What Dubai winning Expo means - 10 things you need to know
Dubai has won the right to host the World Expo 2020, beating off competition from Russia, Brazil and Turkey, handing a huge boost to the Emirate.
Since its inception in London in 1851 the event has delivered legacies such as the Eiffel Tower, the telephone and even Heinz Tomato Ketchup, proving itself on every occasion to be the place where the world’s leading brains meet to show off ‘the next big thing’.
In terms of scale, only the Olympics and football World Cup can hold a candle to an Expo. And now we in Dubai can harness that.
The previous carnation, in Shanghai China, reported a staggering 73 million visitors from 250 countries to the 5.3 square kilometer site, while $157million was turned as profit.
So what does it mean to you? With the help of our Gulf Business, we’ve come with 10 key things to know about Dubai’s triumph.
- The World Expo would be a first to be held in the MENASA (Middle East, North Africa and South Asia) region, and would attract around 25million visitors to the region.
- It is predicted that 277,000 jobs will be created.
- It will have a “resoundingly positive effect” on local real estate markets, according to a leading report. Some claim the expectation of victory has already contributed to rising property prices.
A report by Barclays claims Dubai’s year-to-year GDP growth will reach 6.4 per cent over the next three years, while doubling to 10.5 per cent by 2020.
- The retail sector could experience “exponential growth of three to four times”, it has been claimed.
- The Expo conference centre will be housed on the outskirts of the new Dubai World Central Airport, located just outside Jebel Ali
- The amount of hotel rooms in Dubai is expected to double between 2013 and 2020, with an increasing amount of those at more affordable three and four star levels.
- An estimated $5 billion will be poured into the transport sector, both in terms of for the event specifically and for airport and metro expansion.
- A new transport network of 750 Dubai ExpoRiders – zero emissions buses – will be created which will cover the entire city.
- Dubai will get greener, with at least 50% of the energy the site will use being produced by solar energy.