In November 2013 it was announced that Dubai had won the bid to host The World Expo 2020. The emirate was up against Russia, Turkey and Brazil in the bid to host this huge event. Dubai won the bid with its “Connecting Minds, Creating the Future” concept.
The theme for Dubai’s expo echoes the powerful spirit of partnership and co-operation and has been the driving force behind the UAE’s success in the creating of new paths of development and innovation.
What is Dubai Expo?
The World Expo is considered as the third largest global event, behind the Olympics and FIFA World Cup. It is the largest mix of trade exhibitions and World fairs.
The World Expo began in 1851 in London and since then has been the place where the Eiffel Tower, telephone, Ice Cream and Heinz Tomato Ketchup have been thought up.
The last expo we held in Shanghai, China and had a reported 73 million visitors from 250 countries. The 2010 expo is said to have made $157 million in profits over the 6 months.
Expo 2020 and the Impact on Dubai
Expo 2020 is expected to attract 25 million during the six months and add substantial foreign investment to not only Dubai but also the UAE. The event will help to build upon Dubai’s core economic sectors, which include financial services, construction, tourism and hospitality.
The expo will have many positive impacts on the emirate including adding a significant amount of dirhams to the economy, both of Dubai and the UAE, although it is difficult to predict what the exact figures will be for this.
It has been predicted that expo 2020 will likely generate around $23 billion for Dubai. This equates to around 24% of Dubai’s current gross domestic product between 2015 and 2021. It will hopefully boost the economic growth average by 6.4% every year from 2014 to 2016. It has the potential to rise to 10.5% by the time of the expo in 2020.
The Government is set to invest a substantial amount of money to strengthen Dubai’s infrastructure with a whole host of development projects. There has been a reported $8.7 billion put to one side for investments that are related to the expo and will benefit Dubai after the event ends in 2021.
If the expo is a success, revenues could be up to $17.7 billion as predicted by the government. Between 2014 and 2016 the UAE could attract as much as $150 billion in foreign direct investment in a range of different sectors- in particular real estate, hospitality and tourism.
The World Expo 2020 will see around 277,000 new jobs available, with around 111,000 of these new jobs in hotel and restaurant sectors.