With one year to go, Expo 2020 Dubai is already having a positive impact on the economy
The investment in infrastructure and other assets for Expo 2020 is expected to reach Dh40.1 billion (approx $10.8 Billion)
Dubai. It’s time to do more business. The first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region and largest ever event to take place in the Arab world is paving the way for a robust economic impact on wide-ranging sectors in the UAE. From construction to retail and transport to the restaurant and hotel sectors, Expo 2020 Dubai is ushering in a new era of economic expansion not just in the UAE but also in the region and the world.
In April 2019, Ernst & Young published an independent report that stated Expo 2020 Dubai is already having a substantial economic impact and is expected to continue to do so over the next decade and beyond. Additionally, UAE’s rich tradition as a place for small businesses looking to take their products to the world is nurturing SMEs (Small and Medium Enterprises), who are the key to future growth and job creation. To date, Expo 2020 has awarded Dh3.62 billion to SMEs through direct and indirect awards and SMEs have won 55.4 per cent of all contracts awarded by Expo 2020 as of July 31, 2019.
In addition, Expo 2020’s global innovation and partnership programme, Expo Live, has allocated $100 million to back projects with creative solutions to pressing challenges across the world, helping to improve people’s lives or preserve the planet.
The investment in infrastructure and other assets for Expo 2020 — expected to reach Dh40.1 billion — will in most part be retained for the future. Expo 2020 Dubai will also stimulate travel and tourism during the course of the event. Other sectors too are benefiting, demonstrated by the fact more than 7,200 non-construction contracts to more than 1,000 companies have been awarded to date, 70 per cent of which are UAE registered.
Gulf News speaks to members of UAE’s business fraternity on how they see the economic impact of Expo 2020 Dubai.
Expo's economic impact Image Credit: Gulf News
UAE business sector looks forward to Expo 2020 Dubai
Mega global event set to step up investment opportunities and further boost UAE economy
An aerial view taken after the recent crowning of Al Wasl dome shows the progress of construction at the Expo 2020 site in Dubai.
Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director, Emirates NBD
"With a year to go until Expo 2020 Dubai, as the event’s Official Banking Partner, Emirates NBD joins the country in anticipation and excitement as we prepare in earnest for this milestone event in our nation’s history.
“The bank has already made significant progress; we have scaled our teams as we plan ahead to showcase our innovations in smart technology and digital banking through our site-wide presence as “Bank of the Future”. We have also identified small businesses as key growth drivers to the event and have amplified our support to the UAE-based small and medium enterprises (SMEs) and start-ups registered to do business with Expo 2020 Dubai.
“Looking ahead, as the pace of development steps up, especially in terms of projects, real estate and transport infrastructure, we anticipate that Expo 2020 Dubai will continue to provide significant financial opportunity to the UAE economy and to its banking sector. The event will shine a spotlight on Dubai’s immense investment potential, and in addition to the direct project financing opportunities, financial institutions can also look forward to increased interest from overseas companies and its related transactional opportunities.”
Talal Moafaq Al Gaddah, Vice-Chairman, MAG Property Development
“Expo 2020 will showcase Dubai as never before on the international economic and business stage. Millions of visitors are expected and realty market will definitely benefit as people who will see the promising economic potential of the city, the country and the region are likely to invest in business and properties.
“We know that thousands of properties, commercial and residential, are due to be delivered in the first quarter of 2020 and as such there might be expectations of oversupply. Eventually, the market will correct itself due to its strong infrastructure and regulations. The Dubai government has made some wise moves in terms of building great infrastructure, extending long-term visas in different categories. These are bound to provide an overall market boost to real estate and other activities.
“I am confident that Expo 2020 Dubai will bring new type of visitors interested in starting businesses and looking for investment opportunities. We, in the business community have great optimism about Expo 2020.”
Sanad Al Meqbali, Abu Dhabi-based businessman
“[Expo 2020 Dubai] is expected to leave positive impacts on the national economy for many years to come. The event has great importance for small businesses and enterprises, offering them an opportunity to establish a footing in the UAE market.
The much-anticipated Expo in Dubai next year is projected to contribute Dh122 billion to the UAE’s economy and create nearly 50,000 new jobs per year between 2013 and 2031, according to consultancy Ernst & Young.
The consultancy estimates that Dubai expo will contribute 1.5 per cent growth of the UAE’s GDP.
The UAE economy is strong, resilient and able to weather challenges, as apparent in all economic indicators that underline the solidity of the national economy despite volatilities in global markets. The various economic sectors will benefit greatly from Expo 2020, driven by the UAE’s economic diversification strategy, supporting sustainable development in the country. The recent series of investment-motivating decisions, which have been taken by the relevant authorities, will also help attract more foreign investment opportunities in the coming period, in conjunction with Expo 2020.”
Najib Al Shamsi, Economic Analyst and Councilor at the Abu Dhabi Chamber of Commerce
“By hosting a major global event, Dubai has emphasised its ability to absorb global financial and economic crises. The global event, held in the Middle East for the first time, is a long-term investment for the country that is expected to have a positive impact on its economy while benefiting from its internationally acclaimed reputation and profile.
“Expo 2020 Dubai will help boost the position of Dubai and the UAE as a global investment destination, with the UAE ranked first in the Arab region in attracting FDI flows.
“The world will have a close look at the tourism potential and tourism infrastructure the UAE and Dubai in particular, encouraging international tourism companies to invest. Expo 2020 emphasises Dubai’s presence on the map of the global MICE (Meetings, Incentives, Conventions and Exhibitions) industry. It also offers a six-month platform for transfer of technology and techniques needed for training Emiratis and will create jobs for a segment of Emirati citizens and reflect positively on the local economy.”
Rizwan Sajan, Founder-Chairman Danube
“We are expecting millions of visitors to attend the Expo 2020 and Dubai might experience phenomenal growth in every sector that it has established its presence in.
“Expo 2020 is going to exhibit all types of new innovations from across the world and its infrastructure and location makes it suitable for the most advanced technology era that every country is trying to incorporate in its lifestyle.
“These factors, along with ease of doing business, are going to contribute to the GDP of Dubai, leading to an increase in more projects and businesses across the board, thus creating more job opportunities. So, this event is definitely going to place Dubai higher in the list of most favoured places for conducting business.”
Recently; Barry had the pleasure of visiting with many Developers in Dubai, which truly was a great experience in a majical place, and where they definitely seem to set the standards when it comes to luxury; in all aspects of living; not just in Real Estate. For them; Real Estate is Art.
There are many opportunities for investors in Dubai / UAE
Barry has earned the Dubai International Property Consultant (DIPC) designation; licensed to sell Dubai Properties, and became an International Dubai Real Estate Institute Member (IDREIM). Please reach out to Barry DubaiLuxuryCollection@Gmail.Com for more information on Dubai or any part of the UAE (United Arab Emirates)
Article content from Gulf News Property Section and other sources
Please click here for our Hoey Team ☘ Dubai Luxury Collection YouTube Channel
Please click here for our Hoey Team ☘ Dubai Luxury Collection Facebook Page
Please Click Here for More Information on Buying and Investing in Dubai: www.DubaiLuxuryCollection.Com
Also; please check out the other blogs, and tabs to many other Links, Updates & Reports that we have on our Hoey Team ☘ informational websites. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
Email us at Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at: (239)-360-5527
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”