Dubai’s successful bid to host Expo 2020 may herald a transformation phase not just for the country but also for the MENA region.
Deloitte, a well-known UK-based audit, tax, consulting, and financial advisory services company, has analysed the impact of Expo 2020 win on Dubai and its implications for the MENA region.
‘Expo 2020: A game changer for Dubai,’ available in the spring 2014 issue of the Deloitte Middle East Point of View (ME PoV) publication includes the views of Deloitte partners and industry experts on the impact of Expo 2020 in the construction, financial services, and infrastructure and capital industries.
The Deloitte experts believe Expo 2020 to create significant changes for most industries and sectors with far-reaching implications beyond Dubai or the UAE.
“It is clear that Expo 2020 will go beyond a local showcase of commerce, technology and infrastructure, however impressive these things may be,” Mutasem Dajani, Deloitte United Arab Emirates Regional Managing Partner, said in a statement released today.
“Dubai will itself become an agent for future global progress as securing sustainable energy and resources, connecting and moving people, goods and services across markets and exploring the intrinsic spirit of entrepreneurship come together in a location that is uniquely synonymous with achievement in each of these areas,” he added.
Expo 2020 augurs immense growth for investment, tourism, hospitality and retail sectors, according to the experts, who emphasize on a dedicated legacy plan for the event.
“It would be beneficial to develop a dedicated legacy plan to ensure that the event’s potential as a catalyst to transform Dubai’s economy is maximized,” said Anis Sadek, Dubai Managing Partner at Deloitte.
Humphry Hatton, CEO of Deloitte Corporate Finance Limited (DCFL) regulated by the DIFC, feels that the event will “further the attractiveness of Dubai as a base for overseas companies wishing to invest in the Middle East.”
World Expos are held every five years, regulated by Bureau International des Expositions (BIE)—an international and intergovernmental organization created by Convention of Paris in 1928.
Visitors attend these exhibitions to discover the cultures and innovations from around the world
The country hosting the expo has the advantage of attracting the greatest number of visitors and showcase “its landscapes, its historic heritage, its youth, its potential for scientific research and technological innovation, its projects and its vision for the future. The Exhibitions are the ideal workshops for an in-depth exchange on projects of a global character, in order to come up with common strategies and to confront the challenges of globalization.”
Photo courtesy-Dubai Media Office via Twitter