Dubai World Expo 2020 has been awarded the right to host on it as beating bids from three other cities, the Bureau International des Expositions (BIE) confirmed after a vote in Paris.
Dubai’s bid, Sao Paolo was knocked out in the first round and Izmir eliminated in second round. The decision is expected to provide a significant boost to the United Arab Emirates economy and was welcomed by businesses across the country
The emirate, set aside $7bn in capital spending for the event and has planned a 4.4-square-kilometre exhibition site at Jebel Ali, close to the emirate’s new Al-Maktoum International Airport.
Dubai Expo 2020 is the first ever world’s fair held in the Middle East and is expected to run from October 2020 until April 2021.
According to the well-respected official, when it comes to the business community, there’s a great boost across all economic sectors. It is estimated that the Expo will magnetize 25 million visitors from across the world and create more than 275,000 jobs, and this will significantly boost our economy and help to attract even more investment into Dubai.
“There’ll be an instant shot in the arm when it comes to economic confidence, then followed by the project investments as well as planned infrastructure,” as he added.
The hotel and logistics sectors will be the biggest winners, while the residential and retail sectors will also derive significant benefits. Expo 2020 will not benefit all of the sectors of the Dubai real estate market to the same degree
Dubai’s annual gross domestic product (GDP) growth is forecast rise to an average of 6.4 percent for the next three years, driven by the Expo, and potentially rise to 10.5 per cent to 2020, UK-based bank said.
“As soon as the event is done there’ll be a solid legacy too that Dubai Expo 2020 will leave behind, which businesses will be able to take advantage of,” he predicts.
“While the market in Dubai real estate is positioned for growth irrespective of the expo, the realization of this bid will represent as the one most significant influence on the real estate industry throughout the United Arab Emirates in 2014,” as he ended.