True to its theme ‘Connecting Minds, Creating the Future,’ Dubai World Expo brings together innovative ideas and people from around 190 countries under one roof. Since its opening from October 1, 2021, the first of its kind in Arab work, the event has successfully attracted millions of visitors worldwide and will continue to do so by the end of March 2022. As a result, the connection between the unprecedented Expo 2020 Dubai and the Golden Jubilee of the UAE is exceptionally vigorous.
Aligning to the UAE’s 2030 Sustainability Development Agenda and UAE 2021 vision, UAE celebrates its 50th anniversary and strives to move forward to the next fifty years of exceptional achievements. That said, Expo 2020, the metropolitan city of Dubai, marks its place as the futuristic city of the world’s most inclusive and forward-thinking countries.
Exponential Impact of Dubai World Expo on the UAE’s Economy
Dubai World Expo will catalyze a people-centered transition advancing UAE into an innovation-driven economy. Even its magnificent venue, the world-famous Al Wasl Plaza, hosting the Golden Jubilee celebrations at Dubai Expo, will serve as the monument, accenting the city’s urban landscape even long after the Expo 2020 Dubai event closes.
Furthermore, Expo 2020 lays inspiring foundations to insightful blueprints for the future’s sustainable and intelligent infrastructure of UAE. With entering the Expo’s fifth thematic week — Golden Jubilee, UAE aims to pursue a broad spectrum of expertise and approaches to unanimously address the global challenges, including climate change, education, healthcare sectors, as well as food and water safety conditions. Additionally, Expo 2020 Dubai also accentuates other crucial areas such as tourism, logistics, and trade, making an incredible impact on the UAE’s economy.
Hamad Buamim, President and Chief Executive of Dubai Chamber, expressed the critical role of tourism for Dubai’s economy and stated that trade, tourism, and logistics would be the most active sectors during Expo 2020 Dubai.
According to him, Expo 2020 Dubai will have “far-reaching benefits that will reach other market segments as well and drive the emirate’s sustainable growth and economic progress.”
Key Findings on Dubai World Expo’s Impact on the UAE Economy:
According to Gulf Business, Expo 2020 Dubai will attract between $100 billion and $150 billion in FDI in financial services, tourism, hospitality, real estate and infrastructure, and construction.
According to EY Report, Expo 2020 will bring revenues up to 33.378 billion by the year-end of 2031.
Expo will contribute 1.5 percent to the UAE’s GDP over six months from October 1, 2020, to March 31, 2022.
According to the International Monetary Fund, the UAE’s GDP expects to rise 3.1% this year, which is greater than the Central Bank of the UAE’s forecast, projecting a 2.1 percent increase this year and 4.2 percent the following year.
The Emirate’s gross domestic product will grow by 3.4 percent in 2022.
Dubai World Expo Uncovers Innovative Business Prospects
Opening space for new technologies, entrepreneurs and business owners can leverage various business opportunities in Dubai Expo 2020 and exhibit their contributions to mobility, sustainability, and opportunity districts. Some of the highlighting pavilions and their offerings include:
Mauritius Pavilion: Opportunity District
Mauritius pavilion exhibits a full-size display of Dodo, an extinct species of a wingless bird. In addition, the country displays the cultural diversity of its people. The Pavilion gives insights into the biodiversity of the Mauritius forests as well as the country’s accomplishments.
Indian Pavilion Adjacent to Opportunity District
The Indian Pavilion hosting at Al Fosan Park will emphasize each of the 11 Dubai World Expo themes with specific zones dedicated for each. It will exhibit selected stories and native cuisines every thematic week, upsurging the scope of business in Dubai and UAE.
Bangladesh Pavilion: Sustainability District
Bangladesh pavilion showcases sustainable and environment-friendly handmade items and jute goods, and its gallery features hints of its preceding leaders.
The pavilion uses physical and virtual displays to demonstrate its country’s transition from an agricultural economy to a robust export-oriented economy with plenty of investment possibilities.
Estonia: Mobility District
The mobility district revolves around developing connections and exploring frontiers crucial for human progress by featuring the most significant passenger lift. Furthermore, with the emphasis on artificial intelligence, machine learning, electrical transport, space technology, etc., this district aims to build relations and provide business opportunities that will enable the development of future global communities. Estonia’s exhibition was very metaphoric among many countries, showcasing digital innovations, including online tax filing, online elections, and swift business registrations through smartphones. In addition, to walk under the cloud via X-Road digital infrastructure and traditional cuisine, the Pavilion also shares Baltic country’s digital inventions at Expo 2020 Dubai
Dubai World Expo Elevates Scope of Business Prospects in Dubai
Expo 2020 Dubai presents a chance to initiate new collaborations and explore how businesses innovate and develop new technologies worldwide. That said, Mr. Buammim also affirms the establishment of 50,000 businesses that the Dubai Chamber supported on online platforms, explaining that “Presence online is an enabler, it is the starting point,”
It also helps these businesses through partnerships with tech giants such as Amazon and Facebook to “connect these big players with the community of our small businesses,” he further added.
“The findings reflect growing optimism within the local business community and promising economic prospects being created by Expo 2020 Dubai,” said Hamad Buamim.
Dubai World Expo is a platform that intends to attract start-up ecosystem investments, growth prospects in non-oil economies, including the retail sector, e-commerce licenses, trade, and tourism. Also, it promotes the establishment of new markets and collaborations, ensuring growth financing is accessible to every new business and investor seeking funding.
Consultancy experts at NH Management can assist new business investors in leveraging these commercial prospects and partnership opportunities in Dubai, enabling seamless networking with local, regional, and global investors.
There has likely never been a better time to start a business in the UAE, but it is still critical to seek professional advice from a reputable organization. Over the years, NH Management has aided several clients in establishing their businesses in the UAE and around the world, giving insightful advice and assistance throughout the process. For further details, feel free to reach us here.