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WORLD EXPO 2020 – BEGINNING OF A NEW ERA FOR DUBAI

It has been less than a week of Dubai being declared as host city to conduct World Expo 2020 and the entire city is overflowing with celebrations. A great excitement is being observed across establishment, business and residents alike with Dubai staging comfortable victory over the other three contestants; Izmir (Turkey), Yekaterinburg (Russia) and Sao Paulo (Brazil).

Dubai, which was once a sleeping village in the Arabian Peninsula has emerged as one of its biggest miracles in the last three decades. Its success has been unparalleled in the region and attracts both applauds and awe in equal volumes. It has successfully metamorphosed into a regional hub for trade, tourism, retail and real estate. Not to mention, finance, media and fashion as well. Dubai’s unique geographical position, help it in crosslinking emerging markets in Asia and Africa with developed one in the Europe. The mega event is also remarkable for the entire region, as for the first time in 150 years; World Expo will be conducted in the MENA region.

Similar to its spellbinding massive constructions, Dubai’s ambitions are also vast. It exceeds much farther than emerging as a regional hub for power, politics and economy. Along with regional map, it aspires to make its mark felt significantly, on the global map as well. Winning the bid to host World Expo could be a shot in the arm in this direction. An event of such a gigantic scale will help Dubai in unraveling itself to the whole world. After all such expositions, which are conducted over a period of six months, are nothing short of global events such as Olympics and FIFA world cups.

The world expo is expected to stimulate tremendous amount of economic activities, not only in Dubai and UAE but also in the Pan MENA region in the form of investments, employments and construction. Besides the 400 hectare proposed exhibition city, the Expo 2020 will be associated with numerous multi-billion dollar real estate assignments, further glorifying the existing iconic infrastructure of Dubai.

There will be anticipated tourist inflows of around of 25 million. Out of which, almost 30 percent will be comprised of international tourists. One of the reasons cited for such a large volume of international tourist, is Dubai’s unique geography, which puts it in close proximity with Asia, Africa and Europe. Employment is another area that will get a huge boost and further amplify Dubai and UAE’s brand image, which presently host over 200 nationalities.

The impact of such a massive event would be realized across sectors and geographies. Besides tourism, under which such events fall , World Expo will upswing numerous other inter-related sectors such as real estate, retail, logistics, food and beverages, media, marketing and facility management etc. Besides, the Expo 2020 will also be a blessing in disguise for other geographies in the MENA region. Experts believe that every job created in UAE for the purpose of Expo 2020 will eventually support another 60 jobs across MENA region.

However, the whole affair is not insulated with challenges, the imminent one being manifested in the form of overheating of the property market. Some experts believe the massive excitement due to Expo 2020 victory might be translated into overheating and bubble bust. Some experts are also hesitant about Dubai’s investment plans as the Emirate is not known for having deep pockets and massive oil reserves. However, vision, speed and efficiency have been synonymous to Dubai. Who can forget 2009, when in the light of real estate bubble burst, experts across the globe started writing off Dubai but it took less than three years for the Emirates to bounce back and show the world that it is a class apart.

This is definitely a historical moment in the history of Dubai, something which has been a culmination of over thirty years of vision, hard-work, courage and persistence. Research Konnection takes great pride in congratulating the establishment for the grand achievement and take vow to put best efforts in order to contribute towards making the event a grand success. After all it was our sheer efforts that got us here and the same thing will take us further from here. Here begins the new era for Dubai, let’s work hard and bask in glory.

Author: RKonnect
The author is the Managing Director of Research Konnection, a Dubai based market research and consulting firm that helps local and international companies to identify emerging business opportunities and successfully expand in the Gulf region. The author can be reached at waqas@researchkonnection.com
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