After the UAE won the bid in November 2013 to host World Expo 2020, the president of the UAE and Dubai’s ruler His Highness Sheikh Mohammed bin Rashid Al Maktoum had claimed to astonish the world with the way Dubai will host the event. With the pledge to breathe life in the slogan “Connecting Minds for a Better World”, Dubai has started with the preparations and has launched the master plan 2020. The master plan involves developments in sectors like hospitality, tourism, aviation, construction and many more, hence creating a number of jobs. The following article talks about the Dubai Expo 2020 and which sectors have had the major developments that have created job opportunities.
World Expo 2020 – The Recent Developments
The World Expo is a catalyst for cultural, social and economic transformation of the hosting nation. Dubai is expected to attend about 17 million visitors. This number has been estimated by keeping the number of visitors in Shanghai (World Expo 2010) and the present number in Milan (World Expo 2015). Dubai is getting prepared and has launched the Business Connect in September 2015. The Business Connect is a series of workshops that gives opportunities to the businesses from round the globe.
The Increasing Number of Jobs!
According to Dubai’s Expo Preparatory Committee, more than 275,000 jobs are expected to be created in the time span of 2014-2020. As reported by Zawya.com the Expo 2020 would have a positive impact on the job sector. The sectors that were mentioned included construction, hospitality, tourism and finance majorly. Other sectors to experience an increased number of jobs include engineering and marketing.
Potential Impact of World Expo – 2020 on Dubai
– The World Expo 2020 is expected to enhance the non-oil based sector of the economy
– It is likely to boost Dubai’s economic growth to an average 6.4 percent a year from 2014 to 2016, and potentially to 10.5 percent by 2020
– That Expo due to vast expenditure by the government is expected to generate commercial opportunities that were suspended due to global financial crisis
– UAE is expected to attract handsome foreign investments that range in between US$ 100 billion to US$ 150 billion.
Major sectors creating a positive impact on the economy of the Emirate are:
The Hospitality and Tourism Sector
The plan 2020 states to have around 14,000 new hotel keys and about 5,000 new hotel apartments by 2017. Hence, the Emirate is going to witness massive boom in hospitality sector encouraged by its win to the bid to host World Expo in the year 2020. The general manager of JW Marriott Marquis Dubai, Rupprecht Queitsch noted that Dubai is expected to have 25 million visitors with respect to World Expo 2020 creating a huge economic impact.
Also, the corporate traffic that is expected during the event adding to the increased number of hospitality jobs that expo 2020 will create.
Helal Al Mari who is the director general of Dubai’s Department of Tourism and Commerce believes that the hospitality sector is going to have huge impact in the time span of 6-7 years.
Infrastructure and Transportation Sector
Owing to the Dubai’s current development as a global transportation hub for passengers and cargo and the Dubai’s win to host the World Expo in 2020, the government has invested millions of dollars in upgrading and expanding the existing infrastructure of Airport. The international airport of Dubai is currently the second busiest airport in the world. Currently the airport is undergoing expansion that of terminals and development of concourse.
Secondly, Dubai has a new airport which once completed would be the largest airport in the world having a capacity to handle about 160 million passengers annually.
Other than this, the master plan 2020 has plans to build out other infrastructure and new projects that would help the nation to meet the increased traffic because of the Expo.
Real Estate and Construction
The venue for the World Expo – 2020 is a 4.3 million square meter plot that is located strategically in between Dubai and Abu Dhabi. The cost of construction of this site and related infrastructure is estimated about US$ 6.9 billion.
This sector will also benefit from the plans of massive expansion of the hospitality sector. The residential real estate sector also has expansion plans to supply to the housing needs of people relocating to Dubai for expo 2020. The increase in demands for commercial spaces in this span of 5-6 years is to have a positive impact on commercial real estate as well.
According to a Dubai Chamber of Commerce study released in 2014, anticipation of expo win has led to a surge of business confidence across the Emirates. Also, the Emirate is expected to offer a 3.8% average rise in salaries keeping in mind the global financial crisis that had hit the nation said a survey by Robert Half. Employment outlook is expected to be positive in between 2015 – 2020.
Image source – Dubai Expo 2020