Expo 2020 is a global exposition for millions of people to share ideas and encourage collaboration. Expo Dubai 2020 will provide a huge opportunity for millions of individuals from across the world to witness a global event consisting of activities related to technology, innovation, culture, and tradition. World Expo is a global event where businesses, professionals and individuals from all over the world are gathered in one place. This time it is going to be organized in Dubai, and we are estimating that it will increase the economic growth in UAE.
High Investment to boost economic growth
It is expected that more than 120 countries, and 200 participants, including multilateral organizations and educational institutions, will be participating in the Dubai EXPO 2020 event.This will be a giant event, and a lot of money will be invested to make this event grand. Till date, 1,964 contracts worth AED 5.3 billion (USD 1.4 billion) have been awarded, and contracts worth AED 11.5 billion (USD 3.1 billion) will be awarded in next 12 months in many different sectors. It will be very promising opportunity for investors in hotel industry to gain high return on their huge investment during the event. It will be a great chance for the companies and businesses to stand Dubai as the most vibrant and attractive hotel market in the world. Investors will not want to lose this amazing opportunity to enjoy high earnings.The event will not be lesser than a dream come true for hotel, trade and tourism sector in the country.
It has been expected that the Dubai Expo 2020 will boost economy of the city by $23 billion which will amount to 24.4% of GDP of Dubai. In addition, this mega event will be enhancing economic growth by 2% between the years 2020 and year 2021. In the year 2016, more than 14.9 million individuals had visited Dubai. As per the past trend, the organizers and forecasting team have predicted that more than 17.5 million visitors can be seen roaming around in Dubai within the six months of starting of the event. It will significantly enhance the economy of hotel and tourism sectors. Last year, the hotels in the city recorded a remarkable hike of 2.7% in a year. With the expo 2020 in the city, these figures and data are already promising to be even more impressive.
Job opportunities through Expo 2020
It is expected that Dubai EXPO 2020 will attract more than 25 million visitors and 70% being from 180 different countries. Expo Dubai 2020 will also be exciting for individuals seeking jobs in Dubai. This mass event will create more than 300,000 new jobs and will lead to increased employment opportunities in Dubai between now and 2021. Not only in domestic sectors but global market places also, Dubai Expo 2020 will be opening job opportunities for thousands of individuals living in the participating nations. In addition, a high number of individuals have been employed in the works and activities due to the preparations for the mega event. Dubai Expo 2020is going to be the first world EXPO which is being organised in MENASA (Middle East, Africa, South Asia) region. No one wants to lose the wonderful opportunities of employment offered by the organization of the event.The economic growth of a state or country is directly proportional to the employment level in that particular region. Increment in the level of employment due to this event will positively affect the economic growth of the nation. Therefore, Dubai Expo 2020 is going to play a vital role in the economic growth of the country.
This will be a major achievement as this is the first time an event so big is going to be organized in UAE. This major event will leave a significant impact on Dubai’s economy as it will have a long-term economic growth in Dubai and UAE. EXPO 2020 will be the third-largest global event after Olympic Games and FIFA world cup.Organization of such massive event is never easy. But, Dubai is one of the richest and developed cities in the world, and it will not be so difficult for the organizers to present the world with a fascinating global event. The organizers have been preparing for the event since its announcement by the government officials. Investors from across the world have invested millions of their money in several projects in the event.
Economic Growth in the UAE
Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said recently that the outlook for the economy is brightening despite regional and global macroeconomic challenges.
“With two years into Expo 2020 Dubai, the economic growth momentum is expected to pick up on the back of a vibrant non-oil sector as the country remains on track to establish a diverse knowledge- and innovation-driven economy,” Al Mansourisaid.The rising prices of oil, improved macroeconomic outlook for the country’s key trading partners, and increased government spending will benefit UAE’s trade this year. Dubai’s economy is expected to enjoy a strong year, as the government boosts investment ahead of Expo 2020 and the stream of incoming tourists flourishes.
“Although oil prices have impacted the GCC’s economies over the last year, the UAE’s push for diversification is bearing fruit. As we get closer to Expo 2020, we will see an increasing number of contracts being awarded in preparation, which in turn, increases opportunities for businesses,” said Sunil Veetil, Regional Head of Global Trade and Receivables Finance for HSBC Menat (Middle East, North Africa, and Turkey).
An event so big is likely to attract a lot of foreign investment. EXPO 2020 will most probably attract around $100 to $150 billion international investment in different sectors such as real estate, hospitality, retail, and education.The sector which will be highly benefited by this event is the tourism sector. It will boost the performance of hospitality sector in Dubai, and all the new construction which is being done for the EXPO 2020 will further attract tourists for the long term.