São Paulo – The Expo 2020 Dubai, a universal exposition to occur in the United Arab Emirates from October 2020 to April 2021, will have contributed AED 122.6 billion (USD 33.3 billion) to the UAE’s economy by 2031, according to a study led by consultancy Ernst & Young (EY) and published at the news agency Gulf News.
According to the firm, at its peak, the impact of Expo 2020 would be equivalent to 1.5% of the UAE’s Gross Domestic Product (GDP). The study was commissioned by its government and started in late 2017 and is underpinned by data in the public domain, as well as information provided by the government.
According to the consultancy, much of the economic impact of Expo 2020 will come from the construction sector, especially in the seven years leading up to the event. A small uplift is anticipated from visitors specifically coming for the Expo.
As many as 49,700 jobs per year, on average, are expected to be supported by Expo 2020, peaking at around 94,400 during the exposition. “This event will have a substantial, sustained impact on the UAE economy,” said Matt Benson, a partner at EY’s transaction advisory services practice.
Benson also talked about an ancillary economic impact, which will be felt from the UAE’s improved international profile and attractiveness of the UAE as a tourist destination. Most of the economic impact is expected to be realized in the legacy phase, according to EY.
The consultancy estimates that around AED 37.7 billion (USD 10 billion) will be created from 2013 to October 2020, while AED 22.7 billion (USD 6.1 billion) will be created during the event itself. Over AED 62 billion (USD 16.8 billion) will be created after Expo 2020.
Translated by Guilherme Miranda
