Expo 2020 and Dubai
Dubai has been chosen as the host for the World Expo in 2020 to be the first Middle Eastern city to ever host the exhibition. The motto of Expo 2020 in Dubai is “Connecting Minds, Creating the Future”. Since its inception in 1851, when it was called “The Great Exhibition”, Expo Exhibitions have been the greatest and the most important international event.
Over the course of six months, Expo attracts millions of visitors to discover the pavilions of the participants and the various events organized by the participants, including countries, companies, and international organizations. The JLL Consultation team, in an exclusive interview, explains to us the short and long-term benefits of Expo 2020 to the economy and investments of the Emirate, according to Mary Azzam, the local manager of JLL in MENA, Strategic Consultations.
The Expo is expected to draw over 25 million visitors during the course of the six-month international fair, 70% of which will be coming from outside the UAE. This will accordingly require the provision of more than 24 thousand hotel rooms to bridge the gap between supply and demand. Expo 2020, held during the period from October 20 to April 10, will boost the celebrations of the 50th National Day of the UAE. It will also serve as a platform to develop a sustainable future vision for decades to come.
Expo 2020 and Hospitality Sector… Projects Planned
Staging a mega-event like the World Expo is not only important at the UAE local level, but also at the regional level. In the midst of this great event, many new companies and investments will take place, especially in the hotel sector, which is the most profitable. Thanks to the rapid growth of tourism in Dubai and during the preparation phase for Expo Dubai 2020, numerous initiatives emerged by both private and public sectors to carry on expansion and different projects because of Expo 2020. According to Azzam, “The investments related to infrastructure will increase as a result of hosting Expo by Dubai.” Azzam clarified “These investments are estimated at 25-32 billion Dirhams, which would greatly boost economy and investments in Dubai in addition to creating 277000 new job opportunities.” As a result, the gross national income will witness a significant increase because of the development projects made thanks to Expo Dubai 2020.”
Expo Dubai 2020… New Promising Projects and Hotels Suitable for All
It is 2019 but Dubai projects have witnessed great development due to Expo which requires preparation and projects, including the various amusement parks, festivals, and other cultural events. Azzam will take about this in detail during her interview. It is worth noting in this respect that there are many hotel projects suitable for people with limited income with the aim to attract larger numbers of tourists to Dubai to attend Expo 2020.
Expo Dubai 2020 Impact on the Overall Economy
It is expected that the direct and indirect economic impact of Expo Dubai 2020 will reach about 145 billion Dirhams and that it will raise the value of Dubai’s non-oil trade to 4.5 trillion Dirhams in 2020, especially investments in hospitality and aviation sectors while considering the improvements currently taking place in 2019 and the next two years to infrastructure, transportation, luxury, and modernity as a result of the organization of Expo 2020 through the various project and initiatives that will enhance Dubai’s position on the world map as a tourist and investment destination as well as one of the important smart cities in 2020.