Dubai, UAE –– Expo 2020 Dubai and its legacy are expected to contribute AED154.9 billion ($42.2 billion) of gross value added (GVA) to the UAE’s economy from 2013 to 2042, a report has said.
The Expo is also expected to support approximately 1,039,000 full-time equivalent (FTE) job years, equal to more than 35,000 FTE jobs per annum in the UAE over the same period, the report by Ernst and Young said.
The sectors contributing most to GVA – a measure of economic productivity – are events organization and business services (AED75.5 billion), construction (AED31.9 billion) and restaurants and hotels (AED23.1 billion).
Also read: 76.5% of firms in Dubai recorded growth during Expo 2020: Report
Over six months, Expo 2020 Dubai brought together over 192 participating nations, including multilateral organizations and academic institutions, and millions of visitors under the event’s theme, ‘Connecting Minds, Creating the Future’, to exchange new ideas and perspectives, inspire meaningful change and create a brighter future for all.
The global event that opened in October 2021 made history as the first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region and the first to be hosted by an Arab nation.
EY had forecasted that the event would contribute 1.5 percent of the UAE’s GDP.
The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13 percent, while the lion’s share of economic benefits – 62 percent – will be felt in the legacy phase through to 2042.
UAE hotels raised $408 million in revenue between December 15 and the end of January 2022, with Expo 2020 Dubai and the second World’s Coolest Winter campaign serving as important catalysts.
Legacy considerations were at the forefront of planning from the outset, and Expo City Dubai repurposes more than 80 percent of the infrastructure built for the event.
Reem Al Hashimy, Minister of State for International Cooperation and CEO, Expo City Dubai Authority, said, “One year since we closed our doors, this 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.”
Rob Moody, Partner – Transactions & Corporate Finance, 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.”