1,000 days to go until Expo 2020
The countdown has begun for the mega event which will transform Dubai’s landscape and position the emirate on the global map.
With just 1,000 days to go, the Expo 2020 will bring a multitude of opportunities for businesses in construction, real estate, hospitality, tourism and aviation industries with contracts worth billions of dirhams to be awarded and completed during these coming days.
Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, pointed out that one of the biggest opportunities to emerge for businesses and investors will be related to Expo 2020 during the coming months.
He said Expo 2020 would give over one per cent boost to the emirate’s economy as the event would receive some 25 million visitors in just six months.
According to recently released BNC Network figures, more than Dh350 billion worth of contracts would be awarded prior to Expo 2020. Project value linked to Expo 2020 has hit Dh122 billion. These projects are expected to generate 500,000 new jobs over the next eight years.
Set to open doors to the world on October 20, 2020, Expo 2020 on Monday awarded two major contracts worth Dh670 million to Laing O’Rourke to build two pavilions and an access road for Expo 2020.
The organisers awarded construction contracts worth more than Dh10.8 billion in 2017 while Dh411 million was allocated for non-construction contracts. In total, 2,745 contracts have been awarded to date.
“It is fair to say the property sector is placing great emphasis on Expo 2020, riding the coat-tails of this very prestigious international event. 1000 days to go, we are all going to be very busy making sure Expo 2020 is a incredible success. Exciting times lie ahead,” said Jason Hayes, founder and CEO, LuxuryProperty.com.
Vijay Doshi, founder and managing director, Vincitore Real Estate, said the reverberations of Expo 2020 can be felt throughout the property market.
“For one, significant cash flow amounting to close to $40 billion is expected to be injected into the economy in the run-up to the event. This will be supported by an influx of more than 20 million visitors and help create over 300,000 new jobs in the process. Such large numbers of tourists will help Dubai’s hospitality and tourism industries to generate revenue to strengthen the economy,” said Doshi.
The emirate will preserve the site and transform it into a legacy. Not just that, Expo 2020 will also set the standards for sustainability guidelines for future projects within and outside the UAE, said Ahmed Al Khatib, VP real estate and delivery, Expo 2020 Bureau.