We have all been counting down to this moment for a long time. The buildup to last night kept us on our toes till the very end… and now many of us are starting to wonder how this will change Dubai as an economy, as a city, as a community and more importantly as our home. Some initial thoughts.
Even more energy and excitement
Well first of all, the vibe and the excitement gives an additional boost of positive energy to this already buoyant city and nation. It also brings yet another major common goal for all communities to rally around, contribute to and feel proud of – within Dubai of course but especially as the UAE.
Jobs, jobs, jobs
Dubai Expo 2020 is expected to create over 250,000 jobs, especially in sectors such as construction, hospitality and aviation. By itself, this represents a sizeable economic impact. But beyond the direct effect, more jobs means more people, more families living, earning and spending their money in the UAE. And all these people need to live somewhere, eat out in restaurants, send their kids to school, go see the doctor when they don’t feel well, and so on. This is what is called the multiplier effect. As a result, experts believe the Expo 2020 will boost Dubai’s GDP both in the years leading up to the Expo and after it closes its doors.
And given Dubai’s multinational workforce, the effects will be felt as far as India, Pakistan and the Philippines, with increased remittance streams offering many families opportunities of a better life.
Already known for its world-class infrastructure, Dubai will further invest in its roads, public transport and airports, making the city even easier than get around for all of us. And the investments leading up to the Expo 2020 will go well beyond pure ‘hard’ infrastructure, with further additions in areas such as education, healthcare and culture to be expected.
Rising and rising
Probably the biggest immediate question on everybody’s mind is the impact on real estate. Property owners have already priced in an increase in both rents and resale value. Supply and demand in whole new areas close to the heart of the Expo around Dubai World Central are expected to skyrocket in the years to come. Keeping prices on a sustainable trajectory will be an important concern on the government’s mind for the foreseeable future.
Creating the future
With its theme “Connecting minds, creating the future”, innovation will be one of the cornerstones of the Dubai Expo. Already known for some of the most iconic buildings in the world, Dubai is expected to push itself to the next level in the run up to 2020. Environmental sustainability is likely to be one of the themes… and only time will tell what else Dubai has up its sleeve to wow the world once again.
Congratulations again Dubai for winning the Expo 2020 – we are all looking forward to an exciting 7 years ahead!