Dubai is ready to reap the benefits that are coming it’s way thanks to the World Expo 2020.
The six-month-long event is merely a year away, and anticipation is at an all-time high. In fact, economic experts have estimated that the UAE’s growth rate will surpass four per cent in the following year. Consequently, economic activity in emirates gains momentum, that will impact various sectors such as: banking, constriction, logistics, event management, aviation and sanitation.
Likewise, The World Expo 2020 will also be responsible for the creation of Seventy thousand jobs. It is likely going to attract an astounding Twenty-Five million visitors that will be instrumental in bringing in Seven billion dollars’ worth of investment to the region. This investment will primarily be utilised in the construction division.
In 2018, the growth rate of Dubai’s economy was a steady 1.9 % which is a remarkable pace. However, in light of the Expo 2020, its GDP could undergo a boost of one per cent in the next year.
The S&P Global Ratings predict a growth rate of 2.5 per cent between 2019 and 2022. The IMF has determined a 2.8 % growth rate in 2019 and an astonishing 3.3 % for the year 2020. Experts have proclaimed that Expo 2020 will account for 2.5 percent of Dubai’s GDP during its entire run.
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The sector that will be directly affected by the World Expo 2020 will be the construction sector. As the UAE’s government has already invested in millions of dollars in preparation for the mega event.
On-site construction, massive projects to improve public transportation services are already underway designed to meet the needs of hordes of visitors clamouring in the streets.
Another sector that will be affected by the Expo 2020 is the real estate market, which will be able to attract foreign investments even at higher rates.
The impressive influx of visitors brought on by the Expo will benefit the hospitality and tourism sector the most. With an unprecedented demand for hotel rooms, food and beverages providing ample opportunities for entrepreneurs to start a business in Dubai.
The retail industry already booming will flourish in the six months of the Expo 2020. Similarly, the logistics sector will be in high demand to ensure a seamless flow of services and goods.
Event organisation will also benefit as well as events of large-scale would be organised to capture the attention of international investors attending the exhibit.
Amidst all the good news, a slight word of caution: for those interested in investing in the hospitality, leisure and retail sectors should have long-term goals beyond Expo 2020 to sustain their business setup in Dubai and keep generating profit for a long time.
Business experts are forecasting strong demand for high-level and medium-level goods and products for B2B and B2C.
In light of World Expo 2020, Dubai is planning its long-lasting growth by launching hard to miss business opportunities. That will entice the visitors into investing in the country.
Right now, big-scale construction is happening in all corners of Dubai.
Moreover, the Dubai government is providing business opportunities targeted exclusively at Indian and Pakistani business-owners as they are currently looking to invest in states that have low-taxation rate.
In addition to this, entrepreneurs of the sub-continent tend to spend more in Dubai as duty here is lower than what they used to pay in their home countries.
Lastly, With Expo right around the corner, it is advised to not compromise on quality over quantity as it the time to curate new customers. In fact, business-owners should target the high-end market as there will be a market for it during the Expo.
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