Very few days are remaining for the grand opening of Dubai Expo 2020, connecting minds creating the future. The world economy is eagerly waiting for the opening of this spectacular event by the UAE government. Last 2 years the entire world struggled a lot against the COVID 19 pandemic. Now the things are changed and come back to the normal situation slowly. UAE is going to welcome small and big investors and business ventures to their land. Like all other industries retail industry in Dubai also expecting a boom in the coming years with the influence of Expo 2020.
Dubai is going to welcome business icons and travelers from 191 countries in the world. The most attractive thing is each country will have a pavilion in Expo 2020. Quite surprised right? Yes, this is the first time in world history that every participating country will have its pavilion. The 182-day long expo will benefit the UAE economy and will touch all the industries positively. Let’s see how.
Dubai is already recognized as the hub of retail. Almost all the main retail brands have their outlets in Dubai so people across the globe considered Dubai as a shopping destination. So undoubtedly we can say that one of the major areas which are going to get benefit from Expo 2020 will be the retail sector.
Dubai’s economy stated that the retail and wholesale sector contributes 28% to the total Gross Domestic Product (GDP) of Dubai. By mid of 2022, we can expect an unbelievable hike in this percentage. According to Majid Al G`hurair, chairman of the Dubai Shopping Malls Group, “As Dubai increasingly becomes recognized as a center of commerce for the southern hemisphere, the Expo could potentially boost this reputation with the exponential growth of up to four times [the current retail sector].”
More than 100 malls are there in Dubai, the shopping paradise. Each mall has its unique points and to attracts visitors. Nearly 20 million visitors are expected to visit Dubai in 182 days. Since expo 2020 will attract tourists from all over the world the retail industry can expect a huge turnover in sales in coming years.
Dubai has recently changed its business and visa policies to attract more investors to the country. Recently, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai tweeted that the national economy is “accelerating and moving in the right direction”. He added that “Today, at the Ministry of Economy, we launched Skill-Up Academy, a business leadership academy; Scale-up Platform, a new platform to support start-ups’ growth; and Grow in UAE, a smart platform to provide integrated information on investment policies and opportunities,”
The UAE government is always open-handed to new businesses and investors. Expo 2020 will boost the economy and create new opportunities in the country. Apart from this Expo 2020 is going to bring new social development to the country for the coming years.