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The expected impact of Dubai Expo 2020 on the UAE economy

The global center stage belongs to Dubai and the UAE for the next few months, throughout the duration of Expo 2020 Dubai, termed as one of the biggest global events ever by many. This universal extravaganza of technology, business, connectivity, and showbiz already got underway in a spectacular style and is expected to bring millions of visitors from all over the world over the next few months. The Expo 2020 Dubai will further cement the UAE’s place as a key global player in a number of fields, showcasing its strengths to the world and attracting not just tourists but business investments as well. It is no exaggeration to say that the Dubai Expo will have a telling effect on real estate, tourism, investment, construction, and many other sectors of the UAE economy. Surprised? Don’t be. Here are some statistics (from Arab News) that prove just that. Expo 2020 Dubai will boost the UAE’s economic activity by a whopping USD 33.4 billion It will support no fewer than 905,200 full-time equivalent job-years The economic activity during Expo 2020 Dubai (October 2021 to March 2022) is expected to equal 1.5% of UAE’s total GDP Restaurants and Hotels spending will increase by USD 3.1 billion Spending in the SME sector will go up by USD 1.3 billion Event organization and business services are expected to see a growth of USD 18.8 billion The construction sector is likely to see an impressive growth of USD 7.35 billion The message from economic pundits is loud and clear. In particular, the tourism and construction industry will receive a shot in the arm, thanks to Dubai Expo. The authorities believe, and not without reason, that Expo will boost Dubai’s attractiveness as a prime destination for not only tourists but also expatriate workers. Besides targeting 25 million visits to this global event itself, experts believe Dubai will see around 23 million tourist arrivals by 2025. To put things into perspective, Dubai recorded 16.7 million visits in 2019, so we are talking of an increase of roughly 33% in six years. This massive, expected inflow of tourists has incited the DTCM (which stands for the Department of Tourism and Commerce Marketing) to prepare a large number of events and attractions that will surely wow visitors and keep their families entertained. Now, let’s see what the Expo’s impact will be on a couple of important sectors. Real Estate: Since the announcement of Expo 2020, government-led projects have increased significantly in Dubai. Smart cities, improved infrastructure, and the District Expo 2020 will all transform the real estate sector for the better. On another hand, property sales and rental prices have already increased in the second half of 2021 and this was mainly due to an rise in demand by residents, investors and short-term visitors. After this event, real estate prices are expected to stabilize. For this purpose, authorities have come up with a detailed plan. So, even after the hundreds of thousands of tourists have left, the real estate market is likely to continue to grow and be able to avoid market fluctuations. Investment: Did you know that Dubai has invested 8 billion USD in the 2020 Expo? While this is not a meager sum by any stretch of imagination, when compared to the potential revenues from the event, it does look small. Experts have forecasted that direct revenues from Expo 2020 will easily reach 16 billion USD. Also, by the end of 2031, Dubai Expo 2020 is expected to contribute a whopping 33 billion USD to the UAE’s economy. Other industries expected to move to the next level thanks to Dubai Expo 2020 include conferences and exhibitions, transportation, communications, storage and of course hospitality. After Expo 2020 — What to Expect? The District 2020 (which is also referred as the Expo site) is all set to become an important hot spot for economic growth. Because this region has affordable housing, it will go on to become the nerve center for tourism and exhibitions. The Dubai Expo 2020 will make the city one of the most attractive places to visit and live, boosting the country’s overall attractiveness. So, while the event itself is for just six months, it will continue to have a positive effect on the UAE’s economy for many years to come.

Dubai’s post-pandemic properties rental market trends

The UAE is one of the few countries that have managed coronavirus well. Thanks to the great success of the UAE’s vaccination drive, the Covid-19 cases in the country are presently at the lowest in the last one year. This, coupled with the fact that Dubai Expo 2020 — touted by many as the biggest global event ever — is currently underway, has pushed the rental market upwards. All experts are unanimous in their opinion that the buildup to this global event has been spectacularly good for the UAE’s economy. Plus, they believe the positive regulations adopted by the government have helped spur business growth in the region. At present, the demand for certain class of real estate properties is very high, so much so that it exceeds the supply. As a result of this, rentals prices as well as real estate prices have gone up. This is particularly true for areas which are close to the mega event. All prominent residential areas near Expo 2020 have seen a remarkable surge in rental demand. These include, among others, the following: Jumeirah Village Circle Dubai South Dubai Investments Park Al Furjan Jebel Ali Dubai Production City Dubai Motor City Dubai Sports City As expected, Dubai Expo 2020 has drawn visitors in large numbers. According to many sources, during this month, Dubai will see no fewer than 25 million visits, which is not a small number by any means. Many of these visitors want to live in close proximity to Expo 2020, and this has resulted in an exponential increase in the demand for rental properties in all the aforementioned areas. Compared to this time last year, the buzz in Dubai is completely different now. Much of that is due to the re-opening of schools, resumption of most flight routes, re-opening of offices, and restaurants and malls at increased occupancy. Of course, it goes without saying that the successful inauguration of Expo in October 2021 has helped too. The successful transition to normalcy with comprehensive public safety and health measures in place has heralded the end of the coronavirus-related restrictions in the country and pushed the real estate industry’s recovery. Here are some important post-pandemic property rental statistics: The 3rd quarter of 2021 witnessed an upward trend in the real estate market. The affordable housing registered an increase of 14% whereas the luxury housing surged by an impressive 30%. Economists are of the opinion that the fourth quarter will be no different, perhaps even better. The reason for this optimism is obviously the commencement of Dubai Expo 2020. Dubai Expo 2020 recorded over 411,000 visitors in the first 10 days. Before the event ends, experts believe near to 25 million people will visit Dubai and the UAE. From these impressive figures, one can easily ascertain that areas in close proximity to the Expo site will be in high demand during October 2021 to March 2022. Both the rental demand and rental prices will grow in such places. Residential rents in Dubai will continue to improve in 2022, but the rental recovery, in all probability, will be segmented. Segments that are likely to see the most growth are prime apartment locations and villa districts. On the other hand outer apartment districts and most affordable districts might see slower stabilization rates. The apartment rates increased by 3% on average during April, May, and June 2021. In contrast, villa rates increased by 8% during the same period. With many tenants still preferring to work from home, there’s a greater demand for rental units that offer better amenities and greater private space. Similar trends are visible in popular localities like JBR and Dubai Marina. However, villa developments like Victory Heights and Arabian Ranches posted much better improvements both annually and quarterly. How tenants are paying has also changed. Tenants prefer to pay in more cheques instead of one or two payments that was the trend some time back. Most tenants are going for rental renewals, which indicates that renters don’t mind an increase in their rent as much as the moving costs and the hassle linked to it. For sure, Dubai Expo 2020 has boosted the rental market. However, as to the question whether this is a long-term effect or not, that is something only time will tell.

The top Expo 2020 attractions you don’t want to miss

If there was any doubt before, by now it should be clear to all that Dubai likes to do things bigger, bolder, and better. If the marvelous opening ceremony is any indication, the Dubai World Expo 2020 is likely to be one of the best global events ever. With that said, here are several major Expo 2020 attractions you wouldn’t want to miss: 1. Al Wasl Dubbed as the beating heart of Expo 2020, Al Wasl Plaza is probably the biggest attraction of this truly global event. At roughly 130 meters wide with a colossus dome which is almost 67 meters tall, Al Wasl is not an ordinary building. As a matter of fact, the dome doubles up as a 360-degree projection surface. That said, it’s not just the exterior of Al Wasl that’s amazing — it offers you six marvelous shows, five of which are scheduled to run daily. Here are some Al Wasl Plaza shows that you wouldn’t want to miss for anything in the world: Global Awakening: As you walk leisurely through the Al Wasl Plaza’s garden early morning, you will hear the sounds of the Earth coming slowly back to life. This is the very first show of the day and it nicely sets the tone for what to expect throughout the day. Global Awakening is a show that everyone will be able to enjoy. National and Honor Day Ceremonies and Cultural Performances: Want to learn more about different cultures? Well, this is your opportunity. Grab it with both hands. With this event, all the participating countries — 192 in total — get a chance to showcase their traditions and culture to a global audience and celebrate their uniqueness. Expo Young Stars: You may have heard the saying: “Today’s Students are Tomorrow’s Future.” Well, 2020 Expo Dubai fully recognizes this age-old maxim. For this reason, Al Wasl Plaza has created this limited-time event in which students from different parts of the UAE will meet and share their stories, experiences, and dreams through dance and song — all choreographed, directed, and written by them. Come and be a part of their journey and we bet you will soon be rooting for your success as you watch their heart-moving performances. Music in the Gardens: Love music? If so, this is one event you wouldn’t want to miss. Daily from 3pm onward, musicians from all over the world will showcase their talents. There’s something to look forward to for all music lovers because the event features live music of all genres, such as classical, world fusion, pop and more. Awakening of Al Wasl: Tipped as many as the most mesmerizing events of all, Awakening of Al Wasl tells the story of humanity. Come to hear and watch the enchanting Arab tales, as well as tales from the natural world, the infinite cosmos, and our constant stride towards technological advancement. 2. Firdaus Orchestra Oscar-winning composer and music sensation A.R. Rahman has created an ensemble of 50 musicians — all of them women — from 23 Arab countries. The concert begins on 23rd October and aims to celebrate the culture, diversity, and artistic power of this part of the world. This all-women orchestra, composed of highly talented musicians, with Yasmina Sabbah as its conductor, wants to demonstrate how music is for everyone and accessible to everyone. The inaugural performance will also feature some of the top compositions of A.R. Rahman. 3. Women’s Pavilion Expo 2020 Dubai’s Women’s Pavilion shines a light on how women have contributed to the world. It also emphasizes that to achieve true global progress, sustainability and peace, this can only be done through the equal and full participation of women. The Pavilion brings together female architects to filmmakers and serves as a global platform for promoting gender balance. 4. AI-powered, multi-sensory food experience If you are a food enthusiast, you will enjoy the innovative culinary experience that Dubai Expo 2020 offers. Featuring more than 50 global cuisines, served at nearly 200 outlets across the site, the Expo will keep foodies busy and happy. Highlights include award-winning chefs, UAE’s most famous local eateries, and “Future of Food: Epochal Banquet.” Imagined by highly-talented UK design studio Bompass & Parr, Future of Food is a 3-course immersive dining experience exploring how AI will shape the future of dining.

Everything You Need to Know About Dubai’s Expo 2020

The wait is finally over as gates opened for the much-awaited Expo 2020, tipped by many as the biggest show on our planet. The event will host the world for 182 days (from 1 October 2021 to 31 March 2022). Here’s everything you may want to know about it. What to see There are many things to look for in an event of such a size and reputation. Every day there are roughly 60 events lined up. One of the main attractions is the UAE pavilion, which looks like a falcon in full flight. This structure, which sits at the center of the event area, tells how the UAE has emerged as an important global hub. Besides it, there are 190 pavilions from all corners of the world. Looking for an amazing culinary experience? You will not be left disappointed. The Expo reveals some of the world’s best chefs, including Matthew Kennye, Rohit Ghai and David Myers, across over 200 eateries. If you are interested in retail therapy, make sure you include World Souq in your itinerary. It features a wide range of enchanting items of ethically sourced craftsmanship from different countries. In the evening, the spaces and buildings will come alive with light installments and projections to create an enthralling world of beauty and wonder. Ticket Booking and Price Want to book a pass to join the Dubai Expo 2020? Well, booking a pass is simple, easy, and quick via the official website of the Expo. Plus, visitors get several booking options to choose from. You can book a daily, seasonal, or monthly pass. A seasonal pass, as the name suggests, is valid for the entire season (6 months). You can get a six-month season pass for AED 945. On the other hand, a monthly pass is valid for 30 or 31 days, depending on the month for which you buy it. For example, the ‘October Pass’ is valid for the whole month of October (that is, 31 days). This pass — which costs AED 195 — gives you a great chance to explore the event and enjoy many entertainments and immersive experiences for the whole of October. However, if you want to visit the Expo for one day only, you will be better off purchasing a one-day pass by paying AED 95. Entry for the following people is free: Kids and youth (6-17 years) Senior citizens (60+ years) Students (as long as they have a valid ID card from any recognized educational institution in the world) People of determination Because of the Covid-19 Pandemic, there are a few special considerations this year that you must keep in mind: Entry is allowed only if you are fully vaccinated or have a negative PCR test Visitors must wear a mask Visitors must maintain social distancing The Dubai 2020 Expo is open from 10 am to 10 pm. How to get there Getting to the event couldn’t be simpler. You can get there by Metro, taxi, bus, or car. Expo 2020 has three main entrances, all of which are less than 25 minutes from Dubai Marina. The cost of a taxi ride from Dubai Marina is roughly AED 45. You can book a cab via the phone, but the easiest way is to use an app like Uber or Careem. If you want to book a ‘Hala’ ride — the most affordable taxi in Dubai—use the Careem app. Dubai Metro is a great option for budget travelers. Dubai is divided into seven traveling zones, each with its own Metro stations, tram stations, and bus stations. The cost of traveling via Metro depends on the number of zones you pass through but is usually much lower than taking a cab. Dubai Metro is free for Children below 5 years. Expo Rider — a dedicated public bus — can also take you to the Expo 2020 site, and that too free of cost if you are an Expo visitor. You can catch the bus from a number of different locations in Dubai. The Expo site is well connected with all major roads in Dubai. So, if you want to drive yourself to the site, that’s easy and quick as well.

The expected impact of Dubai Expo 2020 on the UAE economy

Dubai’s post-pandemic properties rental market trends

The top Expo 2020 attractions you don’t want to miss

Everything You Need to Know About Dubai’s Expo 2020

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