of experts is always keen to help business enthusiasts with all business-related queries and information. Feel free to contact us for any business query; we would love to help.