Expo 2020 Dubai
Expo 2020 Dubai is contributing to the growth of many non-oil sectors in the UAE well before its start last 1st October: from retail to MICE sector and of course tourism, hospitality and aviation. It is expected to impact positively on the economic activity of the country, specifically Dubai, resulting in the overall economic development and rebound from Covid-19 impact.
Following a 6.2 per cent contraction in the economy last year due to the pandemic, Dubai’s economy is expected to grow four per cent in 2021; as per the World Bank, the UAE’s real GDP will grow at 2.7 per cent, slightly higher than the GCC average of 2.6 per cent.
While Abu Dhabi’s economy is driven mainly by the oil & gas industry, Dubai is confirming its role as not only an attractive travel destination but as an important hub for financial services and global trade as well.
Considering that over 5.5 million people visited Expo 2020 Dubai so far, it is not surprising that tourism received a boost with hotel occupancy up from 54 per cent in 2020 to 62 per cent in Q3 2021.
Another sector that is likely to benefit from the World Exhibition is the real estate as Expo is supporting the recovery process and is providing a sustainable source of demand that started before the exhibition and hopefully will continue after the period of the event.
The Expo 2020 Dubai area known as “District 2020” and the areas in the vicinity are in themselves an additional opportunity for real estate development in the UAE.
Real estate sector
Many people are switching from renting to buying homes: the Dubai real estate sector recorded 28.5 billion dirhams sales through 9,368 transactions in November, compared to 16.2 billion dirhams sales through 5,762 transactions ahead of Expo in September.
Industry experts say that Expo is contributing to new investments by investors and buyers from all over the world. During their visit they can learn about the business environment and recent government initiatives, such as visa and economic reforms which are meant to make living and working in Dubai easier for foreigners.
Three months after Expo 2020 Dubai inauguration, the positive impact of the global fair is already tangible: it is contributing to the global recovery, not only of the UAE. Finally, after two tough years, people have the chance to get together at the largest international event post-Covid to share ideas for shaping a better world.