- January 26, 2021
- Posted by: Waqas Siddiqui
- Category: Business & Economy
Economic Impact of Dubai EXPO 2020 Event
Recently, the organizers of the EXPO 2020 event opened up the Thematic Pavilion inclusive of public places (dining area, gift shop & play area) before its official date in October 2021 while the Sustainability Pavilion which focuses on addressing the immediate environmental issues will be opened soon.
In line with EXPO 2020 vision to become one of the most sustainable World EXPO in history, UAE is focusing its efforts to Champion the Green development, which will be on preview at the Sustainability Pavilion with the objective finding solutions to most pressing environmental challenges such as climate change, education, digitalization and healthcare.
An Overview of EXPO 2020
The EXPO event aims to enable a meaningful, long-term business and economic growth in the MENA (Middle East & North Africa) region by offering a world of connections, inspiring multi-cultural exchanges and business partnerships that will help reinvigorate the economy of the UAE and the Gulf region. The mega event will make use of purpose-built 4.38 Sq Km. site and utilize cutting-edge smart-city technology such as ultra-fast 5G connectivity, robotics and next-generation urban environment transportation services. Coinciding with the 50th anniversary of the formation of UAE, Expo 2020 will continue to project the ambitious vision of the UAE, showcasing Dubai as a world’s leading city of the future.
Impact of Dubai EXPO 2020 on UAE Economy
Thanks to the various initiatives undertaken by the UAE government, the country’s economy is on a road to recovery from the COVID-19 outbreak. The upcoming EXPO 2020 is expected to further boost the current economic conditions, bringing it back on track to reach its long-term goals. International Monetary Funds (IMF) estimates that UAE GDP (Gross Domestic Product) will see an overall growth of 1.3% in 2021 and 2.2% during the year 2022. As other regional economies in the MENA region continue to struggle, UAE still remains an attractive place to invest. The country has not only opened borders for business and leisure but have also played a critical role in becoming a transit hub for travelers, placing it ahead of other countries globally. As a result, the UAE economy is expected to recover this year and the economic activity will gradually pick up especially during the second half of the year when the EXPO 2021 event will be held.
Key Emerging Sectors – UAE
Some of the major sectors that will see an increase in business opportunities during 2021-22 are e-Commerce, Energy, Food & Beverage (F&B), Healthcare, Innovation, IT, Manufacturing and Retail. Similarly, the emerging sectors such as Communication Networks, Artificial Intelligence (Ai), Blockchain, 3D Printing and Machine-to-Machine Communication is expected to see an increase in Foreign Direct Investment (FDI) in Dubai and UAE.
UAE is considered to be a leading global destination for FDI recording an exceptional year-to-year growth of 32%, with an estimated investment of AED 51.5 billion (USD 14 billion) for the year 2020. While attracting the FDIs to UAE, the government is also supporting the business activities of the SMEs (Small & Medium Size Enterprises). Going forward, UAE will focus on enhancing opportunities for advanced industries and critical sectors thereby showing its commitment towards creating an economic environment which is conducive for businesses and investments.
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