There is now less than one year to go until the Expo 2020 beginning on the 20th October 2020 and excitement is definitely in the air. Expo 2020 will span over 6 months until the 10th April 2021 with opening hours from 10am – 1am on most days. The expo site is expected to play host to 25 to 30 million visitors with approximately 70% of these visitors being international, travelling to Dubai.
Besides attracting a vast number of tourists to the UAE and driving the GDP, Expo is expected to boost employment and growth in the private sector. Officials estimate that around 111,000 direct jobs and around a million indirect jobs will have been created in the UAE by the time the doors open on the 20th October.
To prepare for the Expo, private and public sector stakeholders have banded together for the past 7 years to manage the sheer volume of resources that an event of this scale can consume and generate.
Nevertheless, all of the effort and spending on the road to Expo is certainly expected to deliver a return on investment. The run up to expo 2020 is expected to have generated AED 37.7 bn in gross value add (GVA) with the Expo billed to add a further AED 22.7 bn to the local economy. However, the largest benefit is expected to come from the Expo’s “legacy period” between 2021-2031 with a further AED 62 bn being invested into the UAE economy.
The Expo 2020 site, located in Dubai South, spanning approximately 4.3kms will be home to over 60 pavillions. The BNC Network – (https://www.bncnetwork.net/) which tracks projects in the Middle East estimates that 56% of the pavilions are under construction whilst the remaining 44% are in the pipeline.
Over the next 12 months, local businesses can expect a further injection of capital to finalise construction projects at the Expo site and supporting infrastructure. UAE and overseas companies can view all EXPO 2020 Dubai tenders and register their business at the Online Market Place (OMP) https://omp.expo2020dubai.com. The OMP also serves as a great platform for individuals/SME’s to broaden their network, advertise and bid for UAE projects.
If you are looking to set up a UAE company in the run up to EXPO 2020 please contact GCC Solutions at: Anamaria.Fuiorea@GCCSolutions.com