The promise of Expo 2020 Dubai to drive economic growth is already being materialized, a good year ahead of the world-class event opening in the city.
The economic impact of the event, which is envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to be the best witnessed in the world, is already experienced across diverse sectors even as preparations are ongoing in full swing.
There is positive traction in the property sector as more professionals and experts take up residence in the city to support the preparatory work, and all core sectors – such as aviation, tourism, retail, hospitality, logistics and financial services – are gearing up with new investments, which further energise the economy.
Supported by new initiatives such as long-term visas for professionals and the provision of 100 per cent business ownership, the property sector is witnessing incredible interest from international investors already.
While the Expo 2020 Dubai per se will charge up the economy by hosting over 25 million people – over 70 per cent of them international visitors – during the six-month event, the impact will be much more far-reaching.
The spin-off of Expo 2020 Dubai will be particularly felt in the investment sector of Dubai, as the event will shine the spotlight on the opportunities offered by the city and inspire visitors to further explore the potential offered by Dubai and return even post-Expo.
With its central geographic location, world-class infrastructure and the highest standards of safety and security guaranteed, Dubai is poised to impress the visitors, leading to the arrival of more professionals and entrepreneurs to the city.
In addition to the resident population and the international investors already aware of the potential offered by the city, the new stream of people will also invest in property further catalysing its growth. With a projected 3.5 per cent growth in GDP, Dubai will further appeal to high net worth individuals and global businesses as a stable market, in turn, assuring the long-term growth prospects of the economy.
The positive influence of the event will permeate through the economy, spurring the growth of all key sectors, and in turn, adding to the competitiveness and attractiveness of Dubai as one of the world’s most desirable destinations to work and live in.
With the current focus of property developers to offer competitive deals, through easy payment plans, will further incentivise more people to invest in own homes – helping build one of the most competitive real estate sectors and creating long-term value for investors.