The World Expo 2020 can generate billions of dollars for Dubai, according to American diplomat Adam Ereli, who is no stranger to the Middle East. Ereli believes the Expo will also be a great opportunity for the world to witness the “marvel that this fabulous city represents”.
The former US Ambassador to Bahrain tells Property Weekly he was rooting for Dubai to win the race, saying Dubai’s “dynamism, entrepreneurial spirit and unmatched progress will be an inspiration for others”.
Did you expect Dubai to win the Expo 2020 bid?
I was certainly hoping that Dubai would be selected. It will be a fantastic opportunity for the entire world to witness first-hand the marvel that this fabulous city represents. Its dynamism, entrepreneurial spirit and unmatched progress will be an inspiration for others.
What will this bid open up for Dubai?
The Expo is a fabulous marketing tool. It will support and accelerate the ambitious growth plans of the emirate in the transportation, hospitality, trade and financial sectors. It will bring even more talent and innovation here. People will see the incredible opportunities that Dubai offers. They will bring their ideas, resources and energy, which will turbocharge an already powerful engine of growth.
Did previous host cities experience a change in their property markets?
I visited both the Shanghai and Yeosu Expos and it was clear to me that the event had a significant impact on both cities. They built new roads, initiated large-scale urban improvement projects and, in general, created an enhanced platform for property development.
What will be the short- and long term effects?
In the short-term, this win obviously brings a sense of pride to the people of Dubai, the UAE and the entire Arab world. It is a confirmation of your status as a major centre of culture and commerce.
In the longer-term, I think Dubai will benefit significantly from hosting Expo 2020. The emirate is already a melting pot of people from all parts of the world. Like America, this mix of cultures is a great source of strength. Dubai will attract new people from different parts of the world. They will bring new perspectives, new ideas and new energy that will contribute greatly to maintaining Dubai as one of the leading cities of the world.
What is the perception of Dubai in America?
Most Americans have heard of Dubai, but have never visited. For them, it’s a magical city, full of mystery, like One Thousand and One Nights. When they do travel to the emirate, they are really impressed by its size, its luxury and the many things to see and do here.
Can you list a few great things about Dubai?
Finance. Shopping. Its dominant market position as a transportation hub. Sporting events. Iconic buildings like the Burj Khalifa and Burj Al Arab. Most importantly, I think the world associates Dubai with the Maktoum family. Dubai is the product of their vision and unwavering commitment to making it a reality. Dubai would not be the city it is today without their leadership and guidance.
What sort of revenue is Dubai looking at earning?
Tourism will bring in hundreds of millions, if not billions, of dollars in revenue. We can also expect a real estate boom, since the Expo will further stimulate demand for residential and commercial property.
But I think the real economic benefit will be measured in terms of the innovation and the creative entrepreneurial activity that the Expo unleashes.
Have you visited other World Expos?
I had the good fortune to represent President Barack Obama as part of the official US delegation to the 2012 Yeosu Expo in South Korea. What really impressed me was the effort and expense devoted to each national pavilion, as well as the huge number of visitors to the Expo.
It was also very clear to me that the local officials of Yeosu were 100 per cent committed to making the Expo a success. Guests are impressed not just by the pavilions, but by the hospitality of the host city. In this respect, I think Dubai will be a huge success, because nobody understands hospitality better than Arabs.
Have you invested in property in Dubai?
Maybe one day I’ll be able to afford it. There are plenty of nice places to live in Dubai. It would be nice to have a helicopter, however, to get around the traffic.
How does Dubai compare to other property havens?
From an investment standpoint, Dubai compares favourably to such cities as New York, London and Moscow in terms of rates of return. From a lifestyle perspective, you see many people leaving those cities and coming to live in Dubai.
Why? The climate is better. Leisure activities are more accessible. Good restaurants are more affordable. It is easy to get anywhere in the world from Dubai. And most importantly, there’s a sense of openness, opportunity and adventure in Dubai that you can’t find anywhere else.