Expo 2020 Dubai is expected to attract 25 million visits and participants from 190 countries from October 2020 to April 2021 and to contribute approximately 1.5 per cent of the UAE’s annual GDP.
Tuesday 16, April 2019 BY KUDAKWASHE MUZORIWA
EY has projected Expo 2020 Dubai to contribute AED 122.6 billion of gross value added (GVA) to the UAE’s economy from 2013–31.
In a report, EY stated that SMEs are estimated to receive AED 4.7 billion in investment during the pre-Expo phase, creating approximately 12,600 jobs, while supporting Expo 2020’s aim to foster innovation and support small businesses.
Najeeb Mohammed Al-Ali, the Executive Director of the Dubai Expo 2020 Bureau, said that the EY report demonstrates that Expo 2020 Dubai is a critical long-term investment in the future of the UAE, which will contribute more than AED 120 billion to the economy between 2013 and 2031.
The economic impact of the legacy period is expected to be driven by the development activity and operations of District 2020 and the incremental effects of the expansion of the Dubai Exhibition Centre (DEC).
“Expo 2020 is an exciting long-term investment for the UAE and is expected to have a significant impact on the economy and how jobs are created directly and indirectly,” Matthew Benson, Partner and Transaction Advisory Services at EY MENA, EY said.
EY expects over 80 per cent of the Expo built environment to be retained for District 2020 and eventually expand into a city covering more than four million square metres.