Travel, hospitality ‘to get big boost from Expo’
Dubai, November 28, 2013
The most obvious sectors that are set to receive a boost from the Expo 2020 win are aviation, hospitality and other travel and tourism related sectors, according to a top official.
“These will likely benefit from increasing numbers of tourists travelling to the Emirate. The secondary (and less obvious) effect that Dubai will be hoping for, is for the Emirate to become even more attractive to corporations or individuals looking for places to invest their money,” said Moad Touhami, head of Distribution, Natixis Global Asset Management (NGAM) Middle East.
“The win creates a virtual road-map for Dubai over the next six years. The public and private sector will in effect have a deadline to complete a number of ambitious projects.
“With the Expo 2020 being a year-long event, unlike a World Cup or an Olympics, Dubai will have a relatively long period of time to showcase the Emirate’s achievements,” he added.
“There's no doubt that Dubai's already impressive infrastructure played a huge part in the successful bid. Over the last five years, multi-billion dollar infrastructure projects have been completed, including the new concourse at Dubai International Airport, the Dubai Metro and most recently Dubai World Central airport. As such, unlike some of the other candidates, Dubai could probably host the Expo tomorrow if necessary.
“From a business perspective, Dubai is already an exciting place to be based and the Expo 2020 win adds even more of a buzz around the Emirate. I believe Dubai remains well positioned to continue attracting world class companies from a variety of different sectors,” Touhami noted.
“With both S&P and MSCI confirming that the UAE will be upgraded to Emerging Markets status in 2014, local stock markets could be set to benefit from increased capital flows over the next five to six years leading up to 2020. Additionally, the work that UAE companies are doing to continually improve their corporate governance means that these companies should become much more attractive to international investors over time,” he concluded. – TradeArabia News Service