Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

World Expo in Dubai to boost growth in GCC  Join our daily free Newsletter

MENAFN - The Peninsula - 03/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Dubai's successful bid to host the World Expo in 2020 will help boost GDP growth in the GCC region, including the UAE, as the Emirate economy is expected witness a whopping spending of nearly 18bn over the next several years, said a statement issued by QNB yesterday.

The government has announced plans for 8bn of infrastructure spending for the mega event, including the acceleration of plans to expand the Dubai metro, rail and road networks.

A report from HSBC estimated that there would be a further 10bn of private sector spending to cover all the costs of putting on the Expo. The size of the public and private investments will stimulate growth and economic benefits considerably. The spending will directly impact consumption and investment growth, which in turn, will eate new jobs, drawing in workers and providing a further boost to consumption.


QNB Group estimates that these factors should add an average 0.5 percentage points GDP growth annually in the run up to 2020 and an additional one percentage point in 2020 itself as the influx of people into the country boost domestic demand.

The World Expo is the third largest global event after the FIFA World Cup and the Olympics. Based on the previous experience of previous events, the Expo could attract up to 50m visitors, in 2020 itself, providing a strong boost to tourism and consumption.

Considering that the World Cup is being held in Qatar in 2022, the combination of both events in a reasonably short timeframe should provide considerable impetus to growth in the UAE, Qatar and the GCC as a whole.

 


The Peninsula




  MENA News Headlines
 Jul 25 2016 - Saudi's PetroRabigh net profit falls 80 pct in Q2MENAFN
(MENAFN) Saudi Arabia's Rabigh Refining and Petrochemical Co (PetroRabigh) said it has experienced a 79.6 percent drop in net profit during the second quarter.The company, a joint venture between ...

 Jul 25 2016 - Abu Dhabi hosts strategic investments meetingMENAFN
(MENAFN) Pooling knowledge and resources from within the oil and gas industry is vital to energy sector progress, said senior officials and world representatives at a recent gathering in Abu Dhabi.In ...

 Jul 25 2016 - 390m revenues of Vodafone Egypt in Q4 of FY 2015/2016Daily News Egypt
(MENAFN - Daily News Egypt) Vodafone Egypt achieved an 11.2% growth in its revenues during the fourth quarter (Q4) of fiscal year (FY) 2015/2016 which ended in March. According to the data from the ...

 Jul 25 2016 - Knesset members to visit Saudi, recognised relations with Israel come to the lightDaily News Egypt
(MENAFN - Daily News Egypt) Arab-Israeli member of the Knesset Issawi Frej told Israeli state media on Sunday that preparations are ongoing for a visit of opposition members in the Israeli parliament ...

 Jul 25 2016 - Environment minister meets with African counterparts to prepare for COP22Daily News Egypt
(MENAFN - Daily News Egypt) Minister of Environment Khaled Fahmy held a meeting with his counterparts from Gabon, Niger, and Namibia on Sunday in Cairo, in his capacity as the president of the ...

 Jul 25 2016 - Has the public's initial post-Brexit denial passed?Daily News Egypt
(MENAFN - Daily News Egypt) Britain's decision to leave the EU fueled a rise in xenophobia and fears about the future. A month after the bombshell, DW talks to remain voters and EU nationals in the ...

 Jul 25 2016 - Internet market attracts 200,000 new customers in April 2016Daily News Egypt
(MENAFN - Daily News Egypt) A report by the Ministry of Communications and Information Technology has shown a slight decline of 0.12% in the number of mobile service subscribers in April, compared to ...

 Jul 25 2016 - Unified sermon is in the best interest of society: Ministry of Religious EndowmentsDaily News Egypt
(MENAFN - Daily News Egypt) The decision to unify Friday prayers by giving preachers written sermons is in the best interests of society, Minister of Religious Endowments Mohamed Mokhtar Gomaa said ...

 Jul 25 2016 - DPI acquires 33.3% of B.TECH, worth $35mDaily News Egypt
(MENAFN - Daily News Egypt) The Financial Times reported on Sunday that private equity firm DPI will acquire 33.3% of household appliances retailer B.TECHa deal worth $35m. According to a previous ...

 Jul 25 2016 - Egyptian renewable energy disinvestment over price and arbitration disagreementsDaily News Egypt
(MENAFN - Daily News Egypt) Italy's Enel Green Power has exited the renewable energy market in Egypt and is seeking compensation for investments it has already injected, according to Al-Borsa ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help