Dubai had to wait months for Expo 2020 because of the effects of the COVID-19 pandemic. However, according to an independent study published by Ernst & Young, initial projections for 2019 indicated investments that would generate long-term returns of up to $33.3 billion and create 905,200 job opportunities.
Following a full year of deferment, the exhibition started selling tickets in July 2021, confirming that it is scheduled to begin in October. Some flights, such as those coming from India, are expected to be allowed by the UAE government before Expo 2020.
Dubai intends to open its doors to visitors and re-establish 90 percent of its operating capacity at its airports this year and hopes to reach 25m visitors from October 2021 to March 2022.
Dubai Economy and Expo 2020
The launch of the World Expo 2020 in Dubai is essential to that city’s economy.
In June 2020, Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum tweeted those 50,000 employees had built 192 pavilions and 30,000 volunteers were eager to help at the event, welcoming visitors to Expo 2020 with the phrase “Welcome to the world in Dubai.”
He also said that “the world will have a blueprint for major economic, developmental, and cultural trends for the post-COVID-19 era after the expo.”
Reservations began on October 1 for the Rove Expo 2020 hotel. The Department of Tourism and Commerce Marketing in Dubai announced that the “new visas” options such as golden residency, investor residency, and others were about to be made available. This development boosted the pent-up demand for luxury hotel apartments.
COVID-19 Travel
All workers and employees are required to receive a protective COVID-19 vaccine, but visitors will not be required to do so. Also, restrictions on international travel remain in the UAE.
UAE’s Minister of Foreign Affairs and International Cooperation Sheikh Khalifa bin Zayed Al Nahyan announced that citizens were not allowed to travel to countries such as India, Pakistan, Bangladesh, Nepal, Sri Lanka, Vietnam, Namibia, Zambia, Congo, Sierra Leone, Liberia, South Africa, and Nigeria which were on the travel ban list.
The United States raised its travel warning to the UAE to the fourth level this week due to the COVID-19 virus, which requires no travel, despite the UAE’s rapid vaccination campaigns.
Positive Perspective
Only months before the launch of Expo 2020, the Dubai Chamber of Commerce and Industry reiterated that Dubai’s economy was recovering.
The survey results showed that improved business prospects had been achieved in small and medium-sized enterprises that have been more optimistic about a local recovery than big businesses serving regional and global markets.
Required Alerts
Despite the general optimism, business leaders have said that their expectations were adversely affected, including debt collection, late payments, intense price competition, and a high cost of commodities.
They expect that the factors affecting business conditions have shown considerable improvements in Q3 2021 compared with the previous quarter in financial transactions.
For the third quarter, 57 percent of managers anticipated that oil prices would recover positively. In comparison, 62 percent expected that global restrictions on travel and trade would adversely affect the business environment in the third quarter.