As per Deloitte, Dubai is getting ever closer to hosting the proverbial EXPO 2020, which is assumed to reinvent and revamp the way of doing business in UAE, which also shall resonate amongst GCC, Middle East, North Africa and South Asia.
Nearly $7 billion has been funneled into the Dubai’s economy to facilitate numerous projects and the fact that nearly a third of the world’s population is within 4 hours reach, millions of people are expected in the first half a year after EXPO 2020 and more in the forthcoming years.
The scale of investment will have a positive effect on market segments such as construction, tourism as well as leisure and its employment numbers. The huge influx of visitors will trigger a high demand for additional space for companies in the hospitality sector ranging from budget to luxury. The demand will most likely resonate across the adjacent cities, especially Abu Dhabi.
The economics pundits forecast record growth, which is far greater than the previously suggested 4%. They suggest that the incoming foreign investment capital could reach $20 billion in just 6 years and a total bill of no less than $60 billion by 2020 from all estimated visitors.
The commercial space statistics show a record of over 5 million square meters of office space in Dubai in 2010. The EXPO 2020 has triggered the demand for another almost 2 million square meters due to be finished and delivered by 2020. Such demand is suggested to create more than 300.000 jobs, which amounts to 20% of the total current employment market.
As per current estimates, practically all infrastructures for EXPO 2020 worth $ 6.5 billion are due to be completed in advance – by 2019. The investment of that scale is bound to give a stimulus for future fruitful collaborations, said Sheikh Ahmad bin Saeed Al Maktoum, the CEO of Emirates Airlines.
Hosting EXPO 2020 will surely remind entrepreneurs, who haven’t ventured to set foot in the prosperous and attractive business world of the Middle East yet, to start availing of what UAE has to offer.