In Q3 of 2008, a great recession hit the world and almost every country was affected by it. But the metropolitan city of UAE, Dubai was one of the top victims of that slump. The economy shifted into the survival mode as the major industries that was tourism, real estate, retails and finance started to suffer. But the vision of UAE rulers and their constructive measures helped UAE in holding the ties and they led the country forward with high hopes and goals.
Finally, in the month of November 2013, celebrations started across the UAE as Dubai won the bid to host the world 3rd biggest event ‘The Expo 2020’. All GCC and Middle Eastern country expressed joy and excitement of Dubai winning the bid since the mega event was never hosted in the Middle East before.
Why UAE Is So Delighted To Win The Bid Of Expo 2020?
With every country bidding for the opportunity to host the all-important event of expo 2020, UAE realized that the country is not only won the bid and also has created the big opportunity to stabilize the economy, bringing in the new investment from across the countries and creating numerous job opportunities.
Dubai is heading close towards the opening of expo 2020 this October, with the concept of Connecting Minds, Creating a Future. The organizers of Expo 2020 is of believing that this theme defines the prevailing essence of partnership and collaboration that is been the reason for UAE success, development and innovation.
Coming after the Olympic Games and FIFA world cup, the World Expo is considered as the third largest event globally in terms of the impact it has on the economy and culture of a hosting country. With the hosting period of 6 months, it will create enormous investment and millions of visitors to emirates resulting enhancement of core economic sectors such as tourism, construction, financial services and hospitality. The five primary areas that will be certainly impacted by the hosting of expo 2020 are as follow:
Hosting of world expo puts a country onto a fast-forwarding tract of building the world-class infrastructure of the hosting city. China invested about $40 billion on infrastructure development of hosting city, shanghai. The money was invested in building 6 additional metro lines, tunnel, bridges, roads and rail.
The hosting area of Expo 2020, Jebel Ali is been seen rapidly developed by building new roads, metro line extension, hotels and other facilities to lodge tourists. The top financial officials of UAE government, Sheikh Ahmed Bin Saeed Al Maktoum share with media that at least $8 billion will be invested to build the infrastructure for Expo 2020.
2. Tourism and Hospitality
Dubai is known for its world-class tourist attractions. Be it Burj al Khalifa or Burj al Arab, millions of visitors fly to Dubai to spend time on vacations, celebrate festivals and enjoy New Year Eve. As we mentioned earlier, Dubai is expected to attract 25 million visitors for the Expo 2020, during its six-month run it will give a big boost to the hospitality and tourism industries.
Hundreds of luxury hotel and apartment have been built near the site of the expo that will also create thousands of new jobs for the locals and expats especially between the period of October 2020 to March 2021. From the start of 2018, it is been observed that tourist, celebrities, businessmen event organizers have started booking the apartments, office buildings, and event areas for Expo 2020 Dubai.
3. Real Estate
17 out of 25 million visitors who are expected to come to Dubai for Expo 2020 will be international visitors. There figure shows that there will be a lift in real estate sector which is a good sign because even after a rise in price since 2011, it is still below to the prices in 2008, comparatively.
There was no visible impact of expo 2020 on real estate business in initial years after winning the bid. But now impacts can be seen in this industry since most of the development and construction work is near to completion.
Media from all over the world is reporting every single update and development on Expo 2020 Dubai. The press media is covering every minor detail relating to the mega event. The impacts of this event are equally huge. Almost every website is writing articles, covering news and reporting updates, official statements and quotes regarding Expo 2020. Dubai is the favourite destination for the celebrities and sportsman around the world and this is the fact that celebrities head towards the country where the expo is happening. Either they visit the place with their families or they come for the showbiz activities.
Crown Prince of Dubai HH Sheikh Hamdan is also promoting expo on different occasions. There was one viral video of him wearing expo 2020 shirt with UAE flag in hands at the top of the Burj al Khalifa.
New Endorsement, events, concerts and seminars related to expo 2020 is also a sign of media involvement on a large scale.
5. Job market
It is expected that the Dubai Expo 2020 will create thousands of new employment opportunities across different sectors of the economy. Construction, tourism, travel & hospitality are amongst the industries that need more hands for all new projects. The surge of excitement in been seen in the employment sectors as they hope for an increase in demand at a better pay rate.
From preparation to execution to sustain the growth, all different stages of Expo 2020 will be accommodated from various industries. New free zones and media channels have been established to serve the purpose. Resulting in the major international companies to set up their Middle East offices in UAE. All this has led to the boom of the employment sector in the UAE.