The Positive Impact of EXPO 2020 on Dubai’s Future
The projection for the GDP growth in Dubai during 2020 is 3.5 percent, but experts believe that it will be much more than this estimate. Over 170 countries are taking part in the EXPO, with global giants like the U.S., UK, and Germany. "By working with some of the world's most innovative companies, we will ensure that EXPO 2020 is a truly global event that captures the sense of wonder, excitement and fun that characterised history's greatest World EXPOs," remarks Gillian Hamburger, Senior Vice-President of Commercial, EXPO 2020 Dubai.
EXPO 2020 is expected to register AED122.6 billion of Gross Value Added (GVA) to the economy of the United Arab Emirates from 2013-2031, according to an independently published report by EY. Another interesting statistic shows that close to 49,700 Full-Time Equivalent (FTE) jobs will be created in the UAE per year over this period.
The most definitive advantage will be for Small and Medium Enterprises, as they are set to receive AED4.7 billion in investment before the EXPO and this will result in an influx of close to 12,600 job-years. The site of the EXPO is intended to be converted into District 2020, which includes tenant companies and an extended Dubai Exhibition Center (DEC). District 2020 is geared to invest in an economy that boasts innovation, by maintaining sustainable economic development.
The major industries which will thrive during and after the EXPO are logistics and transport, travel and tourism, construction, real estate, and education. In the future, the EXPO site is set to be converted into a city-spanning more than four million square meters.
This EXPO is the first of its kind in the Middle East, Africa and South Asia (MEASA) with participants that include countries, multinational organizations, and educational institutions. During the period of six months of the EXPO, the city is expecting visitors who range in the millions to spend money on tickets, accommodation, merchandise, food, and transport accounting for 1.5 percent of the GDP. The theme ‘Connecting Minds, Creating the Future,’ is at the cornerstone of this EXPO. The world will have its eyes on this city, and international management consultants in Dubai will be able to assist SMEs and a wide range of companies throughout EXPO 2020.