When it comes to World Expo, it is probably not a small fair. It is a highly celebrated six-month long exhibition that brings together, the best of trade, innovations, services, products and people from around the world. World Expo is the largest non-commercial event in the business world and a chance for millions of people from around the world to gather, discuss and oversee the business of the future. Dubai’s win as the world expo 2020 host is a very big deal not only for Dubai but for the entire region as it is the first time that a city from the Middle East is hosting World Expo.
Analysts believe that expo will benefit Dubai hugely in terms growth, economy and the development. Now the question arises what are the areas that will experience the tremendous growth and development in the coming years in Dubai?
Retail industry of Dubai is the biggest gainer to get benefited from Dubai Expo 2020. Dubai is home to some of the world’s most powerful luxury brands, malls and markets and in the span of some decades, it has become the shopping destination of the world.The retail market in Dubai is internationally recognized and has always supported the growth of the emirate. According to reports and statistics, it is expected that retail sector will grow four times due to the expo. The growth in the retail industry will mark the beginning of Dubai to become the center of commerce and trade in the world.
This sector has always surged up whenever some international event has to take place at any city. The city undergoes tremendous development in terms of the infrastructure and construction. The Dubai expo 2020 has to break all the previous records and planned site is going to be the largest ever. In addition, Dubai has always taken leads when it comes to building construction marvels and amazing projects. The time is also perfect for showcasing the new marvels to the world and continuing its legacy.
The construction sector, therefore, will get highly benefited from the exhibition. In addition to it, all the construction projects whether new or old irrespective of the department and sectors will be fast-tracked before World Expo 2020.
The hospitality sector will be key players in terms of growth in Dubai. It has been observed that international events always bring a huge number of visitors and also brings an exciting time for the hospitality industry. Dubai Expo 2020 is going to attract about 25 million people and accommodating such a huge population would require setting up new hotels. So it is a great opportunity for the people who want to setup business in Dubai in this particular sector. This sector will increase by two times its current state. The main beneficiaries of this will be the 3 and 4-star hotels. The government has also announced about the exemption of the municipality fee in order to boost this sector and ensure that they are sufficient in this sector by the end of 2019.
This sector will also be among the top gainers and will experience an enormous surge in the lead up to expo. The Dubai Expo 2020 will attract millions of people which will certainly help in driving the city’s property sector thus helping markets to reach the new level and ultimately increasing Dubai’s global reach.
Airline sector will be in huge profit as the majority among the visitors (70%) are outsiders. The sector thus will experience surge and increase in the growth in the coming years. The Dubai Expo 2020 thus will have a great impact on the airline companies operating in the region.
RECRUITMENT AND HUMAN RESOURCE
The run up to World Expo 2020 will create millions of jobs in Dubai as is predicted and estimated by the authenticated reports. According to a report from Standard Chartered, 300000 direct jobs and a million indirect jobs will be created in the United Arab Emirates by the end of 2020. These jobs will mostly fall in hospitality, tourism, trade, retail, real estate, transportation, advertising, construction, aviation and engineering sectors. The tourism sector will comprise of about 90% of these jobs as is predicted by the reports of Department of Tourism and travel of UNITED ARAB EMIRATES. Investing in the sector will be a profitable thing to do as setting up business in Dubai in this particular sector (recruitment agencies or consultancies) has a very bright future ahead.
BANKING AND FINANCE
The Banking and finance sector is also expected to be among the top gainers from the Dubai Expo 2020according to a survey 40 percent of respondents of Dubai identified the financial services sector to be a leading beneficiary in the coming years.
According to the CEO of Commercial Bank Dubai, the Dubai Expo 2020 will bring a very optimistic impetus to the economy of Dubai before, during and after the event. He also discussed several new initiatives which include new hotels, tourism projects and retail expansions.
Dubai Expo 2020 is expected to provide a significant contribution to the transportation infrastructure and in servicing Dubai Expo 2020. Coming to the general transportation, a new transport network of 750 Dubai Expo Riders, zero emission buses, will be created to the entire Dubai city via 35 stations.
The metro system of the Dubai is world class in terms of infrastructure and facilities. In view of the Dubai Expo 2020, four additional metro lines are in the planning. The red and green line will have extensions to the new destinations to the Dubai parks and resorts. The red line from Nakheel Harbour and Towers to Expo 2020 site will be built and the route would pass through the severely densely populated areas and industrial zones.
Dubai Expo 2020 has one of the themes as sustainability, efforts are on to achieve the 50% of the energy required by the event from the solar energy. To further cut the emission, the new transport network (buses) that will connect the city with the event will have zero emissions. The perfect energy management tactics will be put into place to recycle the site after the event and plans are in place to convert the site into a university that will act as a research center aiming at the study related to the sustainability.
In addition to the above listed potential areas of development and growth, other areas like DEWA which will enhance Dubai leading position as a role model in the effectiveness and efficiency of water and electricity infrastructure. The World EXPO 2020 will thus offer Dubai an unbeatable platform to Dubai to showcase its immense business potential to the world. However, the significance of the event is beyond its economic impact but also goes well to answer the challenges faced by the global community besides will draw attention to the increased need to connect people, ideas and societies.
For the people who wish to invest in the growth areas and want to part of the growth story, this is now and never situation. For any help and assistance regarding setting up a business in Dubai and running it, get in touch with us now.