In the month of November of 2013, The Bureau International des Expositions (BIE) general assembly in Paris gave the nod to hold the World Expo 2020 in Dubai, United Arab Emirates. This expo will extend for a period of six months and will focus on the Connecting Minds, Creating the Future. These expos are organised at an interval of five years and are a place where millions of people come together to showcase innovations and share ideas.
In the past, the expo has brought incredible innovations and inventions such as the telegraph in the year 1851, the typewriter in 1876, the diesel engine in 1900, Colour TV in 1964 and wireless trams in 2012. The most recent world expo in 2015 was held in Milan, Italy and the inventions which came out of it include energy-saving elevators and solar trees.
The Expo was to be held last year but due to the Coronavirus pandemic, the date of the Expo 2020 which was to be held in Dubai was extended. With the pandemic simmering down, the government of UAE has decided to hold the World Expo from the 1st of October to March 31st.
Impact of the World Expo 2020 on UAE Economy
The World Expo 2020 in Dubai is expected to be the third-largest event in terms of cultural and economic impact after only the Olympic Games and the FIFA World Cup. THE expo will attract millions of visitors from all over the world and will have huge implications on the economy of the United Arab Emirates. The Dubai Expo will help build upon the various core economic sectors such as the financial sector, tourism sector, constructions sector, hospitality sector, etc.
Many industries in the country are looking forward to Expo 2020 as it will affect the Middle East, especially the United Arab Emirates, in a very big way. The Expo 2020 will be causing a great influx of international businesses from all around the world which will in turn job opportunities in the country. the boost provided by the expo will help the economy of the country in a huge way and will also help the country prepare for the future.
The Expo 2020 will provide a significant boost to the non-oil based economy of the United Arab Emirates and will also attract businesses from all over the world to come and incorporate a business in the UAE. According to Analysts, Expo 2020 will generate approximately $23 billion and will also increase the growth rate of the country by almost 4%.
Sectors to be Benefitted
Here are the sectors which will be benefitted from the Expo:
- Infrastructure Sector
To handle all the visitors coming into the country, there will be a need for new and improved living spaces. Also, there are many infrastructure projects which will be worked upon in the coming years. These infrastructures will be planned and created in a sustainable way and can be used for a longer period of time.
- Transportation Sector
Dubai is working upon the development of a global transportation system and is spending huge amounts on developing the airports of the country and making new ones. Dubai also comprises the world’s busiest airport and is looking forward to continuously improve the transportation scenario.
Dubai will also have its own metro station, which will harbour trains capable of transporting 23,000 passengers per hour in every direction of the city.
- Hospitality and Tourism Sector
It is expected that more than 1.30 million people will be coming to Expo 2020 out of which around 70% of the people will be coming from different parts of the world. The people will be attracted due to the World Expo 2020 happening in Dubai but will elongate their stay due to various factors such as the rich cultural history and the luxurious and attractive hotels and malls.
- Healthcare and Pharma Sector
With an increase in the number of people coming in, there is also a need for better pharmaceuticals and better healthcare options. The healthcare sector has had a huge boom and is all ready for the visitors coming in from all over the world.
- Manufacturing Sector
With the increase in the number of people coming to the United Arab Emirates, the businesses have started preparing themselves to handle more customers who will be spending a lot in the country. Dubai is a famous shopping destination and comprises many shopping malls and other authentic bazaars.
The effect of the Expo will be vast but the above-mentioned sectors will be the first to register the effects of the World Expo 2020. According to the industry leaders and various financial experts, the positive effects of Expo 2020 will be felt years after the expo has ended.
The increasing businesses in the country will create a huge requirement for various financial services such as accounting, auditing and VAT related services, etc. If you have a business that requires any of these services or if you are looking to set up a business, then you can have a look at the services offered by the JAXA Chartered Accountants. For more details on the services provided, Contact Us. We will be happy to help.