‘Expo dividend’ from the largest event ever to be held in the Arab World will spur economic growth and support jobs for years to come.
Expo 2020 Dubai’s long term investment in the future of the country will boost its economy by AED 122.6 billion (USD 33.4 billion) and support 905,200 job-years between 2013 and 2031, an independent report published by global consultancy EY shows.
During the peak six-month period of the World Expo, the largest event to be held in the Arab World is predicted to add the equivalent of 1.5 percent to UAE Gross Domestic Product.
The scale of investment pouring in to construct and host an event of this ambition, as well as goods and services consumed by the millions expected to visit and the businesses that will occupy the Expo site in the legacy phase, will result in an economic dividend that will benefit businesses large and small across a range of sectors for years to come, according to the report.
From November 2013 – when Dubai won the bid to host the Expo – until its opening in October 2020, the economic impetus will be driven by the construction sector as work continues on building the site and supporting infrastructures such as roads, bridges and the Dubai Metro Route 2020 line.
Crucially, small and medium enterprises, a core component of the UAE economy, will receive AED 4.7 billion in investment during the pre-Expo phase, supporting 12,600 job-years and in line with Expo 2020s goal to foster innovation and support small businesses.
Job-years is defined as full-time employment for one person for one year and describes the employment impact over the life or phase of a project.
During the peak, six months of Expo 2020, visitor spending on tickets, merchandise, food and beverage, hotels, flights, and local transport will propel economic activity. Expo 2020 expects 25 million visits, with 70 percent of visitors coming from outside the UAE, providing the hospitality industry with an unmissable opportunity to show the world what the UAE has to offer.
The positive thrust will continue in the decade after Expo closes its doors in April 2021, thanks largely to the transformation of the site into District 2020 – an integrated urban development that will house the impressive Dubai Exhibition Centre (DEC).
As part of its legacy, Expo intends to contribute to new business generation, GDP growth and job creation across the region to support a sustainable, resilient and diversified economy – a key outcome of UAE Vision 2021, a set of national priorities to mark the country’s Golden Jubilee.
Look at the economic impact of Expo 2020 Dubai Executive summary from here.
Electric Marathon Rally is an annual race between battery electric vehicles (BEV). The rally takes place on public roads and all, officially registered vehicals to drive on the public roads, are considered to be eligible to participate.
Monaco 360° – a World of Opportunities
EXPO 2020 Monaco Pavilion in Dubai, a kaleidoscopic experience that will reveal new perspectives.
The Dubai Expo 2020 has officially been postponed
It’s official – the Dubai Expo 2020 has been postponed due to the global coronavirus pandemic. The decision was made after was confirmed in a statement after a meeting occurred with the steering committee of the event which includes the foreign countries that were due to participate and event officials.Read more
Fox Automotive to produce MIA EV reboot in Hungary
Fox Automotive Switzerland and Phoenix Gold Resources have announced plans to launch production in Hungary of the MIA EV 2.0, a new version of a compact all-electric vehicle initially made by a French company that went bust in 2014.Read more
Will your EV keep the lights on when the grid goes down?
Home battery systems can help during power outages. So can the battery packs rolling around in electric vehicles.Read more
Ever Monaco 2020
Fifteenth International Conference on Ecological Vehicles and Renewable Energies.Read more