The great news for investors as Dubai is hosting World Expo 2020.
The Bureau International des Expositions, a body of 167 member states that oversees selection and organizing of World Expos, voted in Paris on Wednesday to award the 2020 event to Dubai rather than competing cities Izmir in Turkey, Sao Paulo in Brazil and Ekaterinburg in Russia.
Dubai Expo 2020 will be a six-month long exhibition of trade, innovation and products from around the world, and a showcase for the United Arab Emirates. It will be held on a giant yet-to-be-built 438-hectare site on the edge of Dubai.
Predictions about EXPO 2020
Dubai predicts 277,000 jobs will be created as a result of the Expo.
A big number given it equates to 20% of the current workforce of 1.3 million, according to Capital Economics.
The emirate also forecasts visitors of 25 million, an optimistic figure compared with the 10 million visitors last year, and the 16 million expected in London this year, the leading city worldwide for visitors.
Given the relatively small size of Dubai’s economy, the economic impact could be quite large.
The reason the expo has become such as big deal in Dubai is because analysts believe it will boost tourism and other parts of the economy as the government spends a predicted $7 billion on infrastructure, with the benefit expected to trickle down to other industries. That spending will equate to a 0.5 percentage point increase in GDP in the years 2016-2019, according to Bank of America Merrill Lynch.