About two weeks ago, a UAE delegation went to Paris to visit BIE (the General Assembly of the Bureau of International Expositions), which is also known as World Expo’s governing body. In a speech, the delegation said that the World Expo 2020 will be organized around the necessity of mobility, sustainable practices, connectivity, as well as economic opportunity. The latter seems to be already leaving its footprints in Dubai. The city is working over capacity in preparation for the event. Once again, Dubai attracted the attention of international investors by creating numerous fresh business opportunities, with the tourism sector being the most attractive.
UAE – Attractive Option for Investors
A new research by PricewaterhouseCoopers (PwC) has found that optimism about economic growth in the Middle East regained grounds. According to the survey, the fact is mainly attributed to upcoming events like World Expo 2020 in Dubai and the 2022 World Cup in Qatar. Moreover, the United Arab Emirates was found to be the most attractive country in the region for investors in terms of infrastructural and capital projects. In addition, the report reveals that spending in the region would greatly increase over the next one year, which will not be limited only in infrastructure, but it would also cover areas like healthcare, housing and education.
Many Small and Medium-Sized Businesses to Thrive
It was recently revealed that small and medium-sized businesses will gain a lot from Expo 2020. According to data released by Dubai Chamber, there will be about 245,000 new job openings by 2023 in Dubai’s tourism sector alone. In addition, by that time, investments in this sector are said to increase to AED143 billion. Hotel rooms in the emirates are also reported to witness increase and to nearly double in number. Therefore, small and medium-sized enterprises operating in these spheres are likely to witness a significant growth. Similar is the case with e-commerce and IT startups. Of course, there will be some sectors which will have to face obstacles due to the 20 million tourists that are expected to flock into Dubai for the event. However, the general attitude is that opportunities will outnumber challenges.
Boom of Mega Projects
The number of advertised new jobs is rising on past pace due to the variety of projects planned to be build ahead of Expo 2020. A large number of them are already under construction. Among them are the AED 11 billion Al Habtoor City, AED 7.34 billion Dubai Water Canal, as well as the AED 1.45 billion Jewel of the Creek,. Not long ago, a few new Expo 2020-focused projects were also announced, like Aladdin City, Al Mamzar beach project.
Increase of International Students in the Country
The growth is expected to be particularly strong in the business education sector. Many business professionals and big companies are predicted to turn their attention towards Dubai around the start of the Expo and even before that. As a result, more world-recognized universities might opt to create a base in Dubai. The United Arab Emirates is already a popular study destination for MBA students. But with Expo 2020 on its way and the possibility of new business-focused education institutes, international students are likely to start viewing Dubai as the ideal MBA study and workshop spot in the Middle East.
In its speech for the General Assembly of the Bureau of International Expositions, UAE’s Expo 2020 delegation also stated that the event’s motto, “Connecting Minds, Creating the Future,” is used as a basic principle around which the Expo will be organized.
