Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai Expo 2020 seen as a game changing event  Join our daily free Newsletter

MENAFN - Khaleej Times - 29/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN -Khaleej Times) it will trigger a new era of the uae?s exponential growth

A vast majority of respondents in a survey said they are interested in the expo 2020 as it would be a game-changer but also believe that the event will push up the cost of living across the country.


According to a survey of 1000 residents polled by insight discovery only 16 per cent of the respondents said they doubted if the event would deliver any benefits once it is over.



Dubai expects to attract about 25 million visitors and plans to build a 4.3 million square metres exhibition area to host presentations from 182 countries. — kt photo


Dubai’s world expo 2020 win seen by many as a defining milestone in the emirate’s dazzling success saga is expected to trigger the start of a new era of exponential growth for the uae and also for the whole gcc region.


Around 95 per cent of the respondents are interested in the expo out of which 62 per cent expressed strong interest and 88 per cent said it would impact their lives positively as dubai expects to attract about 25 million visitors and plans to build a 4.3 million sqm exhibition area at a site in the desert south of the city to host presentations from 182 countries.


Some 40 per cent strongly agreed that they fully understand what dubai expo 2020 involves another 49 per cent somewhat agreed.


Around 52 per cent of respondents strongly agreed that dubai expo 2020 will have a positive impact on their lives another 36 per cent somewhat agreed.


Nigel sillitoe ceo of insight discovery said the survey is the first research of its kind to examine what uae residents think about the expo how they relate to the event and its numerous implications. “the survey confirms that there is huge interest in the event but identifies a number of aspects that are of concern to the country’s residents. the survey examines why dubai expo 2020 is unlike previous world expos and why it is a high stake event for dubai and the uae.”


Respondents in the survey were asked to identify the sectors which would most likely be the beneficiaries of dubai expo 2020. sectors which received favourable mention included advertising/media/communications financial services real estate retail telecoms and tourism/hospitality. it was widely believed that real estate and tourism would most likely be the major beneficiaries of dubai expo 2020.


However 40 per cent of respondents also identified the financial services sector to be another leading beneficiary in the coming years.


Hsbc estimates that about 45000 new hotel rooms will be needed for the event increasing supply by about 6.4 per cent every year until 2020 at a cost of more than dh31 bilion. “the government is planning to spend about dh26 billion on infrastructure for which we do not know the funding source.”


Hsbc estimates that a further dh30 billion will be raised through debt and equity from private companies that are building hotels.over 60 per cent of respondents had a favourable outlook for tourism growth in the years (2018-20) closer to dubai expo 2020 in comparison to the earlier period (2016-18) where tourism were predicted to grow by 33 per cent to 40 per cent. many (61 per cent) of the survey respondents were found to have a strong opinion on the tourism potential of dubai expo 2020 as the event is estimated to attract nearly 25 million visitors. another 30 per cent agree that it will boost tourism since dubai has an established infrastructure.


Jeff singer ceo of difc authority said dubai has successfully positioned itself as an international business hub and a gateway to markets across the measa region. “the expo will undoubtedly have a positive impact as an economic catalyst that will create a long-term boost to local and regional economies in key business sectors such as finance logistics and tourism.’’


In the survey 73 per cent of the respondents believe that the uae’s financial services sector will cope easily with the opportunities but challenges may arise.


On the other hand 57 per cent of those surveyed think that the impact of the event on local banks will only be moderate given that three quarters of the 25 million visitors to dubai expo 2020 will come from outside the uae. jawed barna ceo of zurich international life middle east & africa said the success of expo 2020 further highlighted the importance of dubai as a regional and international hub and a centre of business excellence.


In terms of employment opportunities in the uae 57 per cent of the respondents think that the expo 2020 will lead to a positive impact with more job creation and new businesses.


Meanwhile 91 per cent strongly believe that expo 2020 will lead to a rise in the general cost of living.


Sillitoe said the governments of dubai and the uae are to be congratulated for winning this major world event. they now face the challenge of managing the expectations and perceptions of residents and other stakeholders over the next six years. the years leading up to this event will be demanding on infrastructure and services but nevertheless we are confident that dubai will deliver like it has always done.”


Insight discovery conducted this dubai expo 2020 survey in partnership with commercial bank of dubai dubai international financial centre authority (difca) grant thornton and zurich insurance group.


— issacjohn?khaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 May 4 2016 - Afghan Messi fan flees over kidnap fearsArab Times
(MENAFN - Arab Times) A young Afghan fan of Argentine soccer star Lionel Messi has fled his home and gone to Pakistan because his family feared he could be kidnapped after he became an unlikely ...

 May 4 2016 - Al-Qadsiya victorious in Track & Field GamesArab Times
(MENAFN - Arab Times) Al-Qadsiya Club emerged victorious in the Track and Field Competition with 40 points. This came after the club won both the youth and public games held at Ahmed Sulaiman ...

 May 4 2016 - FSI organizes discussion session on liquidity & riskArab Times
(MENAFN - Arab Times) The Financial Stability Institute (FSI), which is affiliated to the Bank for International Settlements in Basel, Switzerland, organized an open discussion session; in ...

 May 4 2016 - Kuwait bourse little changed volume upArab Times
(MENAFN - Arab Times) Kuwait stock was little changed on Tuesday after see sawing earlier in the week. The price index edged 2.87 points higher in a lackluster trade to 5,375.36 pts with a mixed ...

 May 4 2016 - Malabar Gold & Diamonds opens 150th outletArab Times
(MENAFN - Arab Times) Bollywood Actress Kareena Kapoor Khan launched 150th outlet of Malabar Gold & Diamonds on April 30th in the presence of M.P. Ahammed, Chairman -Malabar Group; Asher. O, ...

 May 4 2016 - ABK awarded 'Bank of the Year' by Arabian BusinessArab Times
(MENAFN - Arab Times) Al Ahli Bank of Kuwait (ABK) won the 'Bank of the Year' award from Arabian Business, one of the foremost business magazines in the region. This prestigious award was received by ...

 May 4 2016 - Sahel jihadists resort to soft targets: FranceArab Times
(MENAFN - Arab Times) The commander of a French anti-jihadist force in Africa's northern Sahel says Islamist insurgents are hitting soft targets elsewhere after losing the initiative in the region. ...

 May 4 2016 - Binladin Group lays off 77,000Arab Times
(MENAFN - Arab Times) One of Saudi Arabia's most powerful firms, the Saudi Binladin Group, has laid off 77,000 foreign workers, a Saudi daily reported on Monday, citing an anonymous company official. ...

 May 4 2016 - Residence transfer for a Nurse hired in KuwaitArab Times
(MENAFN - Arab Times) I have been working as a registered nurse in a medical clinic for 2 years and 7 months now. My residence was locally transferred from another clinic to this clinic.I gave my ...

 May 4 2016 - Kuwait- Quitters must pay on contract, noticeArab Times
(MENAFN - Arab Times) Director of Labor Relations Department in the Public Authority for Manpower (PAM) Dr Madlol Al-Thuraifi confirmed the issuance of an administrative circular requiring employees ...

 May 4 2016 - Egypt's NPA posts profits worth USD 1.48mn for housing unitsMENAFN
(MENAFN) The National Postal Authority (NPA) recorded profits value USD 1.48mn last month, when the authority printed brochures for the housing unit project.In addition, when the remaining 800,000 ...

 May 4 2016 - Qatar, Slovenia to enhance economic tiesMENAFN
(MENAFN) Qatar and Slovenia will seek to increase trade volume and prioritize investments in fields that would help more boost economies for both sides.Moreover, both sides reviewed mutual relations ...

 May 4 2016 - Kuwait- Expert sees application of VAT law in '18-'19Arab Times
(MENAFN - Arab Times) The Gulf Cooperation Council (GCC) member states are most likely to apply the value-added tax law between 2018 and 2019, an accounting expert said on Monday.Kuwait, for example, ...

 May 4 2016 - Alexandria Short Film Festival supports Arab independent filmmakersDaily News Egypt
(MENAFN - Daily News Egypt) Hosted by Alexandria's Fine Arts Museum, one of the leading cultural and artistic landmarks of the city, the second round of the Alexandria Short Film Festival wasfew days ...

 May 4 2016 - Nun Centre: local wellness haven amid the capital's chaosDaily News Egypt
(MENAFN - Daily News Egypt) While the city is buzzing outside with its endless parade of cars, unstoppable scream of horns, and pervasive cloud of polluting emissions, the Nun Centre remains a safe ...

 May 4 2016 - Qatar- Top athletes ready to kick off seasonThe Peninsula
(MENAFN - The Peninsula) Abdalelah Haroun celebrates after winning silver in the men’s 400 metres during the IAAF World Indoor Athletics Championships in Portland Oregon in this March 15 2016 ...

 May 4 2016 - Qatar- Clash of the titans as Ayana meets Cheruiyot for 3000m dominanceThe Peninsula
(MENAFN - The Peninsula) Kemi Adekoya of Bahrain this year’s surprise world indoor 400m champion is expected to give tough fight to two-time world champion Zuzana Hejnova of the Czech Republic ...

 May 4 2016 - Qatar- Emir Cup: Fifty One East Sony partner with QFA for sixth consecutive yearThe Peninsula
(MENAFN - The Peninsula) Doha: Fifty One East Qatar’s favourite department store and Sony Middle East and Africa have further strengthened their support of the annual Emir Cup by their ...

 May 4 2016 - Qatar- Registration for Ramadan Sports Festival opensThe Peninsula
(MENAFN - The Peninsula) The file picture shows action from the futsal tournament during 2015 edition of Aspire Zone Ramadan Sports Festival. Doha: Aspire Zone Foundation (AZF) yesterday ...

 May 4 2016 - Qatar- QCA to organise c for women cricketersThe Peninsula
(MENAFN - The Peninsula) DOHA: The Qatar Cricket Association (QCA) has planned to organise a coaching camp for women cricketers soon. The basic purpose of the camp by the QCA is to unearth fresh ...

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