One of the most talked about business events is Dubai Expo 2020 which as the name says will be hosted by Dubai from October 2020 to April 2021 and where people from all around the world will gather to share their ideas. Expos are the world’s third-largest non-commercial events. The first rank is of Olympics and second is of FIFA World cup. Dubai 2020 is the first expo which will be hosted by the Middle East, North Africa and South Asia and it is expected to attract 25 to 30 million people from around the globe of which 70% will be foreigners.
Dubai is considered as a paradise for foreign investors. The reason lies in its highly investor-friendly policies and world-class infrastructure. According to Deutsche Bank, further AED 158 billion will be required by the government to upgrade the infrastructure. The government of Dubai has invested US$24 billion for this event and it is forecasted that it will positively contribute to Dubai’s already flourishing economy to 1.5% points per year in GDP during 2014-2020 raising the annual growth rate to 5.5%.
The theme of Dubai expo 2020 is “connecting minds, creating the future”. This is true in the sense that strategic location of Dubai is ideal as it lies in between East and West. It provides the medium which connects both economies. Dubai Expo presents an ideal opportunity for entrepreneurs all around the world to utilize this opportunity, collaborate, come up with new ideas and make a better place.
Business Opportunities in Expo 2020:
Expo 2020 will open the door of opportunities for both large-scale sectors as well as for SMEs (Small and Medium Enterprises). The areas where it is expected to positively impact the most are as following,
One of the most profitable sectors is Real Estate which is growing rapidly in Dubai. Because of Expo 2020, people coming from abroad will look forward to purchase properties in Dubai. A great option for foreign investors will also be buying areas for business in Dubai Free Zones to obtain benefits like complete ownership and no tax.
The construction industry is booming these days in Dubai. The government has already invested in the advanced technologies to be used in this sector. They are collaborating with international dealers for the import and export of raw material. Furthermore, these projects will require human resource, architects and engineers and people having skills in these areas will have great opportunity to come and join these businesses.
The construction industry in Dubai
Oil and Gas:
This is the zone which is usually operated by Arabs. Since the theme of Dubai Expo revolves around interconnection, potential investors have opportunities to introduce advanced technologies for the development in this area.
Dubai has introduced tax-free zones which are near to airport and seaports that were primarily established to promote trade. Dubai’s strategic location presents great trade opportunity for Eastern and Western industries for the import and export of construction material, furniture, garments etc.
The current population of Dubai is 2.7 million from which expatriates are more than 70%. People from regions such as India, Pakistan, Philippines, Iran, and Bangladesh and also from the Western communities reside here. Due to this diversification, food chains are flourishing as they have such a broad target market. Expo 2020 will contribute greatly as tourists will come from different areas having different tastes so food chain will have a variety of options to offer.
Besides these sectors, Expo 2020 will is expected to raise the tourism industry, Information technology and media. Small and Medium Enterprises (SMEs) have multiple options to bring a new idea introduce a dedicated merchandise e.g. T-shirts, mugs etc. or open an online shop or bring in a new application like event guide for tourists. Artists and designers have great opportunity to showcase their collection and attract such a diverse market. Freelancers like writers, software developers, gamers have the opportunity to share their skills and knowledge, collaborate and start a new business out of it. Expo 2020 is also expected to contribute significantly in the employment sector. It is estimated that in 2020, around 300,000 new jobs and a million indirect jobs will be created in the United Arab Emirates.
Entrepreneurs around the globe looking forward to setting up a business in Dubai during Expo 2020 are encouraged to take guidance from consulting agencies prior to their setup. The reason is that in order to compete with many other investors, it is a wise step to have the proper know-how of UAE market. KWS-Middle East is a consultant company, operating in Dubai for more than 10 years. It has a team of professional experts who will provide all the information relevant to your business, the legal know-how, technical as well as administrative support. Also through KWS-Middle East, you will have access to a network of professionals due to KWS-ME strong client base. So if you are looking to start a new business in Dubai, KWS Middle East will help you in this endeavor in a safer, faster and cost-effective manner.
At KWS Middle East we provide Free Consultancy to businesses and take care of all the requirements and processes which can save investors a lot of time, money and effort.