Business expos have historically paved the way for strong economic growth within the host country. A business expo like the upcoming Dubai Expo 2020 holds even greater significance when it becomes a large-scale international event that is conducted in the MENA region.
Dubai Expo 2020, a sure to be an incredible affair, will have a positive impact on the Dubai and UAE economy in several different ways, granted if executed as per the original plan of the organizers. The benefit of the expo to the economy will be introduced in 3 phases: pre-expo, during the expo and the legacy phase. Expo 2020 has been estimated to produce tens of thousands of new jobs in the UAE from 2013 up to 2031. Here are the effects of Expo 2020 to the region:
Improvement in Infrastructure
Hosting an event that is as massive as a world expo usually involves investing a lot of funds in improving the infrastructure prior to the event. Expo 2020 of Dubai will have the same exact impact when it comes to infrastructure. The officials and organizers of the spectacular event claim that no less than $8 billion worth of infrastructure will be needed to successfully develop Expo 2020’s establishment. Dubai will have to develop new roads, an extension to the existing metro, newly developed buildings, brand new hotels, more restaurants, and other essential commercial facilities in order to accommodate participants and investors. So far, we can see the progress of the development of new infrastructures in official UAE news sites.
Boost in Economy
Millions of visitors are expected to come by the end of 2020 which helps in achieving unprecedented growth to Dubai’s economy. There was a significant increase in the Emirates’ stock market index following the event where it won the bid to host the upcoming business exposition. The Dubai economy as well as the rest of UAE will only see a spike in hotel businesses, transportation, tourism, communication, catering and other facilities that are involved in the making and, of course, the success of Expo 2020. The GDP of Dubai will be effected through tourism and retail, including transportation; thus, resulting in the overall economic development.
The outpour of New Employment Opportunities
When such an incredible gather is taking place in a country on such a massive scale, it is clear that it will produce massive opportunities for all those who are on the lookout employment from across the globe. The reports published by local and international papers have suggested that the region has anticipated approx. 300,000 jobs opening prior, during, and following Expo 2020, of which, a good percentage will belong in tourism, travel, accommodation, F&B, and leisure sectors. As you may already know, the majority of people living in Dubai are expatriates. This means it will only increase in the following months.
Real Estate Development
Dubai is considered magnificent for its location and tourist attractions. With Expo 2020 being held in the emirate, Dubai will be crowded with foreign investors and tourists who would need accommodation.
The numbers show that there will be an increase in the Real Estate business which is a good sign even when there has been a price rise in Dubai.
Real estate in Dubai, as mentioned earlier, will be hugely affected by the upcoming Expo 2020. The majority of the impact in relation to real estate can already be seen since there are a lot of the development projects that are scheduled for completion. There will be a hike in the visit of tourists, celebrities and event organizers who will all start booking apartments, buildings, office halls and event areas for Expo 2020.
Boost in Media Consumption
The media fetches a glimpse of all the details relating to Expo 2020. Expo 2020 is already set to be one of the most searched keywords in search engines in the many years to come.
The impact of the expo on the media is equally great. Each and every single social media website and network will have articles, updates, news, reports, and quotes that are all relevant to Expo 2020.
When there is an international business exposition, there are icons, influencers, and celebrities and this leads us to the one fact that the region will now cater to more stars as they will be interested in coming back and experiencing what the emirate has to offer for a much longer period.
The participation of media with the business exposition will bring forth the latest topic of discussion, as well as spark and enthusiasm not just for the people in the UAE but from foreign countries, too.
A spectacular event as big as Expo 2020 will surely remind entrepreneurs, foreign and locals alike, to venture in the prosperous and attractive business world of the Middle East, particularly Dubai, and to start availing of what UAE has to offer.
Expo 2020 is a massive platform for local/foreign companies and investors to come and set up their businesses.
A business owner has several different options to start a business in UAE based on personal reference. To initiate the process of company formation, it is best to seek the help of experts on the Dubai business setup.
A business setup consultant can guide you throughout the entire process. FAR Consultant Middle East is a one-stop solution for all of your business setup needs. For a consultation, Contact us today!