Dubai. It’s time to do more business. The first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region and largest ever event to take place in the Arab world is paving the way for a robust economic impact on wide-ranging sectors in the UAE. From construction to retail and transport to the restaurant and hotel sectors, Expo 2020 Dubai is ushering in a new era of economic expansion not just in the UAE but also in the region and the world.
In April 2019, Ernst & Young published an independent report that stated Expo 2020 Dubai is already having a substantial economic impact and is expected to continue to do so over the next decade and beyond. Additionally, UAE’s rich tradition as a place for small businesses looking to take their products to the world is nurturing SMEs (Small and Medium Enterprises), who are the key to future growth and job creation. To date, Expo 2020 has awarded Dh3.62 billion to SMEs through direct and indirect awards and SMEs have won 55.4 per cent of all contracts awarded by Expo 2020 as of July 31, 2019.
In addition, Expo 2020’s global innovation and partnership programme, Expo Live, has allocated $100 million to back projects with creative solutions to pressing challenges across the world, helping to improve people’s lives or preserve the planet.
The investment in infrastructure and other assets for Expo 2020 — expected to reach Dh40.1 billion — will in most part be retained for the future. Expo 2020 Dubai will also stimulate travel and tourism during the course of the event. Other sectors too are benefiting, demonstrated by the fact more than 7,200 non-construction contracts to more than 1,000 companies have been awarded to date, 70 per cent of which are UAE registered.
Gulf News speaks to members of UAE’s business fraternity on how they see the economic impact of Expo 2020 Dubai.