Dubai is on the cusp of yet another development boom as it seeks to strengthen its position as the leading business and tourism hub in the region. MEED’s Destination Dubai 2020 details the latest investment and development opportunities in the region with local and international experts.
As per statistics, more than 277,000 jobs would be created between 2013 and 2021 as a result, with about 40% in the travel and tourism sector. For every Expo employee, about 60 additional jobs would be sustained in the wider economy.
Dubai’s bid dossier estimates hosting the expo will cost US$8.7bn in total – US$7bn in investments and operating expenses of US$1.7bn. Capital expenditure will mainly cover development of the expo’s planned 4.4 square-kilometre plot in Jebel Ali and connecting infrastructure such as extending the Dubai Metro’s Red line.
Without a doubt, the winning expo bid will provide a massive tourism boost. It is estimated that over the six months of the event 25 million people would visit Dubai Expo 2020, with more than 70% coming from outside the UAE.
Destination Dubai will track the roadmap to Dubai’s continuing economic recovery, providing investors and stakeholders insights on what is driving confidence in the emirate’s equity market, which this year has seen a 60per cent rise on growing confidence in Dubai’s long-term prospects.
Other initiatives that are transforming Dubai into an unrivalled global hub and the gateway to the high-growth emerging markets (CIS, Africa, China and India) will be comprehensively discussed at Destination Dubai, detailing the roadmap for the build up and creation of a genuine and holistic “destination” involving travel, industry, real estate, tourism, retail and hospitality infrastructure and support systems.