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Report suggests Expo 2020 will create nearly 50,000 full-time jobs
Event is expected to account for nearly half of 1% of UAE’s total GDP
More than 25 million visitors expected in Dubai for Expo 2020
As Expo 2020 approaches, many businesses are hoping to affect a turnaround from the current economic downturn. According to the latest Ernst & Young (EY) report, there are positive signs ahead, as the global event is projected to contribute AED 122.6 billion to the UAE’s economy and create nearly 50,000 full-time jobs per year until 2031. The EY study was commissioned by the Dubai government in 2017 and is based on data collected from various government departments, Expo 2020 organisers and third-party sources.
Since winning the bid in 2013, to the projected 2031, Expo 2020 is expected to account for 0.47% of the UAE’s GDP and 0.8% of the average annual employment. This will be mostly driven by construction, visitors and business activity at the Expo site. The report also stated that the economic effect of Expo 2020 from October 2020 to April 2021 would be an estimated 1.5% the UAE’s total GDP.
The report highlighted Dubai’s post-Expo “legacy” period between 2021 and 2031, and the aim to generate an additional AED 62 billion, primarily driven by new jobs in events organisation and business services, retail, restaurants and hotels. Overall, the event is expected to contribute Dh37.7bn to the GDP and create 37,500 full-time jobs per year in the lead up to it from 2013 to October 2020 when it opens, according to EY. Expo 2020 is expecting around 25 million visitors, with ticket sales, hotels, merchandise sales, retail, food and beverages and transport expected to add AED 22.7 billion to the GDP.
As part of the legacy plans, the site will be repurposed into “District 2020” – a mixed-use development area that will include residential, commercial, retail and hotel properties, expected to be complete by 2030.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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