5 ways Expo2020 will boost the Economy of Dubai
From October 20, 2020, till April 10, 2021, the UAE will be welcoming the world to a celebration of culture, collaboration and innovation at the 2020 World Expo Fair.
It is the first time a World Expo would be held in the Arab region, with its location being the Expo 2020 site in Dubai. Till date, a total number of 190 countries have confirmed participation in the exhibition event set to bring in millions of people into the UAE. The theme selected for the Expo 2020 is “Connecting Minds, Creating the Future”, with the sub-themes being Sustainability, Mobility and Opportunity.
The Expo 2020 journey became official on 27th November 2013, when Dubai won the rights to host amidst cheers, jubilations and fireworks. A National Holiday was declared for all educational institutions across the country the following day. This is to show you how important the announcement and subsequently the event means not only to Dubai but the whole UAE and Middle East region. It aims at leaving a meaningful and lasting legacy that would last for generations by the time the Expo is officially over.
Marketing and Communication campaigns are in progress and being conducted effectively on several platforms. There have been several endorsements of the Expo by superstars and global companies and entities have already showcased their innovative and futuristic looking pavilions.
Apart from all the pomp and pageantry how will the Expo 2020 affect the economy, and what benefit will it bring to Dubai as a whole?
A country’s ability to create jobs is an indicator that sectors in its economy are running and functional. Once employment opportunities are created, there is increased consumer confidence hence increased spending. Businesses flourish and generally speaking, people can enjoy improved lifestyles in an economically sustainable economy. After Dubai was announced officially as the hosts for the World Expo 2020, it was estimated that over 277, 149 jobs were to be created between 2013 till the end of the Expo in 2021 based on a study.
These jobs are being created in all sectors of the economy including Tourism, Retail, Finance, Real Estate, Construction, Aviation, Hospitality, Technology, Media & Communications, Transportation, Security, Trade and Investment and many more. On the ‘Career’ section of the Official Expo2020 Dubai website, there are options to submit CV’s and apply for several available opportunities. Job opportunities will be available pre-expo, during the Expo and post-expo era.
Already, thousands have been employed especially in the construction, technology and transportation sectors as works are still ongoing at the Expo2020 site and other relevant areas in preparation for October 2020. Several foreign jobs have also been created through the participation of different countries. Job seekers can take advantage of these opportunities in becoming part of the history making experience.
Tourism is a very essential component in the economic growth of the UAE economy. According to Dubai’s Department of Tourism & Commerce Marketing, Dubai recorded a two percent increase in tourism visits compared to the same period last year. As at the end of the first quarter of 2019, Dubai had welcomed 4.75 million international visitors.
Dubai features prominently on the World Tourism map with attractions such as the Burj Khalifa, The Palm and Burj Al Arab hotel. Already, the UAE has officially four cultural UNESCO World Heritage Sites, with another eight intangible Cultural Heritage sites.
Dubai’s hosting of the World Expo 2020 is to further improve the influx of tourist into the country before, during and after the Expo. An estimated 25 million people are expected to visit Expo 2020 in Dubai between the 20th October 2020 and 10th April 2021.
The Dubai Corporation for Tourism and Commerce Marketing (DCTCM) is always working hand in hand with the government’s immigration agencies to make it easier for tourists coming into Dubai to get visas easily. Dubai is the main aviation hub in the region and an easy connection point for travellers on their way to any global destination.
With the World Expo 2020, Dubai has become more attractive as a tourist destination, and this will lead to an acceleration in GDP for the country’s economic growth.
Investor confidence is boosted when an economy is thriving and is sustainable. According to independent data from multinational professional services firm EY, Expo 2020 Dubai’s long-term investment in the future of the country will boost its economy by AED 122.6 billion (USD 33.4 billion) and support 905,200 job-years between 2013 and 2031.
Dubai is set to see an increase in global investment due to its rights to hosting the Expo2020. Investments become attractive in a country when it has a reputation for being safe, welcoming, profitable. The UAE is all that and more and easily stands out in the Gulf and Middle Eastern region. Investments are open to areas of Trade, Retail, Real Estate & Development, Finance, Entertainment, Tourism, Construction, Hospitality, Aviation and many more.
Already several businesses have relocated or opened branches and outlets in Dubai. Construction is underway for most of these projects. Global and multinational organisations are aligning themselves the Expo with its official partners proudly displaying their association in their Marketing and Branding materials. Both local and foreign investors can be confident that with the World Expo 2020 being held in Dubai, the UAE’s economy is stable, and their investments are safe and guaranteed returns.
Dubai is home to several businesses, with owners being UAE Nationals, expats and foreign investors. There are many local home-grown concepts that would benefit from Dubai’s hosting of the Expo 2020. Local businesses are a backbone to the growth of every economy, and many governments invest in incubation and seed starter programs to encourage entrepreneurship and the growth of local companies. Homegrown business, both large multinationals and SME’s are expected to see a massive boost in consumption and investment in various sectors in Real Estate, Media, Travel and Tourism, Leisure, Retail and general economic industries.
There are several business opportunities that have sprung up in all these sectors that are available to even new and emerging markets. Many avenues for local contractors can be explored through bid and tendering processes that are available for procurement opportunities. The Expo2020 has a free-to-use official global online marketplace where business opportunities can be discovered through registration and especially beneficial to SME’s. This is an effective way local business aiming to create new frontiers can show the world what they have to offer.
The Expo2020 has seen a massive development in infrastructure in Dubai and the UAE at large. Transportation leading to the Expo site such as roads, metro lines and bridges have been extended and improved. There are more projects ongoing in the construction of hotels, residences, healthcare, and other commercial facilities.
The information available suggests that most parts of the site location can be reused, and this sustainability initiative would be known as District 2020 after the Expo. Provision of infrastructure and amenities for the Expo will be connected to its theme of Sustainability, Mobility and Opportunity. The site is also close to the Al Maktoum International Airport, Dubai World Central (DWC) in Jebel Ali and this will facilitate the transportation of visitors and investors.
The infrastructure will still be in use before, during and after the Expo; and boost for businesses and the economy as a whole.
Ticket information is already out in variations of 1day, 3-days, monthly and seasonal passes. There would be youth and student discounts; and free access for people of determination, adults 65 and above, and kids up to 5 years.
The World Expo 2020 has given Dubai the right exposure and reputation it needs to instil global confidence for both local and foreign stakeholders. It has also heightened a sense of pride for UAE nationals and residents alike and will leave the needed long-lasting legacy in cultural and economic growth.
Article was written,
By: Theresa R. Fianko
Dubai – UAE
(Marketing Communications, Writer, Content Creator)