EXPO 2020 TO BOOST ECONOMIC GROWTH IN DUBAI
- March 31, 2016
- Posted by: RKonnect
- Category: Business & Economy, Hospitality & Tourism
Dubai economy and its major sectors will be significantly boosted by EXPO 2020 as Dubai and UAE remain attractive for investments in years to come. The recently unveiled new EXPO 2020 logo design by H.H. Sheikh Mohammed, the Ruler of Dubai, is a testament that Dubai government is committed towards the mega event. It is also a message to the world that Dubai is ready to host world’s first sustainable EXPO and is keen on addressing challenges such as Sustainability, Mobility and Opportunity by Connecting Minds, Feeding the Future.
NEW EXPO 2020 LOGO UNVEILED
EXPO 2020 Impact on Dubai Economy
The impact of EXPO 2020 on Dubai’s economy will be significant as it will have long term effect on the economic growth of Dubai and UAE. Being considered as the third-largest global event in terms of economic and cultural impact after Olympic Games and FIFA World Cup, EXPO 2020 is expected to attract more than 25 million visitors from October 2020 to April 2021 in Dubai.
Economic Benefits of EXPO 2020
- Investments – EXPO 2020 is likely to attract foreign investments between $100 to $150 billion in Dubai and UAE across various sectors of the economy such as real estate, hospitality, retail and education.
- Economic Growth – EXPO 2020 will ensure continuity of business activities in Dubai as the GDP will grow at 4 per cent (CAGR) between 2016 to 2020.
- Economic Diversification – Dubai is considered as the Most Diversified Economy (MDE) in the world as its GDP is based on various sectors. EXPO 2020 will further facilitate economic diversification plan by diversifying in new sectors for economic development. To name the few, Dubai is focusing on health, medical tourism, innovation, IT and media.
- Infrastructure Development – EXPO 2020 in Dubai attracted foreign investment of $7.79 Billion worth primarily in the infrastructure development initiatives and services industry in 2014.
- Job Creation – EXPO 2020 will lead to increased employment opportunities in Dubai by creating approximately 275,000 new jobs between now and 2021.
- Hotel & Hospitality Sector – By 2020 near around 35,000 rooms will be added to current stock of 65,000 rooms. Currently, construction work has commenced on 96 new hotel projects in Dubai and it is estimated that by 2020, Dubai will have more than 100,000 hotel rooms. The new hotels are expected to open mostly in Dubai South and Dubai Land (near to EXPO 2020 site). Dubai currentlyBeing the fourth popular global destination in the world and events like EXPO 2020 will further boost the performance of the hospitality sector in Dubai.
The business environment in Dubai and UAE is very conducive for investment as the country offers some of the most affluent consumers in the world along with business friendly regulations and zero income tax for businesses and individuals. Due to strong economic growth projected, Dubai could be considered as the most lucrative destination for future investments.
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