Dubai expo 2021 jobs7/24/2023 ![]() According to an E&Y report, Expo will create nearly 49,700 full-time jobs this year and contribute around Dh122.6 billion to the Dubai economy. Expos in the past have drastically changed the host nations, and the same is being predicted for Dubai. One of the major benefits of hosting such a mega event is investments in real estate. However, as a result of Expo 2020, Dubai has made significant investments in real estate projects. Dubai’s real estate has been depressed for quite some time due to an oversupply in the market. The hospitality and real estate industries are expected to benefit from the expo which will ultimately lead to job creation.Įxpo 2020 Dubai expected to drive real estate demandĪnother sector that is expected to see a big impetus is the real estate sector. To accommodate the huge influx of tourists, new hotels were built. The expo has already resulted in many developers fast-tracking their redevelopment and expansion projects. ![]() It is to note that the event offers historical significance to the UAE as it is the first large-scale international event to be hosted in the Middle East and North Africa (MENA) region. We have already seen big infrastructure projects undertaken as a result of the expo. Besides attracting millions of visitors, the mega event will also provide a stimulus for development which will lead to an increase in economic activities in the region.ĭubai won the rights to host the prestigious event in 2013 and since then, considerable investments have been made throughout the emirate. ![]() This highlights the massive potential of the expo and what it could mean for the economy. Dubai is gearing to welcome nearly 25 million new visitors to the emirates despite the pandemic. The government is also hoping that the World Expo will help revive the economy. This resulted in the International Monetary Fund upgrading the growth outlook for the UAE to 3.1 percent for the current year. Along with stimulus packages, the government did announce reforms to attract investment and help businesses in the region grow. The event is arguably the biggest to be held in the Arab world and it comes at a time when the whole world is battling a global recession.Īccording to the Dubai Statistic Centre, its economy declined by 10.8 percent in the first half of 2020, however, the economy is forecast to grow by 4 percent in 2021. However, Expo 2020 is finally happening and it is expected to be a major economic driver. The postponement of Expo 2020 did not help either. The oil price war and the slump in demand for crude added to UAE’s miseries. With borders sealed and people advised to stay indoors, the UAE economy took a beating in 2020. It brings in foreign investment opportunities worth $100 to $150 billion, economic diversification, provides a timely boost to tourism and hospitality and also boosts the real estate sector in the region. According to the UAE government, it will be the largest event ever to have happened in the Middle East. However, economic growth is expected to return in 2021 as economic activities are resumed across the globe.Įven though the event was postponed by a year, the government decided to still call it Dubai Expo 2020. It was further revealed that the non-oil economy in the UAE also shrank by 6.2 percent during the period. The pandemic proved to be disastrous for the UAE economy as well, as it shrank 6.1 percent in 2020 as a result of the coronavirus pandemic and the dip in demand for crude, according to the Federal Competitiveness and Statistics Centre. He believes that the situation will settle by October and be far more positive by then. He said that the world has gone through these galactical shifts over the last year but now with vaccines being rollout. Reem Al Hashimy, director-general of the Dubai Expo 2020 said that despite travel restrictions due to Covid-19, Dubai Expo 2020 is expected to be a success and hit pre-pandemic numbers. ![]() Around 200 participants are expected to be part of the Expo which includes nations, multilateral organisations, local and foreign businesses as well as educational institutions from across the globe. Held every five years, the Dubai Expo allows countries to showcase their latest developments in fields such as architecture and technology. It is estimated that nearly 25 million visitors will attend the Expo this year. After being postponed by a year due to the coronavirus pandemic, the Dubai Expo 2020 is scheduled to start on October 1st and conclude on March 31st, 2022.
0 Comments
Leave a Reply. |