Dubai officials are counting on “the Expo effect” to bring a windfall of hundreds of billions of dirhams that will trickle through into all areas of the UAE’s economy, The National reported.
Event organisers this week called on businesses to help build on the momentum gained from Dubai’s successful bid to host the world fair. They’re looking to forge partnerships with the private sector to meet their ambitious targets for investment and job creation.
Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, highlighted the importance of exchanging ideas, and said that many new projects will be implemented in the country by the time Expo 2020 is inaugurated.
Reem Al Hashemy, the minister of state and director general of the Expo 2020 Bureau, said it’s the time to build on “the Expo effect”.
“I am talking about legacies that will foster profound scientific attainments, increase our body of working knowledge, deliver substantial innovations, continue to boost the region fiscally and through the expansion of a knowledge-based economy so vital to all our tomorrows,” she said."
A report from Bank of America Merrill Lynch ahead of Dubai winning the Expo bid in 2013 said hosting the event would require US$8 billion (Dh29.38bn) in investment and would boost the economy by about $25bn. The expo organisers’ forecasts show about €17bn (Dh68.21bn) in economic benefits by 2021. More than 275,000 jobs will be created over the next six years around the region as a result, according to the Expo 2020 website.
Already property prices have been given a fillip by expected demand and population growth following the emirate winning the right to host the event two years ago, as more companies and individuals looked to set up here.