“Expo 2020 will pay tribute to the resilience of humanity, its ability to innovate, and its pursuit of optimism in the face of adversity.”
Exciting times await UAE as Dubai hosts the first World Expo in the Middle East, Africa, and South Asia region. The worldwide event will bring more than 190 countries together to tackle the global challenges we face today, form new connections, and explore new ideas. The event is set to run from October 2021 to March 2022, featuring a full-packed calendar of daily events and global cuisine. A once-in-a-lifetime showcase of arts, architecture, entertainment, culture, and technology will also be held.
The event aims to bring people together to work in unison in finding solutions to the challenges the world has presented to us today. “It’s not about being isolated and closing down the borders; it’s about bringing people together, connecting minds, and creating the future,” – Mohamed Al-Ansaari, Communications Vice President of Expo 2020.
Expo 2020 receives the green light!
After 10 years of hard work, Sheikh Mohammed has finally given the green light to welcome the world at Expo 2020 Dubai. “The success of Expo after the COVID-19 pandemic is a success for the world as it raises optimism for the recovery of the global economic and cultural activity,” he added. Even if the event is only partially successful, it has the potential to revive the economy and take it back to pre-pandemic levels as claimed by Scott Livermore, Chief Economist for the Middle East at Oxford Economics.
“Our leadership has spared no effort, guided us, and provided all resources to ensure that our World Expo will be a true expression of the UAE’s values, reflecting its ambition to build a better future for us, the region, and the world – a future of which coming generations will be proud.” – Reem bint Ibrahim Al Hashemy, Director General of Dubai Expo 2020 Bureau.
Dubai won the right to host the event in 2014. It is expected to draw in 25 million visitors and boost the country’s economy by $33 billion. The Expo is also expected to create 300,000 jobs, especially after the event, where foreign professionals are deemed to want to settle in the UAE. The site will cover 4.5 sq. km and will have its own metro station. According to BBC, 90% of the materials used to build the pavilions will be used in creating permanent buildings after the event. Uber will also be testing flying cars during the event.
Despite the recent wave of cases, UAE has managed to roll out the vaccine with more than 62% of the population vaccinated. Authorities plan to proceed with the event with no thoughts of postponing or cancelling regardless of how the situation evolves.
“We are applying all the necessary safety measures as mandated by the WHO and following other best practices to allow the event to take place in a safe environment,” says Ms. Al Hashemy.
Expo 2020 and the real estate sector
It is easier more than ever before for foreign nationals to start and expand their companies in Dubai. The recent government initiative regarding visas has made the country more attractive. Similarly, reformation on the commercial companies’ law now states that companies are no longer required to have an Emirati shareholder.
His Highness also approved a policy to enhance UAE export and increase the contribution of national commodities to 50% of total exports. Taxation amendments have also been endorsed to make it easier for customers and reduce the burden on the business sector.
Not only that, there has been a shift in demand in the way people buy properties because of the pandemic. Trends are seeing that investors and end-users look for apartments located away from crowded areas for fears of contracting the virus. Villas have been more in demand than apartments because people want larger living areas and outdoor spaces. As such, neighborhood communities are recorded to have an increase in demand for sale.
“The residential scene is changing because of how people live, how people want to live, and how they want to use their space.”
Sources:
The National, Gulf Business, Realty – The Economic Times, Gulf News, BBC
Image Credits: Expo 2020