5 Advantages of Expo 2020 For Dubai's Real Estate
Historically, hosting the World Expo has brought pride and prestige to its host city and has paved the way for strong economic growth. For the UAE, it holds even greater significance, as Dubai becomes the first city to host such a large-scale international event in the Middle East.
With the Expo just a few years away, Dubai’s industries are gearing up to benefit from the mega-event. The hospitality sector, retail, transportation, banking, and real estate are all expected to enjoy substantial growth as a result. Furthermore, 2017 is predicted to be the year where Expo 2020 preparations are to gain full momentum. So, with the major event just around the corner, let’s have a look at all the benefits associated with hosting the event within in the real estate sector.
Expo 2020 will boost infrastructure and construction
Dubai can expect sharp growth in the lead-up to Expo 2020. The positive effects are already becoming apparent, as major real estate projects and infrastructure developments accelerate towards completion. A few examples include projects such as the Dubai Water Canal, numerous theme parks and the Museum of the Future.
Earlier this year, Expo 2020 Dubai revealed plans to award 47 construction contracts in 2017 worth AED 11 billion in preparation for the event. This is in addition to the 1,200 contracts that were awarded in 2016, worth around AED 2 billion to the economy.
Dubai is attracting foreign investments
With real estate development spearheading economic growth among other industries, the UAE is likely to attract more foreign direct investment by 2020.
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