After a 12-month delay, Expo 2020 is set to arrive on Dubai’s shores in October this year. The first world expo ever hosted in the MENA region will showcase the very best of collaboration, innovation, and cooperation from around the world.
The event has already had an enormous impact on the emirate, creating thousands of jobs and stimulating the local economy significantly. And with almost 25 million visitors expected from every corner of the globe, this impact is going to stretch far into the future.
For entrepreneurs in the region, Expo 2020 represents a huge opportunity. The vastly increased footfall and eyes of the world will benefit almost every industry in Dubai. So, let’s look at this year’s expo, why it’s important, and how Dubai’s business owners can use the event to their advantage.
What is Expo 2020?
Expo 2020 is a world expo, one of the oldest and largest international events. It takes place every five years and lasts for six months.
For 170 years, expos have provided a platform to showcase the most remarkable innovations that have shaped the world we live in today. Expo 2020 will continue that tradition with the latest technology from around the globe.
It is essentially a global festival where leaders in business, culture, arts, science, and more come together to collaborate, innovate, and explore. Over 200 participants will exhibit at Expo 2020 from 191 nations.
Expos bring huge benefits to their host nations. Aside from the economic boost that comes from construction, planning, logistics, and the like, the expo itself is like a giant advert.
It is a chance to display the best of Dubai and attract more visitors to the emirate. Expos are also great platforms for communication and diplomacy between nations, trading partners, and investors.
How will Expo 2020 impact the Dubai economy?
Such a vast undertaking has a wide range of economic impacts. One of the most important is foreign direct investment. Expo 2020 is effectively an enormous business and networking event, with equally significant returns to match.
Estimates vary, but it is predicted that this year’s Expo will generate between USD 25bn-30bn for the Dubai economy. That’s more than a quarter of the emirate’s GDP.
The pending arrival of Expo 2020 has also seen Dubai undertake vast construction projects. As well as arenas for the event itself, there are also many new business and residential developments. This creates jobs and brings in new workers, also stimulating the local economy.
And it almost goes without saying that Expo 2020 will have a considerable impact on the tourism industry. With 25 million people visiting the country over a six-month period, hotels, restaurants, bars, tour operators, and many more stand to benefit.
Business opportunities for SMEs after expo 2020
Without a doubt, the biggest opportunity for SMEs presented by Expo 2020 is exposure. Dubai is built on the work of small and medium-sized businesses. And the expo gives them a chance to promote their offering to a global audience.
Expo 2020 is an opportunity for business owners to interact with corporate leaders, and connect with new partners, advisors, trading partners, and more. SMEs can potentially move into new markets by building relationships with potential clients, investors, and the like throughout the event.
As well as expanding their horizons outside Dubai, SMEs can also encourage greater investment into the emirate. Anyone who works out here knows the many benefits of Dubai’s strategic location, transport links, and accommodating time zone. But nothing sells those benefits like being here.
This is all on top of the immediate benefit of having a much larger target audience in the country. Selling an offering via email or the phone is one thing. Selling face-to-face is quite another. And many of Dubai’s best SME owners thrive in the latter.
Entrepreneurs and business owners also have the opportunity to attend world-class business events, investor forums, and pitching conferences. And Expo 2020’s Business Matchmaking app makes it easy to connect with the right people at the right time.
And this world of opportunity doesn’t cease to exist when this year’s expo closes its doors. The physical site will transform into District 2020, a model global community for the future and home to world-class innovation, educational, cultural and entertainment facilities. All of which will continue to attract the best and brightest minds to our corner of the world.
Start your business in the UAE with Worldwide Formations
Are you an ambitious entrepreneur looking to make the most of Expo 2020? Do you have a new venture or an existing business that you wish to expand or relocate? Talk to the experts at Worldwide Formations.
When starting any business in Dubai, getting the right guidance beforehand is key. That’s why it’s always advisable to undertake the steps with the assistance of a registered company formations agent to eliminate any potential hassles that might arise.
With more than 15 years of experience in company incorporation and trusted by over 10,000 clients around the world, Worldwide Formations can help you get your business up and running within a matter of weeks.
We are authorised to incorporate companies in all major free zone jurisdictions and across the UAE mainland. And we can manage the entire company formation process on your behalf and correspond with all relevant authorities for you. All you need to do is wait for the green light to start doing business.
But our service doesn’t end there. We also offer a range of value-added services to facilitate all primary transitions and establishment processes. And we also provide trustworthy bank account opening assistance, VAT registration, reinstatement, and renewal services.
So, if you’re running a business in the UAE or planning to start one, it always pays to talk to Worldwide Formations.