Attracting talent
Expo 2020 is expected to create up to 300,000 new jobs in Dubai – according to a government report, 90% of employment opportunities between 2018 and 2020 will arise from small and medium-size businesses and massive corporations, involved in the mega event. It is estimated that 147,000 jobs will be created within the travel and tourism sector. As a result, Dubai and Abu Dhabi, the fastest growing economies in the UAE will seek even more international talent across multiple sectors including construction, infrastructure, hospitality, real estate, travel and tourism. Skilled workforce is in high demand and the tendency will be growing with the nearing of year 2020.
More diverse economy
The UAE is aiming for a more diverse economy and this is what the Expo will have a huge role in. The petroleum industry is growing, but we’re all seeing how the tumbling oil prices can affect the entire economy of oil-dependent nations in the GCC. And while the prospects for the rest of the countries remain neutral to pessimistic, according to some analysts, the outlook for the UAE is still largely positive. This is due to the higher earnings in sectors such as banking, telecom and real estate, the increased business activity (despite short-term pitfalls), and the current work on different projects in preparation for hosting the Expo. This means the country has begun relying on more diverse resources, which will continue in the coming years.
Boosting Dubai’s profile as a growing business hub
Whether the Expo turns out a major success or not, it is certain that the high-profile event will boost the city’s image as a growing business hub. Along with the typical benefits of enhanced tourism and infrastructure, Dubai, as well as the UAE will enjoy positive global media exposure, which will display in front of the world the business-friendly environment in the country – legislation, professional networks and conditions, cultural tolerance and openness.
The long-term impact of such a major event will exceed just the immediate economic benefits to Dubai. Expo 2020 will not only bring innovation and talent to the city, but it will spark future progress and will present Dubai and the UAE in an even better light before the world. And this will play a huge role in the country’s future, if, of course, the expo is handled properly and with a good plan of what is to come in mind.
