According to a new analysis, it is anticipated that Expo 2020 Dubai and its legacy will generate Dh154.9 billion of gross value added (GVA) to the economy of the UAE between the years 2013 and 2042.
According to the EY analysis, the Expo, which had a run time of six months and received 24.1 million visitors during that time, is anticipated to sustain about 1,039,000 full-time equivalent job-years, which is comparable to more than 35,000 FTE jobs per annum in the UAE throughout the same period.
Restaurants and hotels, along with organization and business services, are the industries that contribute the most to economic activity, to the tune of Dh75.5 billion, while construction brings in 31.9 billion (Dh23.1 billion).
According to the paper, the pre-event phase was responsible for around one quarter of the GVA, the event itself was responsible for almost thirteen percent, and the legacy phase will be responsible for sixty-two percent of the economic gains that would be felt through the year 2042.
Expo Dubai 2020 turned out to be a big success
UAE Minister of State for International Cooperation and CEO of the Expo City Dubai Authority, Reem Al Hashimy, stated that: “From the beginning, we were committed to hosting a World class event that would achieve long-lasting economic, social, and environmental benefits for the UAE, the region, and the world, with positive impacts extending well beyond the six months of the event.” Expo City Dubai Authority is responsible for organizing the World Expo that will take place in Dubai in 2020. We have kept our end of the bargain in spite of the difficulties presented by a pandemic on a worldwide scale.
“This report confirms that Expo 2020 Dubai was a success – a milestone event that is substantially boosting our nation’s economy, and whose ripple effects are continuing to enhance our city’s international profile, driving new business growth and attracting globally significant events such as the United Nations Climate Change Conference of Parties (COP28), which our legacy city, Expo City Dubai, is proud to host in November 2023.” “One year since we closed our doors, this report confirms that event was a success.”
“Expo 2020 Dubai and now Expo City Dubai provide an irrefutable platform for sustainable development in the UAE and farther afield,” stated Dimitri S. Kerkentzes, Secretary General of the Bureau International des Expositions (BIE). The event, which lasted for 182 days, surpassed all expectations as an amazing experience for visitors and participants, and its legacy is expected to continue producing new prospects for growth in the years to come.
Expo City Dubai repurposes more than 80 percent of the infrastructure developed for the six months of the event, and legacy considerations were at the forefront of design from the very beginning. It takes forward the event’s spirit of collective action through the ongoing delivery of programs, initiatives, and events that will draw visitors, businesses, and tenants to add further impact and economic value to the emirate, and it is an integral part of both the Dubai 2040 Urban Master Plan and the emirate’s continued growth. In addition, it forms an integral part of the Dubai 2040 Urban Master Plan.
“As the first World Expo to be held in the Middle East, Africa, and South Asia (MEASA) region, Expo 2020 Dubai has yielded substantial and wide-ranging long-term economic, social, and environmental benefits for the United Arab Emirates and communities around the world,” said Rob Moody, Partner – Transactions & Corporate Finance at EY. Expo City Dubai is projected to provide more growth and development, and it is designed to assist both the UAE’s more immediate strategic aims and its broader future ambitions.
Research has also shown that Expo 2020 Dubai sparked progress on a global scale, with the 192 participating countries reporting benefits in terms of trade and business partnerships, nation branding and cultural understanding, as well as international diplomacy and cooperation. This is all thanks to the event in Dubai.
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