Sharjah: Reem Al Hashemi, UAE Minister of State and the Managing Director of the Expo 2020 Executive Body, said that hosting Expo 2020 is expected to yield Dh89 billion in added economic activities and raise the overall GDP of the country in a variety of sectors.
She added that Expo 2020 will provide 277,000 new job opportunities and will have a positive and comprehensive economic impact on Small and Medium Enterprises (SMEs) since they constitute about 95 per cent of all registered companies in the UAE.
The Minister said, “If you want to know the extent of the opportunities available, you need only look at the requirements needed to host 25 million visitors, 70 per cent of which are from abroad. That means that about 17.5 million people will conduct about 33 million visits to the Expo site. That means that every sector in the UAE that will be involved in the project.”
Reem pointed out that Expo 2020 will not end in 2021 but that there are plans to use the site as a national museum, a hub for research centres and a university and an exhibition ground.
Reem’s statements were made to a gathering of more than 300 people, from Sharjah Executive Council members, Directors General of government entities, dignitaries, and CEOs of private sector companies in Sharjah and other Emirates and well as funding agencies, entrepreneurs and institutions of civil society.
The event entitled “Opportunities Offered from Hosting Expo 2020” was organised by Sharjah Tatweer Forum and held at the Al Jawaher Reception and Convention Centre in Sharjah, a partner in hosting the event.
Competitive report
The Minister also stated that the UAE infrastructure, allows it to be the 3rd largest market for re-Export, home to 9 ports, a network of roads and public transport as well as airports that receives 70 million travellers annually. She also added that the UAE is 27th in the Global Competitiveness Report, making it a gateway to developing markets, which are expected to produce half the world’s GDP by 2020. “China and India and among our biggest trading partners and our trade with Africa has increased 600 per cent since 2000. We are forging new trade relations with Latin America in addition to our relations with over 220 countries. The UAE is also home to 63-business council and a financial centre for 18 of the world’s top 25 international banks, 6 of the top 10 law firms and 6 of the top 10 insurance companies.
“The UAE embraces more than 200 nationalities and cultures; more than the members of the United Nations,” she said.
Reem said the UAE has become an important international competitor with more than 95,000 hotel rooms and 11 million tourists in 2012. The UAE has also become an important organiser of international events such as the World Bank and IMF meetings, the World Economic Forum, Dubai Air Show, the Sharjah Biennale, Dubai International Film Festival, the World Energy Summit and the Formula 1 races. She noted that the Expo 2020 would take place from October 2020 to April 2021 to coincide with celebration of the country’s 50 years as a federation.
