The impact of Expo 2020 on business in the UAE
Without a question, the Dubai Expo 2020 is one of the most highly awaited global events of 2021. The spectacular event was originally set to begin in October 2020 but owing to the global pandemic, it was postponed until the end of 2021. It will now take place from October 1, 2021, to March 31, 2022, but will keep its original name.
What is an EXPO?
Expos are international gatherings dedicated to finding solutions to humanity’s most pressing problems by taking visitors on a journey inside a chosen theme through engaging and immersive activities. These big public events are unrivaled in their potential to attract millions of visitors, create new dynamics, and catalyze change in their host cities, as they are organized and facilitated by governments and bring together countries and international organizations (Official Participants).
More than 192 countries are expected to attend this historic event. The entire world’s attention will be drawn to this unifying event. Expo 2020 Dubai, in particular, will have a slew of extremely good ramifications for the UAE and its people. Let’s have a look at all of the primary advantages of the 2020 Dubai EXPO.
Economic Impact of EXPO 2020 Dubai
Dubai was awarded the rights to host Expo 2020 in 2013 and has been hard at work constructing the infrastructure and resources needed to pull off a successful six-month event since then.
The emirate has experienced significant economic development from the time of winning the rights to host it. According to the official website of the Dubai Expo 2020, by 2031, an economic boost of roughly AED 122 billion is expected.
After Expo 2020, the site, which was built specifically for the event, will be renovated as District 2020, which will hold business, art, and other types of events. This will eventually prove to be a gift to the emirate that keeps on giving, contributing to Dubai’s long-term economic growth.
Job Creation Through EXPO 2020 Dubai
One of the benefits of Expo 2020 in Dubai is that it will directly help thousands of people in the emirate by creating a slew of new jobs in a variety of industries. Indirectly, this helps to support Dubai’s economy and contributes to the emirate’s GDP development.
Thousands of workers from all over the world have been hired since the Expo preparations began in 2013 to plan, design, strategize, execute, build, and develop the whole environment and infrastructure for the Dubai Expo 2020. According to the official website for Expo 2020 Dubai, the event will create 50,000 to 90,000 full-time employment and posts between 2013 and 2031.
Aside from that, the management has chosen 30,000 volunteers from 100,000 applicants, half of which are Emirati citizens and the remainder from nations such as the United Kingdom, China, Pakistan, and India.
Benefits of Dubai EXPO 2020 for Business
The administration of Dubai and the emirate, in general, will not be the only ones to benefit from the success of Expo 2020. Thousands of firms, in fact, are perfectly positioned to benefit tremendously from this global event. The world’s largest corporations, as well as major investors, will all be present at Expo 2020 Dubai.
This will assist firms in attracting new investors as well as securing both domestic and international clientele. Expo 2020 will be extremely useful to startups and small businesses, as it will provide them with maximum worldwide exposure and put them on the map. Various world-class business events, such as global investment forums, investor pitching conferences, and more, will be held at the Expo.
The massive size of this Expo, along with the fact that it will be the first World Expo in the MENA area, means it will provide plenty of favorable exposure for the region and its businesses, regardless of industry. Tourism, retail, entertainment, real estate, construction, information technology, healthcare, and hospitality will all benefit greatly from this.
Benefits of Dubai EXPO 2020 on Real Estate
The real estate industry is predicted to benefit greatly from the Dubai Expo 2020. The construction of the Expo 2020 site, of course, resulted in a major infusion of wealth into the real estate and construction sectors. Apart from that, there has been a significant increase in the construction of new commercial and residential complexes near the site, mostly to accommodate the people who will be attending the half-year-long event.
In 2016, the Dubai Expo 2020 granted 1200 contracts worth a total of AED 2 billion to a variety of contractors and developers. It also awarded 47 new building contracts worth a total of AED 11 billion in 2017.
Benefits of Dubai EXPO 2020 for Tourism and Infrastructure
Last but not least, the Dubai Expo 2020 is estimated to attract 25 million people, with 70 percent of them coming from outside the country. This would help the tourism and hospitality industries, which have been hit hard by travel restrictions caused by the COVID-19 pandemic in 2020. There are as many as 99 hotels that completed construction, making it one of the most significant advances in the hospitality business in the MENA area, if not the globe.
Another point worth highlighting is that new transportation infrastructure is being built in preparation for the Dubai Expo 2020, which will include new highways, electric buses, new bus stops, metro stations, trains, and much more.
Route 2020 is a brand-new Dubai Metro route created just for the event. It is a 15-kilometer extension of the Metro Red Line that will connect Jebel Ali Station to the new Expo 2020 Station with seven stations. This will assist move people to and from the Expo 2020 site much more quickly, resulting in further economic growth.
The UAE Embracing the Event of Dubai EXPO 2020
Expo 2020 is a huge event that will take place in conjunction with the UAE’s 50th-anniversary celebrations. This is a Landmark that will have significant regional significance. The event, titled “Connecting Minds, Creating the Future,” will serve as a bridge between many parts of the world, bringing people together to participate in activities that combine rich art and cultural heritage with modern science and technology, resulting in remarkable innovations and inventions. Its goal is to generate millions of new breakthroughs that will have a long-term impact on human existence. The event will be a celebration of human achievement and magnificence.
The government of UAE has also taken steps to initiate investors and businessmen to expand, start or invest in projects. The information is important for countries that have set up a representative office in the UAE to help them organize their Expo 2020 site. Many of the participants have already begun their Expo 2020 preparations, such as the construction of their Expo 2020 site. Expenses may have been incurred throughout the preparation process for which the Participant is responsible for paying local VAT. This VAT is refundable:
- VAT incurred on the construction, installation, alteration, dismantlement of the exhibition space for the Expo 2020.
- VAT incurred on goods and services for the operation, presentation and events within the Expo 2020 Dubai site.
Over time, the UAE has been able to prove to the world what it is capable of in terms of technological advancements and with Expo 2020, the region is set to take another giant step into the future with innovations that will influence human progress for the next 50 years to come. Trust me, the UAE never ceases to amaze the entire universe.