Dubai has already established itself as an international business hub. It has also proven itself to be the foremost centre of finance for the region. Of course, hosting a World Fair is all about boosting international reputation and encouraging transnational business. Yet, it is expected that Expo 2020 Dubai will produce some not-insignificant financial opportunities locally. In fact, the economy is expected to benefit to the sum of AED 122.6bn (GBP 26.7bn) and support the equivalent of 49,700 full-time jobs a year. 

With a push to the ensure small and medium-sized enterprises—the core of the UAE economy—are at the forefront of its sustainability agenda, and with a central mission to stimulate innovation and entrepreneurship to drive economic diversification, Expo 2020 has made it a goal to support SMEs. 

By introducing new initiatives to improve the ease of doing business for SMEs, such as speeding up payment clearing times, guaranteeing a 50% payment upfront when procuring goods (25% for services), and investing AED 4.7 billion during the pre-Expo phase, the UAE is demonstrating its business-minded policies to a wider audience. Coupled with reforms in visa and ownership legislation, and the relaxation of corporate fee, the UAE is signalling that it’s open for business. 

Monetarily speaking, the Expo is regarded in three parts—the seven-year build stage, the six-month fair, and a ten-year legacy period. Dubai authorities commissioned an impact assessment study which was conducted by consultancy firm EY, in which it was reported that the build stage would produce a gross value add (GVA) of AED 37.7bn to the economy, the Expo, while open to the public, would add a further AED 22.7bn in GVA, and, at the conclusion of the legacy period, as much as AED 62.2bn is anticipated to be generated as 80% of the Expo’s buildings and structures are incorporated into a new business zone, known as District 2020. With multinational companies such as Siemens and Accenture already signed up as tenants, the Expo is expected to produce sustainable growth and the fiscal stimulus to assist the UAE in further decoupling from oil via new growth drivers. 

In the meantime, the focus is on build completion and making the Expo 2020 Dubai a roaring success. Tickets go on sale in March of 2020 with an adult day pass slated to cost AED 120 (GBP 26) while a three-day ticket is expected to come in at AED 260 (GBP 56). Tickets for children up to six years of age, and seniors aged 65+ will be free while those for individuals aged six to 17 (and students of all ages) will receive a 50% discount.

As home to in excess of 200 nationalities made up of a youthful and skilled population, Dubai seems to be a fantastic setting for a World Expo showcasing innovation, encouraging collaboration and celebrating human ingenuity. We look forward to seeing you there.