After facing several challenges led by recent pandemic, UAE is now on its way towards globalization and innovation. Dubai has always been a heart for UAE anatomy and has contributed a lot in empowering infrastructure, travel, tourism, trading, and various other sectors of UAE economy. Dubai Expo is a platform that perfectly caters to rising business opportunities and cutting-edge technologies by inviting several corporate giants and industry experts from different corners of the world. The Dubai Expo 2020 was postponed due to pandemic but the opening ceremony was recently witnessed by millions of people on 1st Oct, 2021 and organizers decided to name it Dubai Expo 2020.
After the pandemic crisis, this largest global event has attracted more than 3 million people in its first month and will continue till March 2022. Just because you can’t experience this wonderful and giant event in one day, organizers have decided to make it large with more than 200 pavilions, food avenues and live performances that will keep people enthralled for next three months.
What are the impact of Dubai Expo 2020-
This blog will evaluate and discuss the impact of Dubai Expo 2020 on upcoming possibilities for UAE’s SME landscape and how UAE is anticipating transformational changes for its growing economy.
A World of Opportunities for SMEs-
Corporate giants including Emaar, Nakheel, Meraas and many more are indulged into developing large scale projects in entire UAE that will offer various job opportunities for people of UAE. The projects include expansion of new forecourts at Maktoum International Airport, expansion of Metro lines in Dubai, and development of Dubai Expo sites at various places. The event will produce more than 300000 direct jobs and almost 1 million indirect job opportunities for people. SMEs in UAE will be exposed to umpteen opportunities where they can:
- Focus on business development
- Boost relationships with customers
- Possess required business resources
- Create competitive edge for themselves and
- Generate their brand value in the best possible way.
With an expected windfall of $30 billion in value-add, the Dubai Expo 2020 is expected to transform entire UAE economy including various different sectors. SMEs will soon have endless opportunities to leverage such grand event for their futuristic development aspects and growth-related forecasts.
Attracting Foreign Investments (FDIs)
For the time in the history of Dubai Expo, the event has been hosted in MENA (Middle East & North Africa) region and this will certainly open up several gateways for SMEs to explore ample opportunities with showering foreign investments for almost every sector. Moreover, the event is expected to bring $100 billion to $150 billion in Foreign Direct Investments (FDIs) across several sectors including financial services, tourism, hospitality, real estate, and medical sector.
The Dubai Expo 2020 will have increased focus on mobility, opportunity, and sustainability and the event has a target to obtain 50% of its energy requirements from renewable energy. Entrepreneurs and business owners will have several opportunities to leverage the greener landscape of UAE’s economic infrastructure. Despite negative impact of pandemic on FDIs, UAE has managed to maintain high investor confidence in 2020.
Benefits for Tourism & Infrastructure-
Out of 25 million visitors that witness Dubai Expo 2020, almost 70% of them are from overseas. This is a straight signal for tourism and hospitality industry to make better and long-lasting relations with them and express their grandeur welcome for a better tomorrow. Dubai has been a favorite spot for worldwide visitors because of its top-notch infrastructural value and this will certainly get new heights when visitors from different corners of the world will experience the comfort and class that Sheikhs have ever enjoyed. The transportation sector will also have a chance to depict their astuteness by anticipating several desired changes to welcome these foreign investors and visitors.
Availability of Enhanced Resources in Dubai Expo 2020
This is a quite understood fact that a country that attracts more Foreign direct investments has better and enhanced chances of bringing economic boost to the region. The SMEs that are looking for inward investments can boost their business activities with enhanced investments in different sectors of UAE. Dubai has always been a hotspot for foreign investors because of its world-class infrastructure and amenities and the government has also taken major legislative steps to promote Dubai for international investments.
In addition, foreign investors have always considered UAE as an ideal access point to reach regional markets and because UAE is a gateway between East and West, investors also have an opportunity to gain access to more than 1.8 billion consumers in MENA, Pakistan, and countries like India.
Increased Job Opportunities during Dubai Expo
As mentioned above, Dubai Expo is expected to raise more than 300000 new jobs in the entire UAE. The target is to generate 905200 jobs between 2013 to 2030. SMEs as well as other businesses can attract entirely new talent pool and this will have a significant impact on a wider region. This grand event has awarded 4500 contracts and more than half of which have been won by SMEs.
Moreover, Entrepreneurs, startups, small-scale businesses can leverage government’s strategic partnership with Dubai SME and Mohammad-Bin-Rashid Innovation Fund to facilitate expansion through District 2020 platform.
The Expo has certainly opened ample business opportunities for SMEs across the world to come in UAE and establish their business with government’s helping hand to SMEs growth and offering flexible regulatory frameworks to establish their businesses. The UAE government is fully dedicated to back initiatives to benefit SMEs in multiple ways. The District 2020 partnership will further facilitate businesses to adopt sustainable business solutions along with developing a supportive ecosystem for transport, tourism, and construction industry. This will subsequently transform various sectors that have been struggling a lot due to shortage of funds and lack of skilled and trained human resources.
The event is expected to attract 25 million visits where startups and SMEs will enjoy seamless exposure to potential investors, partners, and collaborators. SMEs will have great opportunity to leverage these investments and enhance their networking skills with people who are open and willing to engage with them.