The revered Expo 2020 Dubai is all set to commence on October 1st to March 31st, 2022, for a period of 5 months. With the world observing every step taken by the Dubai authorities, this event will be a crucial indicator of the world’s post-pandemic recovery.
Nicolas Mayer, Global Leader Tourism & Hospitality, said in a statement,”
“Expo 2020 will be one of the first and most important events globally to reconnect the world, digitally and physically.” He added, “I believe it will be the seminal global event to kick off the post-pandemic tourism ecosystem, especially if participating countries and organizations will present content and experiences that allow the visitors to reflect on the shape of our world and their lives in the post pandemic world.”
Several experts have also pointed out that 2021 will be a challenging year for some of the critical sectors of the UAE. However, they are heading on the path to recovery, and the Expo would be a crucial factor in aiding this recovery. They also pointed out that the UAE’s tourism and hospitality sector is marching ahead and showcasing a solid growth trajectory, supported by economic diversification plans mapped out by the government as well as the new visa reforms introduced to attract talent to the country. Together, these strategies will significantly boost the economy and strengthen UAE’s stance as the number one tourism destination in the world.
According to the Expo 2020 Executive Body, the total GDP will amount to a record Dh24.2 billion with the help of the event. A report by Ernst & Young suggested that Dubai’s economy will surge to about $33.4 billion as the country prepares to host visitors from across the world despite the pandemic. Sectors such as events organization, construction, and hospitality will contribute Dh68.9 billion, Dh27 billion and Dh11.4 billion, respectively.
The gathering of the different nations in the world to showcase innovation will have a positive economic impact across multiple sectors of business, from small and medium enterprises (SMEs) to enterprising corporations. The triumphant bid announcement alone drove positive economic perceptions and lifted business confidence in the country.
This mega event is expected to attract between USD 100bn and USD 150bn in foreign direct investment (FDI) across various sectors such as tourism, hospitality, real estate, financial services and infrastructure/ construction.
With the focus moving towards sustainability, the event will be a chance to showcase the UAE’s sustainability measures and their green credentials, as the country has started investing heavily in renewable energy to promote a green economy. The event targets 50% of its energy requirement from renewables, including the first mega-sized application of photovoltaic generation and integrated solar.
Entrepreneurs and business owners in the country are seeking investment opportunities in the sector to lead the nation as innovators for green technology. Dubai has always lived up to its foreign investor’s expectations and will continue to do so. For instance, despite the pandemic’s negative impact on FDI flows, Dubai maintained high investor confidence in 2020, with total estimated FDI capital flows reaching AED 24.7bn, not far off the AED 28.6bn total for 2015.
Create Job Opportunities
The challenging economic conditions worldwide has led to a halt in the Dubai job market; with the various reforms introduced by the government to invite talent to the country, Expo 2020 could act as a catalyst to drive this motive. According to predictions, foreign investments and collaboration opportunities could create nearly 300,000 new jobs in Dubai and throughout the UAE.
While catering to working professionals, this event also offers opportunities to students and fresh graduates as volunteers. Expo Dubai 2020 is expected to have close to 30,000 volunteering opportunities and over 45 volunteering roles in facilitating a successful event in every aspect.
Dubai’s Ministry of Youth has also introduced an apprenticeship program to run concurrently with Expo 2020. The program provides Emirati youth job training opportunities to serve as a stepping stone towards a progressive career across many economic sectors.
In Conclusion:
As Her Excellency Reem Al Hashimy, Minister of State for International Cooperation and Director General, Expo 2020 Dubai, said in her message to the event, “When we come together as one, humanity knows no limits. Our promise still stands – connecting minds, creating the future.”
The country has made incredible strides in organizing and setting up a mega-event that has made international headlines before it even began. Expo 2020 Dubai is on its way to create a significant impact on the economy and strengthen its position as one of the major players in the world, leading the way forward to prosperity.
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