The story of the Global Expos dates back to 1851 when the first world exposition was conducted in London post which industrial legacies were forged, and globe-spanning MNCs were established. Governments have always seen world expos to be a huge platform to grow their various sectors and industries. Tourism is given the topmost priority in this matter is the reason why governments focussed intensively on the marketing world expositions to foreign audiences. Moreover, the government is plotting to attract ambitious corporate entities into Dubai to ensure they get a brief understanding of the market and various opportunities to set up business in Dubai.
The year 2020 is scheduled to be an adrenaline-filled adventure-packed year for Dubai because the alpha emirate of the UAE is glamorously hosting the World Expo 2020 in grand fashion. The Expo 2020 will be celebrating technological innovation, creativity in industrial fields, new inventions and developments and more than anything else, the Dubai Expo will be celebrating cultures from around the globe. The government of Dubai has its hands full with the Dubai Expo finding itself at the brink of implementing revolutionary administrative strategies like the Blockchain Strategy, Smart City Initiative, UAE Vision 2021 and Sustainability Strategy.
Pros and Cons of the Dubai Expo 2020
It is crucial to analyse the different scenarios that the post Expo industrial ecosystem will experience. Whether large scale economic benefits or a deficit in the national treasury and lack of enthusiasm post Expo; it is hard to predict what the future of UAE's business ecosystem will encounter. But what makes for better understanding also leads to subtle confusion, therefore, without beating around the bush too much, here are the pros and cons of the Dubai Expo 2020 on the business environment of UAE –
Benefits of the Expo 2020
Though the Expo 2020 might be on the receiving end of post-completion criticism, it isn't quite right to ignore the immense benefits that it brings in the form of Arabic Santa Claus, for the popular image of Dubai among its neighbouring emirates.
- The theme "Connecting Minds, Creating the Future" itself is attracting aspiring inventors, entrepreneurs and organisations to participate in the Expo to network and develop their ventures cohesively.
- An immense rise in the tourism and hospitality sector.
- New Investing Opportunities in UAE.
- Dubai to be recognised as the first among many other nations to host an Expo, putting extra focus on the UN Sustainability Goals.
- Quarter million jobs to be created for conducting the Expo.
- Large scale economic growth.
- Government plans of converting the expo site District 2020 (covering 438 Hectares) into a business park such as the Dubai International Financial Center (DIFC) for IT Companies later after the Expo 2020 climax stage. The government claims that the site is an epitome of cutting-edge digital infrastructure.
Backdrops of Expo 2020
The kryptonite of any industry is a market bubble which has been the reason for financial crises such as 2001 and 2008. This market bubble uprising is expected to victimise the real estate and hospitality industry of Dubai when there is extreme inflation and sales due to rise in demand, but later there is an occurrence of a market crash when prices start to fall, and demand reduces significantly.
District 2020 – Where the Future Awaits
District 2020 is a tremendous location where legacies will be submitted, and history will be made. The venue itself is a monumental achievement in the field of infrastructure flaunting automated structures and renewable energy to its architectural credentials. District 2020 is found to the south of the Dubai Investment Park. And the enthralling fact about the venue is that post the Dubai Expo 2020, the government plans to retain the location and convert it into a business park where start-ups can seek incubation, and global conglomerates can set up corporate offices. The official premiere partners of the Expo, namely Accenture and Siemens, have already booked parts of the venue for setting up their business in Dubai. District 2020 will witness the urbanisation of the Dubai Expo 2020 site into a smart self-sustainable micro city-within-a-city that welcomes an innovation-driven business ecosystem while being a diverse and thriving urban community.
Fields that will benefit from the Expo 2020
The Dubai Expo 2020 will focus on various diverse areas and industries to promote a progressive approach towards doing business and encouraging innovation of futuristic inventions and technologies that will dominate the market. A broader focus of the Expo will be dedicated to sustainable goals and promoting renewable energy sources to reduce pollution and tackle climate change. The various innovations that will be focused on to support businesses in the future are –
- Artificial Intelligence
- Industrial Automation
- Blockchain Technology in Business
- Farming and Irrigation through sustainable technology
- Robotics and Semi Humanoid Automations
- Electric Motor Vehicles
- Data-Driven Industrialisation
- Products made of biodegradable goods
- Eco-Friendly Conventions
- Cultural inclusion in Corporate Sector
- Gender Diversity in Business
Want to know more?
We are thoroughly observing the Dubai Expo 2020 and determining the various impacts that it will have on the business atmosphere in Dubai. As the event is close to becoming a reality, we plan to bring new articles to indicate how this juggernaut venture will influence different industries. We at Commitbiz are professionals in the field of business setup in the UAE and various global locations. Moreover, we provide administrative services such as company secretarial services, accounting and bookkeeping and nominee director services. Contact us to know more about starting your business in the UAE.