The six-month long event is expected to support approximately 49,700 jobs per annum between 2013-2031
Expo 2020 Dubai and its legacy are expected to contribute Dhs122.6bn of gross value added (GVA) to the UAE’s economy from 2013–2031, according to a new report by consultancy EY.
The six-month long event is also expected to support up to 905,200 full-time equivalent (FTE) job-years – which is equal to approximately 49,700 FTE jobs per annum between 2013-2031.
The report, The economic impact of Expo 2020 Dubai considered ‘direct’ increases in economic activity, ‘indirect’ benefits of increased supply chain demand and ‘induced’ benefits from increased spending by employees of firms involved in Expo 2020.
Expo 2020 Dubai is expected to attract 25 million visits and participants from 190 countries from October 2020 to April 2021.
During this period, it is expected to contribute approximately 1.5 per cent of the UAE’s annual forecast gross domestic product (GDP), the EY report stated.
Small and medium-sized enterprises (SMEs) are also estimated to receive Dhs4.7bn in investment during the pre-expo phase, supporting approximately 12,600 job-years.
In the legacy period (May 2021 to December 2031), the expo site is expected to be redeveloped to District 2020, which is expected to include tenant companies and an expanded Dubai Exhibition Centre (DEC).
Over 80 per cent of the expo-built environment is planned to be retained for District 2020, and eventually expand into a city covering more than four million square metres.
District 2020 will support ‘sustainable economic development’, looking at an innovation-driven economy focussing on industries such as logistics and transport, travel and tourism, construction and real estate and education.
Companies will be focused on technology and innovation, including a mix of corporations and SMEs.
The DEC is also expected to be a key facility in the site.
“The economic impact of the legacy period is mainly expected to be driven by the development activity and operations of District 2020 and the incremental effects of the expansion of the DEC,” the report stated.
– gulfbusiness.com