Ever since Dubai got the right to host Expo 2020, many are wondering what is expo 2020 and what it holds for the whole UAE?
Many local officials are continuously stating the event’s influence on Dubai’s economy would be notable. The third-largest mega-event of the world has expanded the international profiles and economy of all its host cities by far. For instance, in 2010, The Shanghai World Expo reportedly spent $40 billion in the infrastructure sector by developing six additional metro lines, bolt rail, tunnels, roads, bridges. As a result, it enjoyed incredible returns in the infrastructure sector. NowDubai expo 2020 projectsbring Emirates into the spotlight. Dubai’s Expo administrators understand the obligation to achieve long-term dividends; thus, they are following a related strategy as earlier World Expo hosts.
Why is expo 2020 important?
Let’s understand the importance of Expo 2020, and what impact it will have on different sectors and the market.
Economical boost through Dubai Expo 2020
The stock market index of Emirates increased to 4% as soon as it won the bid for the event. As perExpo 2020 facts, 25 million visitors are anticipated to be attending the event – the count could even grow more. Thus, it’s right to claim that Dubai’s economy will see a whooping growth as construction, transportation, hospitality, and communication sector will see an increase during the development ofDubai Expo 2020 projects.By 2020, Dubai’s GDP will experience a 10.5% growth in the GDP, accordingto the Barclays report.
From more retail to tourism to more transportation, the GDP of Dubai will see a huge positive impact. Hence, it will lead to an overall boost to the economic development of Emirates. In fact, the advantages of Expo 2020 in Dubai are assumed to roll over even after this six months mega-event comes
to an end.
Employment demand
Recent reports by MEED has predicted 277,000 jobs demand with the ongoingDubai Expo 2020 projects. In these, the tourism, travel, and leisure sector will have a major share. The rest of the job percentage is covered up by the construction segment.
Another report by Standard Chartered saidDubai Expo 2020would create approximately 300,000 direct jobs and a minimum of million indirect jobs all across the Emirates. The majority of the vacancies, i.e., around 90%, will be seen in the travel and tourism sector. Furthermore, the report stated that specialized expertise in the architecture, services industry, infrastructure development, and engineering could see high prices by companies. It is to make sure that the making of Expo 2020 is as per the plan.
Infrastructure
Analysts consider the Expo 2020 will hugely benefit Dubai in terms of infrastructure improvement. In the approach of the mega event, the government is anticipated to invest $7 billion to build up the infrastructure of the nation. This expenditure will eventually fill in as a major lift for industrial advancement.
Top financial leaders insist that the development ofDubai Expo 2020 projectsdemand a minimum of $8 billion worth infrastructure. Jebel Ali – the host site is spanning over 480-hectare space will demand metro extension, new roads, hotels, buildings, and amenities to accommodate visitors.
Tourism and hospitality
The Expo 2020 in Dubai is supposed to allure 25 million visitors, out of which 17 million will be international tourists. Thus, it’ll undoubtedly offer a massive increase in both the hospitality and tourism sectors. Well-maintained accommodation, as well as hotels at proximity from the event location, will experience higher occupancy rates from October 2020 to April 2021.
As per the director-general of Dubai’s Department of Tourism and Commerce Marketing, Helal Al Marri, the impact of the event on these industries is supposed to be enormous.
Media limelight
Media is another significant sector to grab the attention of the world. From celebrity engagement to advertisements, Dubai Expo 2020 will have substantial responsibility in promoting Dubai’s economy through various news, articles, and sites.