When Dubai won the bid to host the 2020 Expo, it marked as a historic win for the city-state as well as for all the seven emirates. With this, there was shift in the entire country’s economy, way businesses are done and it also made an impact on the GCC (Gulf Cooperation Council).
The theme for the 2020 Expo is “Connecting Minds, Creating the Future,” which is pretty apt, considering it also roughly points to the way business is held in the area, business as usual. Furthermore, the fact that the Expo is being held in Dubai, there are bound to change.
Business in Dubai, business in Abu Dhabi and the economy of the area as a whole will develop largely thanks to the 2020 Expo. In other words, it points towards the onset and the coming new economic development for Emirate State, the Middle East, and the UAE as a whole.
What is the hype behind it?
The World Expo 2020 is pretty much one of the best things that could happen to the GCC market. In terms of economic as well as cultural importance, the World Expo stands third in line right after the Olympics and the FIFA cup respectively.
Furthermore, the fact that it is held only once every five years, it generates a large amount of excitement and anticipation among people. According to the organizers of the World Expo 2020, about 25 million visitors are to visit the expo. However, their numbers do not include the number of exhibit holders in the 2020 Expo.
What does it mean for GCC?
Before we start talking about what does the 2020 Expo mean for the GCC market, it is safe to point out that since 2013’s bid winning, Dubai has been developing significantly. Extensive development and expansion have occurred all over the city since then. Since Dubai, in itself, is growing, it safe to assume that there are many things that the 2020 Expo will boost the GCC market, here is a look at everything:
- New Business opportunities
Of course, wherever the World Expo goes, business opportunities follow. Since this is the first time an international event of this large of a scale is taking place in Dubai, it only makes sense that there is the development of the area in tow.
Now, this six-month-long event is expected to generate many opportunities for the city in itself. Of course, there is a possibility of an increase in such opportunities for other cities in the region as well. If everything goes well, this event would probably be just as much of a success as the Shanghai World Expo in 2010 was.
As an international event, the World Expo 2020 is expected to create a huge amount of tourist traffic for the area. Since it is going to go on for six months, there is a chance that those who come for the event will stay to have a look around. What’s more, is that they may even bring their families along.
Plus, let’s not forget, the expected count of visitors for the event, that in itself is a big number.
- More Job Prospects
Since World Expo is a huge deal, it is quite normal for it to leave an impact. With this in the works, the chances for foreign investments in the country would increase, which on the other hand would create more job opportunities for people.
The World Expo, alone, is expected to bring in about $100 to $150 billion in Dubai and across the UA. Furthermore, the government has also predicted that all the job opportunities between 2018 to 2020 would be related to the expo.
Apart from everything mentioned above, the area that is being developed for housing the World Expo 2020, is already set to become a suburb after the expo is over. That alone says how much has gone into preparing for the expo. The Expo site already has plans to be converted in new homes, houses, schools and shopping complexes. In other words, all of that effort into developing the Expo 2020 site will not go to waste.
- New metro lines have been laid out, which will connect to five new prime residential locations.
- The Dubai Land Department might consider tokenizing properties.
- New visa rules have been places, including the 10-year residency visa.
- The government is also working on creating relaxed rules for property ownership in the area.
Other areas that may be affected by the 2020 Expo
Not only does the economy or the market get to enjoy the benefits, but there are also various other sectors that will drastically grow as well:
- Real Estate
All in all, the 2020 World Expo is going to offer many benefits to Dubai and the other seven emirates. Without any worries about the development and efforts made to make the expo happen, there are plans that would carry the momentum for years after the expo is over.