Dubai World Expo Win Could Boost Economy By Billions
If Dubai succeeds in its bid to host the World Expo in 2020
, which it launched recently, it will provide a massive boost to the emirates economy.
Cities who have already hosted the World Expo - which takes place every five years - have typically spent between US$2 billion and US$4 billion on hosting the event. But the return on investment is usually far greater.
German Expo earned US$7.4 billion
Factoring in direct and indirect benefits, Germanys hosting of the 2000 World Expo created more than US$7.4 billion in wealth for the countrys economy, according to Hilal Saeed Al Merri, Chief Executive Officer of the Dubai World Trade Centre (DWTC).
The most recent Expo in Shanghai, China, in 2010, earned US$2 billion for the host city, but the long-lasting benefits were greater still. The event raised Shanghais profile in Asia and across the world and tourism has risen by 13 per cent.
The 2020 Expo will last for six months between January 4 and June 30. For 2020, the specific theme will be Connecting Minds, Creating the Future in order to promote the exchanges of ideas and development of the world economy, culture, science and technology. On average, the Expo attracts 30-40 million visitors and allows a lot of dialogue between people from all over the world.
Good news for property investors
As evidence of the Dubais growing international status, the emirates bid also represents good news for investors in the property market. The worldwide publicity campaign will help boost Dubais international image and increase confidence among investors in the UAE.
If Dubai wins, there should be great interest in the many new hotel developments, such as The First Groups two luxury hotel apartment projects in Tecom, Metro Central and Grand Central, which are situated in the bustling business district of Tecom in the heart of New Dubai. Such high-end developments are attractive to investors as the luxury end of the market did particularly well in 2011, soaring 17.6 per cent.
Dubai is in competition to host the 2020 event with four other cities: Ayutthaya, in Thailand, Ekaterinburg in Russia, Izmir in Turkey and Sao Paulo in Brazil.
The winner will be announced by the Paris-based Bureau International des Expositions (BIE) in November 2013 following a vote by its 160 member nations.
Vicente Gonzalez Loscertales, Secretary General of the Bureau International des Expositions (BIE), acknowledged the strength of Dubais bid. He said the city had a lot of the infrastructure required already in place, but it still had to drum up support from member countries.
Exhibition City
If the UAE wins the vote, it is likely that the Expo will be held at Exhibition City, a 400-hectare site to be built on the south western edge of Dubai, adjacent to Dubai World Central airport.
The UAE Pavilion at the 2010 World Expo in Shanghai won wide acclaim. It was awarded two architecture prizes and attracted two million visitors. The Pavilion, which was designed by Foster + Partners, has since been moved to Saadiyat Island, about 500m of the coast of Abu Dhabi, and rebuilt as an art gallery.
The next World Expo event is in May this year, in Yeosu, South Korea. But this is defined as a smallscale expo. The next full World Expo will take place in Milan, Italy from May 1 to October 31, 2015.
by: Stuart Castle
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