Expo 2020 Dubai has been the talk of many ever since it was awarded to Dubai in late 2013. With the UAE investing billions of dollars, the global event is attracting millions of people from across the globe to demonstrate the country’s achievements and its future plans.
The Economic Impact of Expo 2020 Dubai:
The much awaited global event hosts a total of 192 countries, allowing its visitors to experience what it means to explore the world while staying in one place. Expo 2020 Dubai encompasses a range of districts showcasing cutting-edge innovations, sustainability and youth empowerment. The event is truly a unique experience that brings together the world and the endless possibilities it holds. However, this one of a kind experience is not all that this mega event has to offer, because it also entails significant economical benefits for the UAE. In reality, Expo 2020 is a long-term investment that is expected to create jobs and have a positive impact on the country's economy. According to a report by EY, the event is expected to generate around AED 122.6B of GVA (gross value added) and attract 25M visitors. The report also suggests how the impact of the Expo 2020 includes 3 main stages, before, during and after.
In addition to the GVA impacts, thousands of jobs will be created and many different sectors will benefit from this fairy-like event. In total, the report suggests that the world-class event will support around 905,200 jobs between 2013 and 2030, a number that can help give people hope post the pandemic. Due to pre-Expo 2020 activities, construction, event organizers and business services, and transportation and storage sectors were among the ones that saw a direct and significant impact. While the two later sectors will benefit, it is estimated that around 68% of the AED 37.7B of GAV will be felt by the construction sector alone. In the second phase, which is during the 6 month period of the event, restaurants and hotels are expected to do quite well with tourists and visitors coming from all over the world to attend one of the biggest world fairs. But the impact of such a homogenous event will still continue even in the future, and that has been referred to as the legacy contribution.
Expo 2020 Dubai is expected to live long after it closes its doors in March 2022. Driven by a vision to connect minds, create transformative, real and sustainable change, and build a better tomorrow, Expo 2020 Dubai will transition to District2020. District2020 will become the place where businesses thrive, connect with one another, and bring forth innovative solutions and ideas. The space is said to host educational, cultural, entertainment and leading innovative facilities. This legacy period is expected to introduce tremendous changes to the market as well. In addition to introducing around 548,300 jobs, this period will serve as a way to give international exposure to Dubai and the UAE as a key player in the business world.
Ultimately, Expo 2020 Dubai will bring with it transformative changes not only to UAE’ economy, but also to the way business is done and how the world perceives the business world in MENA. By fostering innovation, boosting the job market, connecting minds and creating relationships during the 6 months window that the event has will greatly help individuals and businesses take on new innovative ventures.
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