The countdown begins.
Fireworks lit up the sky of Dubai on 27th November 2013, and people across UAE celebrated winning the first-ever World Expo to be held in the Middle East, Africa and South Asia (MEASA) region. One month from now Dubai is all set to host a colossal event with over 180 countries participating. Dubai Expo 2020, a playfield to establish bridges, draw investment, collaborate with the international communities, assess global challenges and develop solutions for a better future.
The Bureau of International Expositions organizes a universal exhibit every five years, and the nation that wins holds the right to host the event. In 2013, in the bid to host the World Expo 2020 and Dubai emerged as the winner. The world taking an unexpected hit from the global pandemic resulted in postponing the event to 2021. Starting October 2021 through March 2022, approximately 190 countries and their businesses, multilateral organisations, and educational institutions are participating in Dubai Expo 2020. The Expo is to be held at District 2020, and each participating nation will have its own pavilion. District 2020 will evolve from the Expo into a new urban development.
Dubai Expo 2020 will place Dubai on the map with far more prominence than in the past. The United Arab Emirates will have a new, improved international form and stature. Since winning the bid to host the world expo, Dubai has made considerable investments in growing its infrastructure, and investment has fuelled business growth for Dubai.
The impact of the event on the UAE’s economy is said to last in the years to follow. The event alone will increase UAE’s GDP to 6.2 Billion USD and add up to 16.9 Billion USD over time. EY reported that from 2013–2031 the event will help create over 49700 direct and indirect full-time equivalent jobs per year. Dubai is expecting 25 million visitors to the United Arab Emirates, and this is said to bring about a huge economic reform and support further growth of its economy. It is also proof that the Expo will have a notable and direct impact on the hospitality and tourism industry. The transportation infrastructure of Dubai is elevated, with improved motorways and a new metro line headed to the exhibition.
UAE’s socio-political stability, phenomenal infrastructure and multi-cultural society lure buyers to consider investing in real estate. The real estate department has 9.8Billion USD investment so far this year, a whopping 44% increase from last year. The FDI(Foreign Direct Investment) in 2020 is 24.7 Billion AED and it continues to increase.
UAE will make history with the Dubai Expo 2020, and economic changes, phenomenal infrastructure, business demand, foreign investors and sustainable business development are only a few benefits. There is positive growth experienced across industries and numerous sectors in Dubai, like a domino effect, and the good news is it will continue after its success. This colossal event will drive collaboration and innovation and develop solutions as the world economy recovers from the pandemic.