Thursday , June 27 2019

Expo 2020 to contribute $33.4b to UAE economy

DUBAI / WAM

Expo 2020 Dubai and its legacy are expected to contribute AED122.6 billion ($33.4 billion) of gross value added (GVA) to the UAE’s economy from 2013 to 2031, according to the EY report, ‘The economic impact of Expo 2020 Dubai’.
The report states that Expo 2020 is also expected to support up to 905,200 full-time equivalent, FTE, job-years in the UAE from 2013-2031, which is equal to approximately 49,700 FTE jobs per annum in the UAE over this period.
Najeeb Mohammed Al-Ali, Executive Director of the Dubai Expo 2020 Bureau, said, “This independent report demonstrates that Expo 2020 Dubai is a critical long-term investment in the future of the UAE, which will contribute more than AED120 billion to the economy between 2013 and 2031.”
“Not only will the event encourage millions around the world to visit the UAE in 2020, it will also stimulate travel and tourism and support economic diversification for years after the Expo, leaving a sustainable economic legacy that will help to ensure the UAE remains a leading destination for business, leisure and investment.”
Expo 2020 Dubai is expected to attract 25 million visits and participants from 190 countries from October 2020 to April 2021. During this period, the World Expo is expected to contribute approximately 1.5 percent of the UAE’s annual forecast gross domestic product (GDP).
Matthew Benson, Partner, Transaction Advisory Services, Mena at EY, said, “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. As host, Dubai aims to use the event to further enhance its international profile and reputation. The event will celebrate innovation, promote progress and foster cooperation, and entertain and educate global audiences.”
Small and medium-sized enterprises (SMEs) are also estimated to receive AED4.7 billion in investment during the pre-Expo phase, supporting approximately 12,600 job-years, while also supporting Expo 2020’s aim to foster innovation and support small businesses.
Commenting on the report’s findings across the 2013-2031 period, Jamie Torrens, Director, Economic Advisory, Transaction Advisory Services, EY, explained, “Across the period of our study, spanning the Pre-Expo, During-Expo and Leg-acy phases between 2013 and 2031, Expo 2020 is expected to support billions of dirhams of Gross Value Added and thousands of jobs in the UAE. Although the Expo event lasts less than a year, the positive economic impact continues far beyond the event.”

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