Dubai is investing tens of billions of dollars in infrastructure and hotel projects related to the World Expo 2020, said BNC Network, a private research institute based in Dubai, in a report released Sunday.
The value of projects related to this World Expo, the first in the Middle East, reached 42.5 billion dollars (USD) in March (34.6 billion euros), according to this institute specializing in the construction sector.
USD 17.4 billion was invested in infrastructure and transport projects, USD 13.2 billion in housing and USD 11 billion in hotels and theme parks.
[1]These projects include a plan to expand Al Maktoum International Airport in the south of the city to complement Dubai International Airport in the north. The latter was the busiest airport in the world in 2017, with over 88 million passengers.
Once the works are completed, Al Maktoum airport will be able to accommodate 160 million passengers per year.
[2]The emirate is also investing $2.9 billion in a new metro line that will link its main transportation centres to the exhibition site.
The authorities expect Expo-2020 to stimulate the real estate market and the hotel sector, creating up to 300,000 jobs.
The event is expected to attract up to 300,000 visitors a day – half of them from abroad – at its launch in October 2020, according to the Dubai Chamber of Commerce and Industry.
The city-state, which has some three million inhabitants, mostly foreigners, has established itself as a regional business centre and tourist destination. The emirate’s economy is based on the financial, real estate, tourism and leisure sectors and is not dependent on oil.
Organized every five years for six months, the Universal Exhibition allows each country to showcase its culture, industry and innovations.