The city of Dubai is on its way to host the country’s biggest spectacle with the Expo 2020. Following the trend of World Expos held every five years, the Dubai Expo will also be based on a theme. At the Expo 2020, Dubai will bring forth the concept of ‘Connecting Minds, Creating the Future’, and promote opportunity, mobility, and sustainability across nations. The international event is set to start in October 2020, and will continue till April 2021 and will be the first of its kind to be held in the MENASA (Middle East, North Africa, and South Asia) and GCC region. For these six months, the exposition will see more than 170 countries, global organizations, and investors bringing together innovations, ideas, knowledge, and strategies that will lead the human society to a better future.
What can we expect from the expo?
The core idea of any such exposition of an international level is to bring countries together and share their perspectives on the world’s future. Dubai Expo is no different. But what will be interesting to see at Expo 2020 Dubai, is what the host country will offer. Some of the important aspects of global development that will take prominence at the expo are- education and employment, financial models, transportation, travel, and logistics, mobility and communication of the lesser privileged communities, better consumer technologies, and most importantly, sustainability.
What happens during and after expo 2020?
This global event will mark a significant stage in Dubai’s economy and pave its way towards the future. Designed to attract millions of visitors from all over the world, the Expo 2020 will largely change the way the country does business and create more opportunities in various sectors and across various industries. This, in turn, will lead to a considerable growth of UAE’s GDP and build a stronger macroeconomic outlook, thus enhancing the country’s reputation, boosting its socio-cultural growth, and create a lasting impression on the world economy.
Let us look at some of the major industries that are most likely to be impacted by the Dubai Expo.
Travel, Tourism, and Hospitality
Due to its strategic location, the city is at only a few hours distance from more than one-third of the world’s nations and serves as a bridge between the developed and developing nations. Needless to say that with nearly 20 millions of visitors expected in the six months of the event, it will have a huge impact on the hospitality and retail sector of Dubai. The city will invest in its travel, logistics, and infrastructure to cater to its increased influx of visitors. Experts have estimated an additional 70 million occupancy at hotels and resorts, with a boost of over USD 10 billion in retail spending. With such growth in visitors, there will be invariably an increase in property establishments from budget to luxury accommodations. This will eventually create 100,000, if not less, new jobs in the travel and tourism sector. These effects of the event will continue for at least another six months to a year.
Finance and financial advisory
Since the government’s declaration to host the Expo 2020, the financial landscape of Dubai has already started to feel the impact. During and after the event, there will a number of direct and indirect effects on the financial services to and from the country. With an increase in capital projects, real estate establishment, and new infrastructure needs, there will be more opportunities in advisory and execution in these sectors. At the same time, for companies who do not have investments in the Middle East will see this as an opportunity to foray into the market, thus bringing Dubai into a prominent position in the world of business.
Also Read: 5 Different Kinds of Financial Planning
Technology and communication
Technology is turning out to be an integral part of UAE’s economy, especially in Dubai where innovators are constantly churning out the best possible avenues to take the city’s infrastructure to a whole new level and drive towards a robust future. The expo will serve as a catalyst for the tech space, where businesses would eye Dubai as a platform to introduce new innovations and at the same time, showcase the country’s capabilities in future technology.
Few other effects of Expo 2020
Inventors in the alternative, as well as conventional energy, urban planning, logistics, and engineering, will also see a host of opportunities within the GCC region.
A large scale event as such will result in a huge demand for skills and resources before and during the event. Also, even after the expo is over, these skilled professionals will continue to drive the new economic structure, thus raising the bar for talented individuals in Dubai.
This will be an excellent start for new players in the infrastructure space who will showcase their innovations at the expo and turn them into sought-after ideas even after the event is over.
Apart from the economic benefits, growth in GDP, and foreign investment, the Dubai Expo 2020 will also bring in a new wave of social development. With the entire world becoming a part of UAE’s future, there will be a whole new perspective to social inclusivity, community building, national identity, and civic evolution.
Expo 2020 Dubai, will go beyond a global showcase of the most innovative technology, futuristic infrastructure, and improved trade and commerce. It will serve as a transformative measure for UAE to become an economic catalyst that will redefine the future of human life around the world.