If you are considering to do a business setup in Dubai, perhaps, now is the best time for you to seriously think about it. World Expo 2020 is almost here and a lot of business opportunities are available for you to take advantage of.
Different countries were bidding for the chance to host the World Expo 2020. Experts knew that the World Expo brings significant benefits to its host country. That’s why, when it was announced on November 2013 that the World Expo would be held in Dubai, celebrations exploded across the UAE K-EXPO FRANCE 2024.
As we are nearing the Expo 2020, you might be wondering, how does it affect the economy of Dubai and even the UAE as a whole?
What is the World Expo?
Before you can understand why the World Expo is a popular and important event, you need to have a better context. This will also show you why company formation in Dubai is getting a boost.
Expo 2020 started way back in 1851 with London’s Great Exhibition. Today, World Expo happens every five years and historically, it has attracted millions of people from all around the world as it features innovations and technological breakthroughs in various industries.
Because of the World Expo’s popularity, it is considered to be the third-largest event in terms of its cultural and economic impact. It is just behind the Olympic Games and FIFA World Cup.
How the World Expo is affecting the UAE’s economy
As was seen in the previous World Expo events, 2020’s World Expo is expected to bring a significant amount of money to Dubai.
While it is difficult to predict the exact amount, the analysts from Jones Day predicts the World Expo could pump around $23 billion to UAE’s economy. The UAE’s government on the other hand is more conservagtive and envisions that the expo could generate more than $17 billion if it becomes a huge success. It is worth noting that this figure makes up about 20-24 percent of Dubai’s current gross domestic product.
Company formation
Because of the great importance of the World Expo for both foreign and local investors, a lot of companies start popping up within and around Dubai. In fact, there has been an increased number of new companies entering Dubai’s market and registering for new trade licences. Freezone, mainland Dubai, and offshore company formation are all flourishing. Thanks to the World Expo.
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