After almost a decade of preparation, Dubai will finally host the Expo 2020 this year. With a theme of “Connecting Minds, Creating the Future,” the expo will focus on “opportunity,” “mobility,” and “sustainability.” As an international event, countries all over the world will be joining this event. It is expected to run from October 2020 to April 2021. The last Expo 2010, which was held in Huangpu River, Shanghai, has been visited by millions of people from 246 countries.
With this opportunity, Dubai is expected to have five significant benefits in hosting the event this year. The event will impact key sectors such as events organization, construction, transport, storage, retail, restaurants, and hotels. Besides, these five benefits are expected to be reaped in the upcoming Expo 2020.
How Dubai Expo 2020 is going to be worthwhile?
1. Real estate development
With several apartment units and villas for sale in Dubai, there are a lot of activities in the real estate scene. It is a very active market right now, with more people trying to invest in the city. But with the help of Expo 2020, the market is expected to get a boost even more. More people can travel in the area and check out the luxury and residential offerings by the top-notch real estate developers.
2. Improved infrastructures
According to a report made by EY, more than AED 40.1 billion is expected to be invested in supporting the Expo 2020 event. This is to accommodate visitors that will tour the country. And besides, most of these structures will be retained and used in the future. This is a big win for both the tourism and the quality of life of the people.
3. New jobs
During the event, it is expected that over 900,000 full-time equivalent jobs will support the whole preparation for Expo 2020 as well as its expected legacy (2013-2031). Depending on the success of the event and the future investment in the area, jobs will be retained or renewed because of investors and the public’s interest. From the preparation up until now, there have been more than 277,000 jobs opened in UAE.
4. Boost the economy
The Expo 2020 and its legacy is expected to contribute about AED 122.6 Billion to UAE’s gross value added or GVA. At the peak of the event, the impact is expected to reach at least 1.5% of the UAE’s annual gross domestic products. This impact will become more visible to cities like Dubai and Abu Dhabi.
5. Exposure and tourism
Most of the jobs that opened for Expo 2020 is related to tourism, travel, and leisure. The expo is not only a chance to get the UAE’s international reputation better, but it’s also a chance to show its tourist spots. The other jobs will likely be centered in construction, as Dubai forecasted another 127,000 units to be delivered before 2023.