In October 2020, the region’s first universal exhibition will host the world in Dubai for 6 months to celebrate culture, collaboration and innovation. This major event, will inject, according to a recent study, more than 33 billion dollars into the Emirati economy.
The countdown is on. On October 20, 2020, Expo Dubai 2020, the largest event ever held in the Arab world, will welcome 190 participating countries and millions of visitors. A major event that is expected to inject more than 122.6 billion dirhams (33.4 billion dollars) into the economy of the United Arab Emirates according to a recent economic study conducted by the consulting firm EY.
Expo Dubai 2020, a key event for the UAE economy
In this study, commissioned by the Dubai government in 2017, it is estimated that the event will create an average of 49,700 jobs per year and that at the end of the global exhibition, UAE’s GDP should reach 62.2 billion dirhams ($16.94 billion). However, if analysts remain cautious about the country’s ability to achieve sustainable economic growth, the event could be truly beneficial on many levels.
”Our bigger concern about the Expo is whether the long-run benefits materialize in full. These hinge on further companies moving to the Dubai 2020 site.”
In 2018, the Dubai Equity Index fell by more than a quarter of its value, representing the worst performance in the Middle East last year. Expo Dubai 2020 thus appears to be a real help for the economy of the country in decline, whose growth reached 1.94% last year, its slowest rate since the 2009 property market crash.