Despite the widespread COVID-19 outbreaks across the globe, causing a great deal of damage to most of the economies, UAE is moving forward with their dream project of World EXPO 2020 at full pace with enthusiasm and energy. Construction work of all the pavilions is full-fledged and likely to be completed well ahead of the estimated time.
EXPO 2020 is aiming to be one of the landmark events in the Arab world with over 200 active participants including nations, multilateral organizations, businesses, and educational institutions, according to the organizers. It is reliably learned that around 190 countries have been confirmed their participation.
As per the international experts, EXPO 2020 Dubai will attract at least 25 million new visitors to UAE that is definitely going to boost the UAE economy and each sector has its own contribution to strengthen the overall UAE economy in a bigger way. The forecasted 25 million massive new visitors are a good indicator that this will have a huge impact on the UAE economy and a stimulus to further strengthening the economy of other Emirates. It is undoubtedly clear that Dubai will capture the attention of the world before, during, and after EXPO 2020 that is scheduled to be started from 01 October 2021.
Furthermore, the recent liberal Residency (Golden Visa) policies and 100% foreign ownership in UAE Companies will definitely bring confidence in foreign investors that in turn strengthen UAE’s position in the world. The country will be in direct competition with other stalwart’s financial hubs such as London, New York, and Hong Kong.
As per the earlier forecast, more than 275,000 new job opportunities shall be created and can expect further demand from all the key sectors such as Real Estate, Retail, Education, Tourism, Technology, healthcare, and manufacturing. Many prominent Economists are of opinion that UAE will mark her place within the top 10 international financial hubs within 10 years’ span.
Dubai has positioned itself as one of the powerful financial hubs in the world and the new amendments in the regulations relaxing the condition of 51% ownership rights to local UAE nationals in certain commercial and trading activities in the mainland and providing long terms visas for investors, entrepreneurs, researchers, specialized professionals, creative talents of culture & arts and outstanding students will be a game-changer.
EXPO 2020 is likely to enhance GDP growth in Dubai Economy well over the years and is estimated to be 3.5 per cent with a stronger macroeconomic stabilization.
Quoting the words of Mr. Gillian Hamburger. Senior vice-president of Commercial EXPO 2020 Dubai "By working with some of the world's most innovative companies, we will ensure that EXPO 2020 is a truly global event that captures the sense of wonder, excitement, and fun that characterized history's greatest World Expos."
It is certain that EXPO 2020 will support diversification and further accelerating existing sectors within UAE and will have a positive impact on the domestic economy in an unparalleled way.
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