As soon as the news of Dubai winning the bid broke out, fireworks were set off from Burj Khalifa and a school holiday was announced. There’s so much fuss around Dubai Expo 2020, so if you are a little clueless about why it’s such a big deal, we break it down for you.
Image Courtesy: Expo 2020 Dubai UAE
Quick Facts about Dubai Expo 2020
- Expo 2020 coincides with Dubai’s 50th birthday.
- Expo 2020 Dubai will be held on a 438-hectare site next to Al Maktoum International Airport.
- 25 million visitors are estimated to attend the event, 70% of which will be coming from overseas.
- Dubai’s hospitality industry is expected to increase the number of hotel rooms in the city from 65,000 to 100,000.
- Around 277,000 new jobs are expected to be created in the run-up to Expo 2020.
Why is this exciting?
- Dubai has increased its provision for infrastructure, transport, and economics to 16.6 billion dirhams, a rise of 1.8 billion dirhams from last year, to finance the Expo.
- The Expo will produce numerous investment opportunities in infrastructure, tourism, transport and in almost all sectors in the emirate.
- Expo 2020 Dubai will provide exciting times for starting a business in Dubai. As the city prepares to host the event and the economy shows promise of growth in the coming years, entrepreneurship will flourish.
Why is Dubai Expo 2020 a great time to set up a business in Dubai?
- Dubai is expecting to draw around 25 million visitors during the 6-month period. For businesses, this would imply a huge rise in product demand leading up to and through the six-month Expo 2020.
- Dubai will undoubtedly receive tremendous global media attention in the lead-up to, during and after the event, which will attract tourists from all over the world to the UAE.
- On the other hand, while the growth presented by Dubai Expo 2020 will generate important opportunities, as the world’s eyes look to Dubai, local businesses will experience greater competition for this attention.
How can businesses best leverage the opportunities around Expo 2020 Dubai?
Those with an entrepreneurial mindset can use growth around the Expo as a great opportunity to build and invest in capabilities and services that can be expected to bring in demand in the post-Expo market.
Alternatively, start-ups should look to piggyback on the media attention to enhance their global image. If you have the funds, then you should leverage the Expo win by building services and products that are truly unique and have a global identity.
What will happen after Expo 2020?
Who knows? But here’s some advice.
Refrain from making long-term commitments signing a long-term lease for much larger and more expensive office space and assuming growth post the Expo is permanent, as growth figures can often be unpredictable. So, keeping long-term fixed costs low is important.
Further, while Dubai Expo 2020 offers an evolving playing field for businesses, it will also bring increased competition. So, by focusing on where you want your company to be both during and after the Expo, you can best capitalize on the tremendous opportunities that Expo 2020 Dubai will bring!
Please contact Business Setup Consultants, if you would like a FREE CONSULTATION on how to start your own business in the UAE.