Jan 29 2014

Official says Dubai private sector firms can help with USD8.8 bn cost of Expo2020

Good news for CEOs out there - Dubai is looking to the private sector to help with the infrastructure and development push towards Expo 2020.
Dubai will require about $8.8 billion (Dhs32 billion) to both host the event and develop all of the facilities necessary for it.

And while a "significant amount" of the funding will come from the government, says Helal Saeed Al Marri, director-general at Dubai Tourism and Commerce Marketing (DTCM), the private sector will have a crucial role to play too.

Speaking at the Destination Dubai 2020 conference, Al Marri said preparation for Expo 2020 involved two main areas - construction of the Jebel Ali site itself and the continued expansion of Dubai.

"The Expo site requires significant infrastructure and development, and the team is working on designs for this," said Al Marri. "This will be very project based. "The other side is city readiness. The event will require significant development around the city." That's welcome news to Dubai Chamber of Commerce CEO and President Hamad Buamim, the man who represents Dubai's private sector.

Earlier this week, Buamim spoke of how he was pleased to see Dubai's government implementing more and more of "the new model" of Public Private Partnership (PPP) projects in developments.

Examples of PPP projects in Dubai include the Dubai Metro and the Sheikh Mohammed bin Rashid Al Maktoum Solar Park. "I'd like to see more and more infrastructure spends based on this model - whether that be the metro or more utility companies,"

Buamim said. Al Marri also highlighted that doubling the number of hotel rooms was a key part of preparing the city to handle the 25 million visitors expected to attend the Expo event. This will include a number of "good quality" three-star and four-star hotels, he said. Dubai currently has more than 600 hotels.

It is estimated that 70 per cent of Expo visitors will come from outside the UAE.

© 7Days 2014

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