EXPO 2020: Opening Doors of Substantial Opportunities for Dubai
Expo 2020, which is going to be held in UAE, is one of the world’s biggest events. The preparation for the same is already in progress at a grand scale. The designated site for the event is between Dubai Airport and Abu Dhabi Airport, which makes it convenient for people of both emirates to attend the event.
The main theme of Expo 2020 is ‘Connecting Minds, Creating the Future’ which has been further divided into sub themes “Opportunity, Mobility and Sustainability”.
Opportunity
• The sub-theme of ‘Opportunity’ is aimed to encourage the participants to provide and show case solutions and tips which will inspire the people to bring changes into social structure for better future. The participants will share their ideas by performing live innovative programs.
Mobility
• Mobility has improvised a lot in last couple of decades and with each coming year we explores new ideas and come up with innovative ways to trade faster which is meant not only to help the economy but explore better ways of moving people and data as well. Expo 2020 is just the right platform to showcase these advance innovative mobility solutions.
Sustainability
• It will showcase how we can improvise and preserve our natural resources, how we can carefully use these resources without harming the environment. The creative minds from around the world will display the innovative projects meant to protect, save and preserve the environment.
By utilizing these key global drivers, Dubai will itself become an operator for future worldwide advancement. Through the medium of Expo 2020, Dubai will project it’s futuristic ambitions by exploring economic opportunities and assets, associating and mobilizing individuals, promoting products and services from various business sectors and organizing high profile entrepreneurial meet ups.
Economic growth during and after Expo 2020
Considering the scale at which the event will take place, there will be an estimated 25 million visitor and participants visiting between October 2020 to April 2021 from 190 countries. Hence, there will be an increase in the demand for consumer goods, and both the small sector as well as the larger sector will be benefited which will help boost the economy of Dubai.
It is estimated that during the Expo 2020 of six months there will be an increase of 1.5 percent in GDP.
Though many building constructions are still going on, there is vast requirement for labour, engineers and other talents in various job sectors have opened to create opportunities. Experts have predicted around 12,500 jobs opening as the direct positive impact of Expo 2020 in SME sector.
Below are the details on the estimated inflow throughout the Expo 2020:
Pre expo – November 2013 to October 2020
The top 3 sectors which are expected to benefit most are:
• The construction sector – AED 25.6 Billion
• The events organization & business services – AED 7 Billlion
• The Logistic and warehousing – AED 2.2. Billion
Estimated job opportunities in these three sectors per year – 262,500
The construction sector alone provides 12,500 job opportunities.
The total gross Domestic profit is AED 37.7 Billion
During expo – October 2020 to April 2021
The top 3 sectors which are expected to benefit most are:
• The hospitality sector with estimated AED 8.9 Billion
• The events organization & business services with estimated AED 7.6 Billion
• The Logistic, warehousing and communication with estimated AED 2.5 Billion
Estimated job opportunities in these three sectors per year are – 94,000
The total gross Domestic profit is AED 22.5 Billion. (1.5 percent of the UAE annual GDP)
Post Expo – May 2021 to December 2031
The top 3 sectors which are expected to benefit most are:
• The events organization & business services sectors with estimated AED 54 Billion.
• Retail sectors with estimated of AED 2.5 Billion.
• Hospitality Sector AED 2 Billion.
o Estimated job opportunities in these three sectors per year – 548,500
o The estimated total gross Domestic profit – AED 62 Billion.
Grand Total from November 2013 to December 2031
The top 3 sectors which are expected to benefit most are:
• Construction sector estimated profit – 26 billion.
• Event organization and business sector estimated profit – 68.6 Billion.
• Hospitality sector estimated profit – 11 billion
Estimated job opportunities in these three sectors per year are – 900,200
Total estimation of Gross domestic profit will be AED 107.3 Billion.
This blog is written by Ms. Noorain, Business Advisor at Flyingcolour Business Setup, Accounting & VAT Services in Dubai and across UAE. Feel free to call or contact us for all kind of business consultation in UAE. Please send inquiry to info[at]flyingcolour[dot]com or or call +971 4 4542366.
