Expo 2020 Dubai and its legacy are expected to contribute Dh154.9 billion ($42.2 billion) in gross value added (GVA) to the UAE economy from 2013 to 2042, according to a report by consultancy EY.
The Expo, which welcomed 24.1 million visits during its six-month run from October 2021, is also expected to support more than a million full-time equivalent (FTE) job years, equal to more than 35,000 FTE jobs per annum in the UAE over the same period, the London-based consultancy said.
The sectors contributing most to GVA — a measure of economic productivity — are events and business services (Dh75.5 billion), followed by construction (Dh31.9 billion) and restaurants and hotels (Dh23.1 billion), the report said.
The pre-event phase contributed about a quarter of GVA while the event itself added about 13 per cent.
The lion’s share of economic benefits — 62 per cent — will be felt in the legacy phase through to 2042, according to EY.
“From the outset, we were committed to hosting a World Expo that would achieve long-lasting economic, social and environmental benefits for the UAE, the region and the world, with positive impacts extending well beyond the six months of the event,” said Reem Al Hashimy, Minister of State for International Co-operation and chief executive of Expo City Dubai Authority.
“Despite the challenges of a global pandemic, we have delivered on that promise.”
Expo 2020 Dubai hastened the recovery of the UAE’s tourism, aviation and hospitality sectors from the coronavirus-induced slowdown, aided by the country’s effective management of the pandemic and the easing of travel restrictions.
Leisure and business travel, hotel occupancy rates, room revenue and footfall at shopping malls improved because of the influx of tourists drawn to the six-month mega event, analysts said.
Emirates airline registered healthy seat load factors and strong travel demand to the emirate across its network during the Expo, Sheikh Ahmed bin Saeed, Emirates group chairman and chief executive, told The National last year.
“One year since we closed our doors, this [EY] report confirms that Expo 2020 Dubai was a triumph — a milestone event that is substantially boosting our nation’s economy, and whose ripple effects are continuing to enhance our city’s international profile, driving new business growth and attracting globally significant events such as the UN Climate Change Conference of Parties [Cop28], which our legacy city, Expo City Dubai, is proud to host in November 2023,” Ms Al Hashimy said.
Legacy considerations were at the forefront of planning from the outset, and Expo City Dubai repurposed more than 80 per cent of the infrastructure built for the six months of the event, according to EY.
The venue forms an integral part of the Dubai 2040 Urban Master Plan.
Expo City Dubai launched the first phase of residential developments — including villas, townhouses and apartments — for sale earlier this month. Prices start from Dh1.2 million.
Construction on the site in Dubai South has begun, with plans to complete the first phase of villas and apartments by January 2026.
“As the first World Expo to be held in the Middle East, Africa and the South Asia region, Expo 2020 Dubai has yielded substantial and wide-ranging long-term economic, social and environmental benefits for the UAE and communities around the world,” Rob Moody, partner responsible for transactions and corporate finance at EY, said.
“Expo City Dubai is forecast to deliver additional growth and development and is set to support the more immediate strategic priorities and the wider future ambitions identified by the UAE.”
Research has shown that Expo 2020 Dubai also supported progress on a global scale, with the 192 participating countries reporting benefits in terms of trade and business partnerships, nation branding and cultural understanding, as well as international diplomacy and co-operation, according to EY.
Road to Cop28 launch event at Expo City Dubai — in pictures
The legacy of the 182-day event is set to continue, creating new opportunities for growth in the years to come, Dimitri Kerkentzes, secretary general of the Bureau International des Expositions (BIS), the organiser of the world's fair, said.
An Expo 2020 Dubai closing report, which covers the decision to submit a bid to host the event through to its design, construction and operations, as well as its highlights, achievements, impact and legacy, was submitted to the BIS earlier this month.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
UAE currency: the story behind the money in your pockets
more from Janine di Giovanni
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UAE currency: the story behind the money in your pockets
Upcoming games
SUNDAY
Brighton and Hove Albion v Southampton (5.30pm)
Leicester City v Everton (8pm)
MONDAY
Burnley v Newcastle United (midnight)
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
MORE ON THE US DEMOCRATIC PRIMARIES
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The%20Iron%20Claw
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Sean%20Durkin%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Zac%20Efron%2C%20Jeremy%20Allen%20White%2C%20Harris%20Dickinson%2C%20Maura%20Tierney%2C%20Holt%20McCallany%2C%20Lily%20James%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Kibsons%20Cares
%3Cp%3E%3Cstrong%3ERecycling%3Cbr%3E%3C%2Fstrong%3EAny%20time%20you%20receive%20a%20Kibsons%20order%2C%20you%20can%20return%20your%20cardboard%20box%20to%20the%20drivers.%20They%E2%80%99ll%20be%20happy%20to%20take%20it%20off%20your%20hands%20and%20ensure%20it%20gets%20reused%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKind%20to%20health%20and%20planet%3C%2Fstrong%3E%3Cbr%3ESolar%20%E2%80%93%2025-50%25%20of%20electricity%20saved%3Cbr%3EWater%20%E2%80%93%2075%25%20of%20water%20reused%3Cbr%3EBiofuel%20%E2%80%93%20Kibsons%20fleet%20to%20get%2020%25%20more%20mileage%20per%20litre%20with%20biofuel%20additives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESustainable%20grocery%20shopping%3C%2Fstrong%3E%3Cbr%3ENo%20antibiotics%3Cbr%3ENo%20added%20hormones%3Cbr%3ENo%20GMO%3Cbr%3ENo%20preservatives%3Cbr%3EMSG%20free%3Cbr%3E100%25%20natural%3C%2Fp%3E%0A
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
More on animal trafficking
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
