Expo 2020 and UAE Economy
Expo 2020 is one of the most anticipated events in the Middle East, which is expected to leave a huge mark on the economy of the country. Ever since UAE was declared as the venue to host the event, endless debates and discussions on the changes it is going to bring to the economy of the nation has been doing the rounds. The event will undoubtedly be a game-changer for Dubai and the country and will help in elevating the country’s position on the global level.
Expo 2020 is not an everyday event, it is one of its kind the Middle East has ever witnessed, and it will leave a substantial, sustained impact on the economy. This will be via construction, visitor and commercial activity, which will happen in the pre-expo phase, during-expo phase and legacy phase respectively.
The event will be held for 173 days and will host 192 country pavilions; a perfect platform to learn about innovative technologies from around the world that is going to shape the future.
Expo 2020 is expected to contribute around Dh123 billion to the UAE economy in the decade after the it ends. 50, 000 jobs will be created as part of the expo, which is expected to rise to 94,000, during the exhibition months. The acquisition and purchase of goods and services related to expo 2020, will result in a revenue of Dh100 billion and almost Dh38 billion will be added to the local economy till October 2020. During the time of the expo, an additional amount of Dh22.7 billion is expected to be added to the economy.
The event has been garnering worldwide attention from the last many months and millions of people are expected to make it to the event, to experience the taste of innovative technologies that will be showcased here. This will benefit both public and private sectors and will help in boosting business, hospitality, real estate, recreation, and many other tourism sectors.
According to Najeed Mohammed Al-Ali, Executive Director of the Dubai Expo 2020 Bureau “Expo 2020 is a critical long-term investment in the future of the UAE. Not only will the event encourage millions around the world to visit the UAE in 2020, but it will also stimulate travel and tourism and support economic diversification for years after the Expo, leaving a sustainable economic legacy that will help ensure the UAE remains a leading destination for business, leisure and investment.”
Visitors attending expo 2020 will spend on tickets, merchandise, food and beverage, hotels, flights and local transport, which will in turn drive economic activity. There will be a surge in VAT revenues as well, as a result of increasing spending during this time. The VAT revenue is expected to cross $8 billion (AED30bn) in 2019.
The six-month long exhibition, that commences on 20th October 2020 and lasts up to 10 April 2021, will bring together the best of trade, innovation and products from across the globe. It explores the theme ‘Connecting Minds, Creating the Future’.
Tickets for Expo 2020 will be available to the public starting April 2020. Mark the date in your calendar; do not miss the opportunity!
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