Expo 2020: The perfect catalyst for Dubai's economy and private sector

By Swati Srivastava

As Dubai revs up preparations for Expo 2020, the mounting excitement, tension and expectations is palpable.

Nearly 300 senior business leaders, CEOs of Arab and foreign companies and officials made their way to the Expo 2020 site in Jebel Ali for a presentation from the Expo Higher Committee.

Held under the theme “Expanding prospects of opportunities,” the meeting briefed the business and finance leaders about the objectives of the UAE hosting the Dubai Expo and possible effective partnerships to make the global event a success.

According to a statement from WAM, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai “expressed his delight at meeting an elite group of heads of national and international companies and businessmen, to introduce them to the objectives of hosting Expo 2020 and looking ahead through such meetings which offer a platform to share constructive ideas and proposals that contribute to arriving at a common view in order to highlight the UAE’s cultural and humanitarian face.”

Encouraging business leaders to join in on the “Expo Effect” and help bring in billions of dollars in investment and economic benefit, the Expo 2020 higher committee also launched an online portal “showcasing all Expo-related procurement operations and tender opportunities.”

“We will connect minds and ideas from all over the world in order to launch new projects and go beyond debate on the future by creating a real future before the onset of Expo 2020,” said Reem Al Hashimy, Minister of State and Managing Director of Expo 2020 Higher Committee. “I’m speaking about a legacy that enhances major scientific achievements and an expansion of knowledge that we depend on to make innovations that help the region generate financial support through broadening the base of knowledge-driven economy.”

Coincidentally, the official unveiling the Expo 2020 sculpture at the Expo central hub, which came towards the end of the meeting, could not have come at a better time.

According to the Secretary-General of Dubai Economic Council (DEC), Dubai is at the forefront of the dynamic emerging markets of the world, making it a particularly exciting time for national and international companies in the UAE and the region to help shape and contribute to the success of Expo 2020.

Secretary General of DEC, Hani Rashid Al Hamli believes that the “Dubai economy enjoys a competitive combination of cost, market and environmental advantages that create an ideal and attractive investment climate for local and FDI alike,” making Dubai a dynamic regional hub and an emerging global market.

“The modern infrastructure, sophisticated logistics and financial services, the current trend towards clean energy, in addition to the growing development projects based on PPP approach, all these factors would maintain the resilience of Dubai’s economy,” said Al Hamli.

As seen in recent years, Dubai certainly has the capability to sustain its resilient economy in the world.

The credit goes to Dubai Expo 2020

DEC policy reports and research suggest that Dubai’s move into the World Expo 2020 and financial sustainability is the key to growing hub’s overall development and financial growth in the future.

According to Al Hashemi, global events like 2020 play a vital role in promoting the country’s brand reputation along with elevating the host city’s position as an attractive destination in the globe. More importantly, it also stimulates FDI, business growth and the economic activity of the host city.

With the improvement in its tourism trade and infrastructure, Dubai is more than prepared to grab a handsome slice of the MICE (Meetings, Incentives, Conferences, and Exhibitions) market. MICE events also provide a platform to share technology, knowledge and boost economic growth.

Dubai offers lessons for regional emerging economies

The global tourism market for developing countries has shown a robust growth in the recent years, often boosting the identity of nations and encouraging international investment and business in the long run.

With a growing shift in tourism opportunities from West to East, Dubai clearly knows how to capitalize on this positive trend.

The Dubai International airport is now the world’s busiest airport for international visitors beating London’s Heathrow. Last year, UAE leaders adopted the Tourism Vision 2020 strategy, an ambitious tourism plan to increase visitor numbers and double tourism revenue in seven years. Dubai is also quickly growing into a booming hub for medical tourism, generating an estimated $50 billion to $60 billion a year.

Dr Abdul Rehman A Al Hamidy, the Chairman and Director General of Arab Monetary Fund, said, “Dubai has become a model for other emerging economies, which relies on the creativity, innovation, and continuous initiatives to realize high rankings on the global economic map”.

In the last few decades, Dubai has transformed from a desert city into a thriving metropolis whose photos and glitzy stereotypes fail to capture its leaders’ vibrant ambitions and ideas for the regional hub’s future. By diversifying its economy into tourism and real estate, UAE’s leaders continue to emphasize and prove that the city’s prowess will mean great things for its residents, economy and financial future.

As for Expo 2020, we can hardly wait.

About the author:

Swati Srivastava is an avid writer who loves to pen down her opinion on economic issues, career advice, and global issues. To contact her, send her a message on LinkedIn or Google+.