Most events remain in the memory until their next editions are staged. But memories of some, like the Beijing Olympics, last a lifetime.

Although London was the latest venue of the world’s most important sporting event, top-of-the-head recall in any reference to the Olympics continues to be Beijing. This is as far as the actual staging of the event is concerned. But when it comes to bidding for any event, it is unlikely that anything in recent history can match Dubai’s bid for Expo 2020.

The bid itself and the popular support for it have assumed the character of a festival, in typical Dubai style. Irrespective of its success or failure, Dubai’s bid for Expo 2020 will be remembered for a long time to come for the way it was handled and will set a benchmark for cities bidding for mega-events in future.

Events like the Expo are essentially official affairs and the extent of public participation in them is limited. But in the case of Dubai’s bid, everything related to it — the bidding process, campaigns to strengthen Dubai’s claim, public show of support — all became a part of Dubai’s, and the UAE’s, public life.

Whether it was email addresses with the Dubai Expo 2020 official site domain name, official supporter stickers on private vehicles or links to the official site on personal and company websites, it is as though the public at large took upon themselves the responsibility of promoting the bid. A large part of the credit for this must go to the authorities.

The public spirit was summed up by Reem Al Hashimy, UAE’s Minister of State and managing director of the Higher Committee for Dubai Expo 2020 bid, who thanked the people of the UAE for their wholehearted support. “Irrespective of whether Dubai wins the bid or not, the UAE has already achieved a victory,” she said in a message over radio and TV channels.

This public support is not without valid reasons. Dubai’s public believes it has a significant stake in a successful bid and the flawless conduct of the mega-event. People see the Expo placing Dubai on a new growth trajectory that would bring a paradigm shift in its development.

Results of a survey on the public perception about Dubai’s Expo bid were quite revealing. Nearly 100 per cent of respondents were of the firm belief that Dubai would succeed.

Financial professionals included in the survey believe that a successful bid will have a far-reaching impact on the stock market, real estate and prospects for higher foreign direct investment. A successful bid would require the creation of virtually a new city, with the Jebel Ali Expo site itself encompassing 438 hectares of developments with new hospitality and tourism amenities.

Over 17.5 million people are expected to visit Expo 2020 in Dubai, or up to 300,000 daily. This would be in addition to exhibitors from more than 180 countries. The event is also likely to create over 111,000 new jobs in the hotel and restaurant sectors.

Hotels are expected to operate at more than 90 per cent capacity, putting pressure on room inventory. The spill-over effect is expected to benefit hospitality sectors in Abu Dhabi and Sharjah.

A discordant note about the bid is the lurking fear over the changes a winning bid could bring about in the Dubai property market, particularly in terms of rents and property prices in the short- to medium-term. In this respect, over half of the respondents among financial professionals fear that a successful bid could increase the chances of another economic bubble developing, which will have very serious implications for the future.

Some of them are also concerned that the country may not have developed sufficient immunity against such an eventuality. Even if that happens, Dubai and its public are clearly ready to take things in their stride.