Why Dubai Expo 2020 is important
Perhaps you are wondering why 2020’s World Expo is a global hot topic. Look no further, this blog will outline the importance of the event in creating new business opportunities in Dubai! Firstly, let us explore what the event holds in store for us.
What is Expo 2020 Dubai?
The event will be the first-ever World Expo held in the Middle East region. Dubai is set to welcome the entire world for six consecutive months, or to be precise – 173 days. The Expo will be a celebration of all cultures, inspiring both collaboration and innovation across borders. The UAE works hard to ensure that the event leaves a long-lasting legacy worldwide.
‘Connecting Minds, Creating the Future’
The event’s theme and subthemes aim to inspire innovative ideas, friendship, and global collaboration. The 3 key subthemes are Opportunity, Mobility, and Sustainability. World Expos began in 1851 and showcased the host nation’s innovations and achievements. However, the UAE extends its reach to 192 nations who will attend the event and showcase their ideas, opportunities, and innovations.
- The Opportunity Pavilion
The Expo aims to empower people to shape the future. This includes supporting solutions to social problems through the Expo Live program and stimulating visitors with ideas of how to solve issues and play a role in human development.
This pavilion’s experience aims to change the visitor’s perception of food, water and energy shortages and inspiring empathy – the key to creating a better world.
- The Mobility Pavilion
This subtheme showcases the technological journey in time from the 9th Century’s ancient exploration of the world into a virtual world of data and the robotized City of Tomorrow.
- The Sustainability Pavilion
The ‘Terra’ pavilion aims to increase environmental awareness and showcase solutions to reducing our harm to the environment.
The pavilion will host global projects which focus on innovative solutions to sustainability.
Here are some links to what entertainment you can find at the Expo event:
Would any business opportunities arise from the Expo?
Yes, the event will act as a global platform for investment, partnerships and cross-border cooperation. More than 80% of the world’s businesses are:
- Keen on increasing global trade
- Hosting unique business programs
- Are planning business delegations to the Expo
Businesses of all sizes are attending the global event and will benefit from exposure to new, global, and local – clients, partners, and investors. The Expo serves as an entry point into new markets with national, educational, and corporate delegates as well as millions of visitors for businesses to connect with.
The impact of the Expo is expected to generate:
- A Dh122.6 billion boost to the UAE’s economy between the years 2013-2031
- 905,200 FTE jobs (full-time equivalent)
- 5% contribution to the UAE’s GDP between October 2020 and April 2021
- 7 billion government expenditure in the small and medium enterprise (SME) sector
In addition to facilitating product promotion and business networking, the Expo 2020 provides an online marketplace where businesses can connect, partner, and secure global business opportunities.
Is Dubai the right destination for my business?
Yes, the Expo will showcase how Dubai developed from a tranquil town into a global destination for businesses of all sizes and origins.
Here are some of the many benefits of doing business in Dubai:
Dubai’s entrepreneurs and corporations benefit from a strategic geographic location between the emerging economies of the East and the established consumer bases of the West.
- Human Capital
Dubai is in close proximity to nearly 70% of the world’s population, benefitting from access to diverse human capital of over 200 nationalities
– enabling the city to become a knowledge economy. There is a wide range of reputable universities and established research facilities where businesses can leverage expertise, skilled individuals, and innovative ideas.
- Diverse Economy
The city transitioned from oil trade to an economic focus on a diversified, service-driven, knowledge economy.
90% of Dubai’s business activity is in the real estate, logistics, trade, financial, construction, tourism, and manufacturing sectors.
- World-class city infrastructure set to accommodate millions of Expo visitors
With an expanding network of high-quality roads, an efficient transport network, and cost-effective economic zones for specialized business sectors – Dubai is transforming into an innovative, sustainable, and competitive “Smart City”.
Dubai has also introduced the Driverless Technology initiative where 1/4th of the city’s transport will become driverless by 2030.
How will the Expo 2020 boost Dubai’s economy?
As the countdown begins on October 20th in 2019, Dubai eagerly awaits 2020 with events signaling the preparations for the Expo. Here are some of the business activities which will benefit from the global event:
To accommodate millions of visitors, Dubai has built new roads, drainages, water, electricity, and telecommunications infrastructure. In addition, the global exposure is projected to stimulate demand for housing and office spaces which will require a wide scope of projects. For construction licensing, contact one of our advisors and company formation specialists!
- Real Estate
With demand for real estate arising from new expats and companies, buyers will require more agents who are able to set them up with a property suited specifically to their needs. The market is evolving with new access to necessary data regarding the number of real estate projects completed, the number of developers, the number of units sold, and the number of real estate agents. Apps, like Dubai Projects, provide free updates on construction projects, increasing the transparency and competitiveness of the market.
- Engineering and Technical Services
Dubai’s rapid urbanization and economic diversification requires the services of engineers and technicians. In addition, there is demand for petroleum, chemical, civil, and environmental engineering activities.
Petroleum and the trading of petroleum products is one of the first lines of business activities in Dubai, with significant contributions to the UAE’s GDP, the energy sector is viewed with high importance by the government. The chemical industry in the UAE has the highest economic contribution level in the Gulf Cooperation Council, accounting for 52% of its manufacturing revenue. The GCC’s chemical industry is valued at $43.8 billion USD.
The Expo 2020 grant allowed UAE-based mechanical, electrical, chemical and civil engineers to provide lighting for African nations suffering from electricity shortages. Lastly, sustainable engineering is one of the 3 key subthemes of the Expo and Dubai’s vision to promote the use of renewable energy and recyclable materials. The city requires innovative engineers and companies to achieve both its economic and environmental ambitions.
- Tourism and Hospitality
The most direct boost will come to both the tourism and hospitality industries, the Expo 2020 is estimated to welcome over 25 million visitors. The Expo 2020 will showcase the tourism infrastructure of the UAE as well as the investment opportunities in the Meetings, Incentives, Conventions, Exhibitions (MICE) industry.
The city is a very popular destination for GCC nationals visiting their friends and family, with Saudi Arabia being the most prominent tourism segment. These trends are prompting Dubai to increase its marketing efforts in the region as the GCC segments have the potential to grow. However, the tourism segments attending the Expo 2020 will be far more diverse, sourcing tourists from all of the world’s populated continents – Europe, Africa, Asia, Australia, as well as both North and South Americas.
- Food and Beverage
The Expo will offer visitors with over 200 food outlets serving over 50 cuisines. The daily demand for the 6 month event is expected to amount to 300,000 served meals per day. The event will showcase culinary technologies such as robotics, virtual and augmented realities. The event will facilitate both local as well as international food outlets – offering a diverse range of old and new meals, whether it be from a street vendor or a gourmet.
The Expo is a great opportunity for startups, entrepreneurs, and franchises of all sizes to showcase their foods and beverages to diverse consumer segments. The event will showcase international ethical standards for meal preparation as well as sustainable dining. Dubai welcomes locally sourced, organically produced, sustainably packaged, healthy, affordable, and diverse ranges of veg and non-veg foods.
The food and beverage industry is a lucrative sector in the UAE. Last year, in 2018, F&B exports rose by an astounding 26%. While in 2019, the UAE aims to reduce food wastage and recycle 75% of its national food waste in the next 10 years.
Who can assist me with starting my company in Dubai?
Dubai Business Advisors have 17 years of experience in assisting and advising entrepreneurs to ensure their successful entry in the UAE’s markets. We offer:
Trademark / IP
Free Zone Licensing
Market Entry Solutions