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UAE Freezones Biz News Updates
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Majority of UAE residents expect Expo 2020 to have positive impact
economy, jobs
Tourism, hospitality and real estate are the sectors to benefit most
A majority of UAE residents expect Expo 2020 to positively impact their
lives ahead of the event and after the event, according to a recent survey
of more than 1,000 residents by strategic research company, Insight
Discovery.
A majority (95 per cent) of the respondents are interested in the Expo, out
of which 62 per cent expressed strong interest. Eighty-eight per cent said
it will impact their lives positively.
“We believe that this survey is the first research of its kind to examine
what UAE residents think about the Expo, how they relate to the event and
its numerous implications. The survey confirms that there is a huge interest
in the event, but identifies a number of aspects that are of concern to the
country’s residents. The survey examines why Dubai Expo 2020 is unlike
previous World Expos, and why it is a high stake event for Dubai and the
UAE,” said Nigel Sillitoe, CEO of Insight Discovery.
Respondents in the survey were asked to identify the sectors which would
most likely be the beneficiaries of Dubai Expo 2020. Sectors which received
favourable mention included advertising/media/communications, financial
services, real estate, retail, telecoms, and tourism/hospitality.
It was widely believed that real estate and tourism will most likely be the
major beneficiaries of Dubai Expo 2020. However, 40 per cent of respondents
also identified the financial services sector to be another leading
beneficiary in the coming years.
“At CBD we are very optimistic about the positive impetus for the UAE
economy that Dubai Expo 2020 will bring — before, during and after the
actual event. In anticipation of the development of the UAE economy and
financial system, we have already identified several exciting new
initiatives which include new hotels, tourism projects and retail
expansion,” said Peter Baltussen, CEO of Commercial Bank of Dubai (CBD)
Favourable outlook
More than 60 per cent of respondents had a favourable outlook for tourism
growth in the years (2018-20) closer to Dubai Expo 2020, in comparison to
the earlier period (2016-18) where tourism were predicted to grow by 33 per
cent to 40 per cent.
“Dubai has successfully positioned itself as an international business hub
and a gateway to markets across the MEASA region, and we believe that Expo
2020 will showcase this to the world. The Expo will undoubtedly have a
positive impact as an economic catalyst that will create a long-term boost
to local and regional economies in key business sectors such as finance,
logistics and tourism,” said Jeff Singer, CEO of DIFC Authority.
In the survey, 73 per cent of the respondents believe that the UAE’s
financial services sector will cope easily with the opportunities but
challenges may arise.
On the other hand, 57 per cent of those surveyed think that the impact of
the event on local banks will only be moderate, given that three quarters of
the 25 million visitors to Dubai Expo 2020 will come from outside the UAE.
In terms of employment opportunities in the UAE, 57 per cent of the
respondents think that the EXPO 2020 will lead to a positive impact with
more job creation and new businesses.
Meanwhile, 91 per cent strongly believe that EXPO 2020 will lead to a rise
in the general cost of living. Interestingly, 16 per cent doubt whether the
event will be delivering benefits after it is over.
March 30, 2014
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Courtesy Al Nisr Publishing LLC
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