Today, exhibits are recognized as major drivers of national economic development, with a 10x effect on company profits, in addition to contributing to trade and investment results, innovation, job creation, and local and international visits. Today's B2B information industry is drastically different. People were speculating 15 years ago if the end of face-to-face communication was on the horizon. However, today's demand for the value of face-to-face exhibits has skyrocketed, resulting in excellent outcomes for businesses and assisting in the expansion of operations across different countries.
Trade shows, expos, and even passion events are all terms used to describe exhibitions, which are a part of the business event sector. Business events are well-known as significant economic drivers in the United States, contributing to trade and investment, innovation, job creation, and tourism.
Their usefulness extends well beyond the event's industrial area - for both small and large businesses. These events contribute significantly to Australia's economic success through increasing the tourist economy (such as transportation, hotels, shopping, and restaurants), supporting small company growth by linking buyers and sellers, and knowledge exchange leading to innovation.
If international experts' predictions come true, EXPO 2020 in Dubai will bring a whopping 25 million more tourists to the United Arab Emirates. That in itself is a solid sign of EXPO 2020's enormous potential to have a major economic impact and to provide a stimulus for future growth and strengthening of the Emirate's and country's economies in general.
Dubai 2020 is historically significant for both the emirate and the United Arab Emirates as a whole. The six-month exhibition is the Gulf Coast region's and the Middle East and North Africa (MENA) region's first large-scale international event. No prior international event has had the same impact as the World Expo.
Impact on the UAE Economy
Many existing renovation and expansion projects in the commercial and governmental sectors have been accelerated in anticipation of this high-caliber show. The impact on tourism infrastructure is already evident, with new hotel developments nearing completion to accommodate the massive inflow of new visitors. As a direct outcome of the Expo, the hotel industry will be one of the most important areas for employment generation.
The thriving Real Estate Area is another sector that is likely to witness significant growth. New customers who have traveled to the UAE to view the Expo are expected to be interested in this industry. The UAE's general socio-political stability, along with its world-class contemporary infrastructure, makes it a desirable destination.
Expansion of International Trade relationships in the UAE
EXPO 2020 in Dubai will be a pivotal point in international relations history. Markets in many nations will be opened to newcomers. To begin with, strong trade linkages to Asian and African markets would be established, enabling greater re-export and export volumes.
To appreciate the influence a world expo may have on the host city's commercial scene, one just has to look at Expo 2010, which was held in Shanghai. Shanghai Expo 2010 was a huge success, with over 70 million people. It also changed the city, causing an infrastructural boom and boosting the tourist and hotel industries.
Economic Growth in the UAE due to Expo 2020
Expo 2020 in Dubai is intended to be a catalyst for economic development. According to a statement from the Expo 2020 Executive Body, Dubai 2020 is expected to boost the country's total GDP by AED89 billion ($24.2 billion) through different economic activities across a variety of industries.
Foreign investment possibilities, economic diversification, job creation, tourism and hospitality, real estate, and significant attractions are among the primary advantages of Dubai 2020. (both present and emerging). The allure of a world exhibition alone is projected to bring in between $100 and $150 billion in foreign investment in Dubai and across the UAE.
While the long-term benefits are yet to be proven, past world expo host countries have had a good track record. Economic transformation is already evident in Dubai, where infrastructural developments are flourishing and business demand is increasing.
The gravity of an international exhibition is making Dubai more appealing to foreign investors and long-term commercial development once again in the post-Covid-19 era. Dubai 2020 is bringing new economic opportunities to a variety of sectors and businesses in Dubai, and the ripple effect is being seen across the UAE.
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