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|15 April, 2019

Expo 2020 Dubai expected to contribute to UAE economy from 2013-2031: EY

Expo to support up to 905,200 job-years in 2013-2031, EY economic impact study shows

  • Expo to support up to 905,200 job-years in 2013-2031, EY economic impact study shows
  • Six months of World Expo to contribute approximately 1.5 percent of UAE annual GDP

Dubai: Expo 2020 Dubai and its legacy are expected to contribute AED122.6 billion of gross value added (GVA) to the UAE’s economy from 2013–31, according to the EY report, ‘The economic impact of Expo 2020 Dubai’.

The report states that Expo 2020 is also expected to support up to 905,200 full-time equivalent (FTE) job-years in the UAE from 2013–31, which is equal to approximately 49,700 FTE jobs per annum in the UAE over this period.

Najeeb Mohammed Al-Ali, Executive Director of the Dubai Expo 2020 Bureau, says: “This independent report demonstrates that Expo 2020 Dubai is a critical long-term investment in the future of the UAE, which will contribute more than 120 billion dirhams to the economy between 2013 and 2031.”

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“Not only will the event encourage millions around the world to visit the UAE in 2020, it will also stimulate travel and tourism and support economic diversification for years after the Expo, leaving a sustainable economic legacy that will help to ensure the UAE remains a leading destination for business, leisure and investment.”   

Matthew Benson, Partner, Transaction Advisory Services, MENA, EY, says: “Expo 2020 is an exciting long-term investment for the UAE, and is expected to have a significant impact on the economy and how jobs are created directly and indirectly. As the host, Dubai aims to use the event to further enhance its international profile and reputation. The event will celebrate innovation, promote progress and foster cooperation, and entertain and educate global audiences.”

Expo 2020 Dubai is expected to attract 25 million visits and participants from 190 countries from October 2020 to April 2021. During this period, the World Expo is expected to contribute approximately 1.5% of the UAE’s annual forecast gross domestic product (GDP).

In addition, small and medium-sized enterprises (SMEs) are estimated to receive AED 4.7 billion in investment during the pre-Expo phase, supporting approximately 12,600 job-years, while also supporting Expo 2020’s aim to foster innovation and support small businesses.

Jamie Torrens, Director, Economic Advisory, Transaction Advisory Services, EY, says:

“Across the period of our study, spanning the Pre-Expo, During-Expo and Legacy phases between 2013 and 2031, Expo 2020 is expected to support billions of dirhams of Gross Value Added (GVA) and thousands of jobs in the UAE. Although the Expo event lasts less than a year, the positive economic impact continues far beyond the event.”

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).

District 2020 has been planned to support the UAE’s future vision by supporting sustainable economic development, moving toward an innovation-driven economy and creating a business environment to help support key growth industries such as logistics and transport, travel and tourism, construction and real estate and education.

Over 80% 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 meters. District 2020 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 economic impact of Expo 2020 Dubai’ report by EY 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 the first World Expo to take place in the Middle East, Africa and South Asia (MEASA) region in the 168-year history of the event. More than 200 participants, including countries, corporations, multinational organizations and educational institutions, will gather in Dubai from October 2020 to April 2021 to explore Expo 2020’s theme of ‘Connecting Minds, Creating the Future’.

Definitions:
Contribution to GDP: Gross Value Added (GVA) of goods and services produced in an area, industry or sector of the economy
Job-years: Defined as full-time employment for one person for one year
Investment: Estimated total Expo-related capital expenditure

-Ends-

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The MENA practice of EY has been operating in the region since 1923. For over 90 years, we have grown to over 7,500 people united across 21 offices and 16 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region.

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About Expo 2020 Dubai

Expo 2020 Dubai is guided by the belief that innovation and progress are the result of people and ideas combining in new ways. For six months from 20 October, 2020, Expo will bring together 190 countries and millions of people to celebrate human ingenuity: ‘Connecting Minds, Creating the Future’.

  • During the six months from 20 October, 2020 to 10 April, 2021, we expect to welcome 25 million visits
  • About 70 per cent of all visitors are anticipated to come from outside the UAE – the largest proportion of international visitors in Expo history
  • We aim to create and deliver an inclusive and global Expo with more than 200 participants, including nations, multilateral organisations, businesses and educational institutions
  • Expo 2020 also has an ambitious volunteer programme, which aims to include more than 30,000 volunteers from a wide range of ages, nationalities, cultures and backgrounds
  • The Expo site covers a total of 4.38 sqkm, including a 2 sqkm gated area. It is located adjacent to Al Maktoum International Airport in Dubai South
  • Expo 2020 Dubai is the first World Expo to take place in the MEASA (Middle East, Africa and South Asia) region

Visit: www.expo2020dubai.com 

Follow: Twitter: @expo2020dubai | Facebook: @Expo2020Dubai | Instagram: expo2020dubai

About World Expos

In 1851 the Crystal Palace was the centrepiece of London’s Great Exhibition – the first World Expo. It celebrated the man-made industrial wonders of a rapidly changing world. Architecture, contents and a theme, ‘Industry of All Nations’, were combined to create a big idea of nations meeting nations in shared technological and commercial progress. In more recent years, participants in World Expos, including governments, international organisations and companies, have gathered to find solutions to universal challenges and to promote their achievements, products, ideas, innovations, their national brand, and their nations as destinations for tourism, trade and investment.

World Expos are held under the auspices of the Bureau International des Expositions (BIE), the intergovernmental organisation responsible for overseeing and regulating international exhibitions (‘Expos’) and for fostering their core values of Education, Innovation and Cooperation. Today, four types of Expos are organised under the BIE’s auspices: World Expos, Specialised Expos, Horticultural Expos and the Triennale di Milano.

Sarah Afifi                                                                               
MENA Public Relations                                                           
+971 4 332 4000                                                                     
Sarah.Afifi@ae.ey.com                                                            

Ewan Abbasi
MENA Public Relations
+971 4 332 4000
ewan.abbasi@ae.ey.com   

© Press Release 2019

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