Expo 2020 is the most significant milestone ever to be achieved by UAE. Primarily, because for the first time in the history of the Middle East, Dubai is privileged enough to be selected for the World Expo. This Expo is the most awaited event of the decade. The Expo is a brilliant opportunity for business owners and business set-ups equally.
World Expo 2020: What, Where, and how?
How Dubai became the host?
Essentially Dubai lodged a last-minute bid making it the 5th contender as the host of the prestigious Expo 2020. The bidding process was long and arduous, with Dubai facing fierce competition from Turkey and Russia. On November 27, 2013, in Paris, the Bureau International des Expositions (BIE) declared Dubai as the host of The World Expo.
What is the World Expo?
World Expo is, as the name entails, a world-wide event of large-scale. It is an event that is organized by the government to benefit the people, either by inspiring them to dream bigger and strive for a better future or by providing an environment that invokes their creativity, which in turn generates innovative ideas. Mainly, the government conducts such events to showcase their economic stability, which further helps in enticing large sums of foreign investments .consequently, these investments are essential to strengthen the host country’s economy.
Parameters of World Expo:
An event of such a scale demands some settings that must be followed strictly. Most important is the period. The longest duration permitted is six months; it should under no circumstances exceed it. Accordingly. It should have a theme that is all-encompassing, universal, and applicable to the entire humanity.
These parameters have always been in place and have resulted in experiences that are both unique and are enthralling. For instance, in 1967, Canada captured the world’s attention with the awe-inspiring “Man and his World,” similarly, “The Age of Discovery” Seville Expo 92, doused the world in fascination and wonder. And the latest outing of The World Expo in Milan Expo 2015 called the “Feeding the Planet, Energy for Life” left the world buzzing.
Expo 2020: “Connecting Minds, Creating the Future”
Dubai submitted its bid to host Expo 2020 with the theme “Connecting Minds, Creating the Future.” Sheikh Mohammed bin Rashid Al Maktoum Dubai’s ruler said in his support of the bid: “Today’s world is more interconnected than it was ever in the past, therefore in these modern times a vision that conforms to these modern needs of progress is pivotal. This vision must include a way forward that is built on shared purpose and commitment. Even though forging ahead with your sole interest at heart be that of an individual, lone country or a specific society is remarkable and in any way is a frowned-upon practice. It is by working collaboratively that we truly advance.”
This sentiment resounded with the masses, including the business, political, and economic community, Making Dubai a shoo-in for the Expo.
Dates to remember:
It is expected to run for six months, with the opening day to be October 20, 2020. The ending date is not yet announced, but tentative estimates point towards sometime in April 2021.
Expo 2020 is generating the requisite buzz already. Let us minutely observe what marvels it has to offer:
Exhibition 2020 is a momentous achievement as it is a first of its kind event ever to be staged in MENA & SA (the Middle East and North Africa & South Asia) region.
Over 190 countries have confirmed their participation with a projected number of visitors pouring in from around the world to be in the millions.
The leading site is humongous with boasting a 438-hectare area (1038 acres)! The site is strategically located between Dubai and Abu Dhabi in a newly developed city, Dubai South.
This new city is close to Al Maktoum International airport.
The Expo 2020 aims to mold a lasting impact that will, in due time, become a legacy -A legacy that will evolve and shape future generations.
According to the Financial and economic expert’s tentative survey, the Expo is set to attract a sizeable number of over 25 million visitors. The Expo will bring business opportunities of all sizes and shapes – big, medium, and small or micro- along with massive corporations. Governments around the globe are also poised to invest in Dubai during this event.
A separate and new authority named: Dubai Creative Clusters Authority is created by the UAE government that is working tirelessly to shape the city into a place fit for kings. I.e., the city will be a well-equipped hub for design and fashion.
Over 277,000 new jobs are expected to be created in the UAE. These jobs will be partly because of preparations of Expo 2020, and the rest will be the aftermath of the event.
The UAE’s Economy:
The UAE’s future is exceptionally bright. With over 25 million visitors expected to attend the event, the potential of investment is immense. The organizations already operating in Dubai have already prepared their medium-term and Long term goals. They have also reset their quarterly profit targets because projected sales are showing an immense increase.
The UAE government will invest approximately $40 million in job creation and creating a business-friendly environment.
Dubai Expo 2020 main objective is to make itself everyone’s first choice. Become the “it place” for business and pleasure as it was outlined in Dubai plan 2012.
In the year 2020 GDP of Dubai, including the whole of UAE, is said to sky-rocket. During Expo 2020, the GDP will grow by 5.5%. Standard Chartered Bank is expected to rake in $23 billion of revenue.
83% of businesses are projected to show a 15% increase in profits in the next fiscal year.
With a promise of immense growth for businesses of any size, Expo 2020 is bound to be a success for all involved.
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