EXPO2020: Megaprojects coming to life
Hamad Buamim, President and CEO, Dubai Chamber
The value of projects tied to Expo 2020 Dubai has reached Dh122 billion, with Dh40.1 billion expected to be invested in infrastructure alone - Hamad Buamim, President and CEO, Dubai Chamber
Dubai Chamber has made Expo 2020 a key focus of its international outreach efforts, and it has been engaging with public and private sector stakeholders in all corners of the globe to showcase the advantages of participating in this historic event.
"From a business standpoint, we have seen significant interest among foreign companies that are keen to leverage the Expo platform to expand their global reach. Expo 2020 has been one of the most important developments that is transforming the UAE's economy and accelerating its sustainable growth.
"Looking at the impact in Dubai specifically, the city's infrastructure is being expanded to cater to 25 million visitors who are expected to attend the six-month event," said Hamad Buamim, President and CEO, Dubai Chamber, in an interview with Khaleej Times.
According to recent estimates, the value of projects tied to Expo 2020 Dubai has reached Dh122 billion, with Dh40.1 billion expected to be invested in infrastructure alone. "These are all part of a long-term investment that the UAE is making, and the vast majority of the infrastructure being built will last long after Expo 2020, with the development of Dubai South and the expansion of Dubai Metro among the best examples of mega projects that have come to life," he adds.
Buamim said that preparations for Expo 2020 have translated into an economic boost for several sectors in Dubai, with the most positive impact being felt within construction, logistics, tourism, hospitality, real estate and retail sectors.
"There is reason to believe that the biggest economic benefits will be seen long after Expo 2020, as the mega event is expected to boost Dubai's global profile and attract new business, investments and talent to the emirate."
Dubai has benefitted significantly from its position as a preferred destination for international events. "Of course, there is a direct economic impact related to business tourism, commerce and investment that is generated from such events.
"There are other associated benefits that are less tangible, such as knowledge sharing, innovation and technology transfer which are key to enhancing Dubai's competitiveness," notes the president and CEO.
For example, GITEX - the region's largest technology exhibition and conference - serves as an important platform to showcase the latest innovations and technologies, which are seen in Dubai and adopted elsewhere in the region.
Dubai Chamber focuses its efforts on attracting international events to Dubai, as these events provide an opportunity to showcase what the emirate has to offer, facilitate economic cooperation and drive sustainable growth.
Buamim said that with Expo 2020 fast approaching, Dubai is gearing up to host the largest event in its history, and the first World Expo in the Middle Eastern, African and South Asian region, bringing together 190 nations to connect, collaborate and build a brighter future.
It is important to note that the scale of Expo 2020 is so much more than just a business event or trade fair. More often than not, world expos are organised as large-scale platforms for education and progress which attract all types of visitors from around the world.
After China, India is the UAE's second largest trading partner, with the two countries having a strong historical relationship by virtue of the two countries' strategic locations along global maritime trade routes. A total of 38,238 Indian companies were registered with Dubai Chamber in the first half of 2018, a 38 per cent increase from the 27,717 registered in 2015.
With a fast-growing population, rising middle class and consumer base of 1.2 billion, there is plenty of room for Dubai-based companies to boost exports to India to meet the growing demand for products. To facilitate an expansion in trade, Dubai Chamber opened an office in Mumbai in 2018. We are looking at other locations in India that can complement Dubai's economy and business community.