150 NATIONS CONFIRMS PARTICIPATION IN DUBAI EXPO 2020
- November 24, 2017
- Posted by: RKonnect
- Category: Business & Economy
Dubai Economic Outlook 2017 – Dubai economy and GDP like to grow by 4% between 2017 – 2020. World EXPO 2020 event, infrastructure & tourism projects as well as economic diversification plans to ensure sustained growth momentum in mid-to-long term.
Dubai has high expectations for the EXPO 2020 as it is now the focal point of countries around the world. Nearly 150 countries are participating in this EXPO 2020 including the leading nations like the USA, UK, Canada, and so on.
EXPO 2020 & Emerging Opportunities
The EXPO 2020 opens up a host of benefits to Dubai and UAE, as it has been chosen as the host country for this highly anticipated event. The EXPO 2020 also paves the way for significant deal clinchers in the sectors such as tourism, infrastructure hospitality, transport, energy, construction and real estate. The event will ensure Dubai government’s initiative to develop and expand social and economic infrastructure in the country making Dubai a Smart and highly innovative city in next 10 years. The development of Dubai Smart city, expansion of Al Maktoum International Airport; Furthermore, EXPO 2020 event will lead to favorable economic conditions, boosting employment levels in the country as well as paving the way for foreign direct investment across various sectors and industry.
Impact of EXPO 2020 on GDP Growth
EXPO 2020 event will have significant impact on Dubai and UAE’s economy in next few years with GDP growth estimated between 3-4% on year-on-year basis. Moreover, UAE government’s initiative to diversify in non-oil sectors, de-regularize oil prices and introduce taxation laws along with long-term economic vision plan (Abu Dhabi 2030 Economic Vision Plan & Dubai Plan 2021) will ensure positive growth momentum of the economy..
The Dubai EXPO 2020 impacts on Dubai economy
The exhibition is expected to have a huge effect in tourism, hospitality sectors. With more than 150 countries in attendance, the need for these sectors will have a increased demand. The significance of this event can be felt in the economic rise of Dubai. Other major impacts are listed below
- Dubai is likely to attract USD 100 to USD 150 billion across various industries of the economy such as real estate, hospitality, retail, and education.
- Expo 2020 will ensure a continuous rise in the country’ s GDP at a growth rate of 4% from 2017 – 2020
- Dubai is already considered as the most diversified economy in the world, and this expo attests to the fact and will facilitate more diversifications in the developing industries of Medical Tourism, Innovation, Sustainable Energy, Media.
- EXPO 2020 is also predicted to create employment opportunities of around 300,000 between the years 2017-2020.
The Impact on the UAE economy
Globally UAE is ranked 3rd for economic openness, and it is also listed 4th for Business Environment, Infrastructure & Technological Advancement. This Expo will boost UAE economy to a higher level, and the infrastructure projects and the other sectors mega plans are all set to stimulate the growth of this country. Compared to the other GCC nation, UAE enjoys a higher credibility in spite of the effect of petroleum prices from 2013, with the efforts of its leadership to branch into diversification. The local manufacturing sector, the medical tourism, and the hospitality sector are in the process of significant expansion in the coming years. The UAE government has also paved the way for the entrepreneurs to showcase and develop their technological advancement by having their base in the UAE.
The expansion of the expansion of Al Maktoum International Airport, Abu Dhabi Light & Metro Rail Project has added focus to UAE. Such progress will not only induce the creation of employment opportunities but also the growth of the country.
To sum it up, it can be said that this expo will not only receive visitors from all over the world but will have a positive impact on the GCC countries with particular emphasis to UAE and Dubai.
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