Expo 2020 Dubai projected to add AED154.9-bn to UAE economy

Expo 2020 Dubai and its legacy are expected to contribute AED154.9 billion ($42.2 billion) of gross value added (GVA) to the UAE’s economy from 2013 to 2042, EY estimates. The World Expo that welcomed 24.1 million visits during its six-month run is also expected to support approximately 1,039,000 full-time equivalent (FTE) job-years, equal to more than 35,000 FTE jobs per annum in the UAE over the same period.

The sectors contributing most to GVA are events organisation and business services (AED75.5 billion), construction (AED 31.9 billion), and restaurants and hotels (AED 23.1 billion). The pre-event phase contributed around one quarter of GVA, the event itself added almost 13% while the lion’s share of economic benefits, 62%, will be felt in the legacy phase through to 2042.

“From the outset, we were committed to hosting a World Expo that would achieve long-lasting economic, social and environmental benefits for the UAE, the region and the world with positive impacts extending well beyond the six months of the event. Despite the challenges of a global pandemic, we have delivered on that promise,” stated Reem Al Hashimy, UAE Minister of State for International Cooperation and CEO, Expo City Dubai Authority.

“One year since we closed our doors, this report confirms that Expo 2020 Dubai was a triumph – a milestone event that is substantially boosting our nation’s economy, and whose ripple effects are continuing to enhance our city’s international profile, driving new business growth and attracting globally significant events such as the UN Climate Change Conference of Parties (COP28), which our legacy city, Expo City Dubai, is proud to host in November 2023.”

Expo City Dubai is committed to repurpose more than 80% of the infrastructure built for the six months of the event. It forms an integral part of the Dubai 2040 Urban Master Plan and the emirate’s continued growth, and takes forward Expo 2020 Dubai’s spirit of collective action through the ongoing delivery of programmes, initiatives and events that will draw visitors, businesses and tenants to add further impact and economic value. These include the Expo Live programme that provides funding and support to social entrepreneurs around the world and recently announced a new search for climate-related solutions. Events at the Women’s Pavilion continue to spark meaningful discussions and drive action on gender equality and women’s empowerment. While the Expo School Programme continues to engage and inspire youth.

Instilled with the values of equality and inclusion wide-ranging programmes involve youth, businesses, civil society and governments on Expo City Dubai’s broader objectives, such as enabling action towards climate security in the run-up to and during COP28, and working together to build a better, more equitable and sustainable future for all.

More broadly, research also indicates that Expo 2020 Dubai sparked progress on a global scale with the 192 participating countries reporting benefits in terms of trade and business partnerships, nation branding and cultural understanding, as well as international diplomacy and cooperation.

RetailME Bureau