According to a poll conducted by the company EY, the UAE economy is expected to gain Dh154.9 billion ($42.2 billion) in gross value added (GVA) from 2013 to 2042 as a result of Expo 2020 Dubai and its legacy.
The London-based consultancy estimates that over the course of the Expo’s six-month run beginning in October 2021, which saw 24.1 million visitors, it will also sustain more than a million full-time equivalent (FTE) employment years, or more than 35,000 FTE jobs annually in the UAE.
According to the report, the sectors that contribute the most to GVA, an indicator of economic output, are events and business services (worth Dh75.5 billion), construction (worth Dh31.9 billion), and restaurants and hotels (worth Dh23.1 billion).
A quarter of the GVA was supplied by the pre-event phase, and 13% was added by the event itself.
According to EY, 62% of the economic advantages would be recognised throughout the legacy period up until 2042.
Reem Al Hashimy, Minister of State for International Cooperation and CEO of Expo City Dubai Authority, said, “From the beginning, we were committed to hosting a World Expo that would achieve long-lasting economic, social, and environmental benefits for the UAE, the region, and the world, with positive impacts extending well beyond the six months of the event.”
“Despite the difficulties posed by a worldwide pandemic, we have fulfilled that promise.”
Due to the UAE’s successful management of the coronavirus pandemic and the lifting of travel restrictions, Expo 2020 Dubai expedited the recovery of the country’s tourist, aviation, and hospitality sectors from the coronavirus-induced slowdown.
The surge in visitors attracted to the six-month mega event benefited leisure and business travel, hotel occupancy rates, room income, and foot traffic at shopping malls, according to analysts.
According to Sheikh Ahmed bin Saeed, chairman and CEO of Emirates Group, last year, the airline experienced healthy seat load factors and significant travel demand to the emirate across its network during the Expo.
This [EY] report, released one year after we shut down, “confirms that Expo 2020 Dubai was a triumph — a landmark event that is significantly boosting our country’s economy, and whose ripple effects are continuing to enhance our city’s international profile, driving new business growth, and luring globally significant events like the UN Climate Change Conference of Parties [Cop28], which our legacy city, Expo City Dubai, is proud to host in November 2023,” said Ms. Al Hashi.
According to EY, legacy considerations were prioritised throughout development, and Expo City Dubai reused more than 80% of the infrastructure constructed for the six months of the event.
The location is a crucial component of Dubai 2040 Urban Master Plan.
This month, the first phase of residential buildings at Expo City Dubai went on sale and included villas, townhouses, and flats. The starting price is Dh1.2 million.
The first phase of the villas and flats will be finished by January 2026, according to plans for the Dubai South site where construction has already started.
“As the first World Expo to be held in the Middle East, Africa, and South Asia region, Expo 2020 Dubai has yielded substantial and wide-ranging long-term economic, social, and environmental benefits for the UAE and communities around the world,” said Rob Moody, partner in charge of transactions and corporate finance at EY.
“Expo City Dubai is set to support the more immediate strategic priorities and the wider future ambitions identified by the UAE,” according to forecasts.
The 192 participating nations reported benefits in terms of commerce and economic alliances, nation branding and cultural understanding, as well as international diplomacy and cooperation, according to research, which demonstrates that Expo 2020 Dubai also promoted advancement on a global scale.
According to Dimitri Kerkentzes, secretary general of the Bureau International des Expositions (BIS), the organisation responsible for organising the 182-day event, the legacy of the world’s fair is expected to endure and bring forth new prospects for growth in the years to come.
The BIS received a closing report on Expo 2020 Dubai earlier this month. It covers everything from the decision to make a bid to host the event through its design, construction, and management, as well as its highlights, successes, effect, and legacy.
