Expo 2020 Dubai to boost the UAE economy by $33.4 billion
Consultancy firm EY has revealed that Expo 2020 Dubai will boost the UAE economy by AED122.6 billion ($33.4 billion)
Consultancy firm EY has revealed that Expo 2020 Dubai will boost the UAE economy by AED122.6 billion ($33.4 billion), as reported by Hotelier Middle East’s sister title Arabian Business.
In an independent report compiled by EY, the World Expo is predicted to add the equivalent of 1.5% to UAE’s gross domestic product.
The scale of investment pouring in to construct and host an event of this ambition, as well as goods and services consumed by the millions expected to visit and the businesses that will occupy the Expo site in the legacy phase, will result in an economic dividend that will benefit businesses large and small across a range of sectors for years to come, according to the report.
Najeeb Mohammed Al-Ali, executive director of the Dubai Expo 2020 Bureau, said: “This independent report demonstrates that Expo 2020 Dubai is a critical long-term investment in the future of the UAE, which will contribute more than 120 billion dirhams to the economy between 2013 and 2031.
“Not only will the event encourage millions around the world to visit the UAE in 2020, it will also stimulate travel and tourism and support economic diversification for years after the Expo, leaving a sustainable economic legacy that will help to ensure the UAE remains a leading destination for business, leisure and investment.”
The report added that small and medium enterprises, a core component of the UAE economy, will receive AED4.7 billion in investment during the pre-Expo phase, supporting 12,600 job-years.