Dubai, one of the fastest-growing cities of the world, is on the edge of transformation. Known to attract millions of business expats from around the world, the region is looking forward to growing at a massive speed in the next two years from now. The upcoming Dubai Expo 2020 is expected to attract a count of 25 million visitors and is resulted to fetch in massive revenue in the region. The event is looked forward as a ground for international partnerships, which will result in enormous company incorporation. In turn, the demand for financial services will shoot up immensely. This guide will highlight how the Expo 2020 will stand as a game-changer for the finance industry.
How will Finance Industry in UAE Benefit from Expo 2020?
Since the Expo is expected to bring in more business incorporations, every business requires finance. Without funding or involvement of investment, the business entities fail to perform their activities. A massive opportunity lies ahead of the finance industry that will boost its growth. Financial institutions will have a better role to play at this point. Let’s move forward and have a look at the different business opportunities that lie ahead for the corporate world.
Business Opportunities During and After Expo 2020
As it has been stated earlier that during the event and even after that, there exist numerous opportunities for business incorporation. Ranging from the SMEs to the MNCs, companies are seeking forward to set their foothold in the Expo. Some of the business industries that will have a drastic impact are:
1.Tourism
With an expected count of 25 million visitors, the tourism industry is on the edge of accelerating and reaching heights beyond its expectation. To cater the needs of 25 million visitors, every tourism business is looking out for opportunities to start a business in the UAE. To know more about why to start a tourism business.
2.Hospitality
Parallelly moving along with the tourism industry, the hospitality sector will be one of the top impacted industry due to Expo 2020. Everyone needs a place to stay, and understanding the intensity, a strategic move has been made by India’s largest hotel chain, Oyo rooms. Recently, they have expanded their services in Dubai, which means that the company will be hugely benefitted from the event.
3.Food and Beverage
Catering the food and beverage needs during the event is a huge opportunity. The food and beverage industry is going to flourish every single day. Millions of business owners who have got an interest in the food and beverage sector are on the way of incorporating their business in the region.
4.Retail
Next, we have the retail industry, which is going to earn a considerable benefit from the Expo event. The increasing number of tourists will ultimately build a higher demand for the growth of the retail industry.
5.Real Estate
The event will turn out to be a great contributor to the real estate sector. Expo 2020 is expected to spike the real estate sector by building a massive platform of opportunities. According to the reports published, 33,800 properties have already been scheduled for delivery. We can say that this stands as a big platform for business investors dealing in the real estate sector. To know more about how to start a real estate business in the UAE.
Now, if you are dealing with any of the businesses above, and planning to expand it in UAE, you can go ahead. However, it would help if you were clear that before you implement this idea, your company books get clear, and you earn a good score in the audit report during an external audit process. Business entities looking forward to grabbing opportunity must be assured that the company books are sorted. Having that, it will help you to focus on developing strategies to catch more clients. Additionally, once you can get more business clients, you need to maintain their accounting books professionally. Are you wondering how to proceed ahead? Don’t worry!
JAXA Chartered Accountants has been helping clients across the UAE to manage financial accounting services across the UAE. We stand as one of the DMCC approved auditors, and our expert team will take care of your business books accordingly. To have a word with us, do contact us today-we’d be glad to assist.