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The countdown begins for Expo 2020 in Dubai

In its pursuit of human progress, the UAE has always participated in initiatives aimed at global economic development. Our country was hard-wired at its inception to forge partnerships beyond its borders; it was the legacy our founding fathers left for us.

Our commitment to fostering a range of international collaborations springs from that legacy, which values global citizenship as an integral part of nation building.

When it comes to positive economic and cultural impact, few global events can rival the International Expo. Expos bring together governments, the private sector, international organisations, civil society, and the general public. They set the scene for meaningful diplomatic encounters, business meetings and public dialogue.

The countdown begins for Expo 2020 in Dubai

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Source: Gulf News

Open data to add Dh10.4b annually to Dubai’s economy

Data has the potential to add Dh10.4 billion to Dubai’s economy every year, according to the Dubai Data Report, released on Tuesday. Smart Dubai, who published the report in partnership with KPMG, said that these gains could be realized by 2021.

“The public sector alone can add a value of Dh6.6 billion to the economy every year,” Younus Al Nassar, Assistant Director General, Smart Dubai, said at Arabnet on Tuesday. “We wanted to prioritise data sets that were most valuable to the economy. We discovered that geospatial is the most valuable, followed by traffic and transport,” Al Nassar added.

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Source: Gulf News

Dubai Expo 2020 ‘can lift GDP by 2%’ through jobs, tourism boost

The slowdown in the UAE’s non-oil real GDP growth appears to have bottomed out and Dubai can expect a 2 percent Expo 2020 boost to its GDP, according to a new report by Bank of America Merrill Lynch.

Its report said that the UAE has managed a soft landing, with a less pronounced cycle than in the global financial crisis in 2008.

It noted that incremental government capital spending for the Dubai Expo in 2020 can increase Dubai GDP growth by 0.5 percent in 2017-2019.

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Source: Arabian Business

Sharing economy will drive Dubai’s tourism industry

Sharing economy is not only a buzzword as was possibly considered years ago. Today’s attributes of the sharing economy can be seen on a daily basis in all parts of the planet. These sharing economy trends, being introduced through firms as Airbnb and Uber, have also arrived in the GCC, having a particular impact on the UAE’s tourism and travel industries.

For instance, let’s look at Airbnb’s impact on Dubai’s hospitality sector. In 2016, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) officially signed an agreement with Airbnb to regulate and further promote the idea of holiday homes in Dubai. By adding additional holiday homes to Dubai’s existing supply of hotel rooms and managed hotel apartments market through Airbnb, business as well as leisure travellers enjoy a greater choice of options for booking accommodation.

Further, Airbnb homes can be attractive for price-sensitive business and leisure travellers as rates for serviced apartments and hotels often exceed rates of holiday homes – this is particularly so during key exhibitions and conferences in Dubai.

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Source: Khaleej Times

Dubai properties will see new growth in 2017

Last year was tough for most global economies due to many important global events, including the US elections, Brexit and the gravest refugee crisis witnessed in modern times. Collectively, these events proved burdensome for the global community as a liquidity crunch overshadowed world markets.

Dubai and its real estate sector also suffered from the slowdown in economic activities as business moved at a below-average pace throughout the year. But the fortunes of this Middle Eastern port city’s realty sector are looking to change this year as real estate developers initiate mega-projects in anticipation of World Expo 2020.

The Dubai government introduced new regulations in the realty sector to tackle the threat of a global financial crunch. As of now, the emirate’s property market is expected to remain steady in the next 12 months owing to big projects being undertaken in the property sector. Most of these projects initiated in Dubai are being developed to meet the demands of World Expo 2020.

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Source: AME info

Dubai shopping malls get bigger, blingier for Expo 2020

Mall operators in Dubai are plowing ahead with ambitious expansion projects, aiming to maximize customer traffic when the emirate hosts Expo 2020. Market watchers, meanwhile, warn that industry players are racing toward a saturation point.

Massive new complexes are sprouting up. Meydan One Mall, set to open in 2020, will feature more than 620 retail outlets. It will also house the world’s longest indoor ski slope and largest water fountain show, according to the operator.

At a groundbreaking ceremony on March 15, Meydan Chairman Saeed Humaid Al Tayer emphasized that the mall would provide both shopping and leisure activities in a single spot.

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Source: Nikkei Asian Review

Expo 2020 Dubai and Jebel Ali Free Zone team up to offer Emirati youth more work training opportunities

Expo 2020 Dubai’s successful Apprenticeship Programme is being integrated with a corresponding scheme at Jebel Ali Free Zone (Jafza) to give even more young Emiratis the chance to take a positive first step on the career ladder.

The Memorandum of Understanding means the tried and tested structure and content of the Expo programme will be absorbed into the existing Tumoohi (‘My Ambition’ in Arabic) scheme run by Jafza, the UAE’s flagship trade and logistics hub.

The aim is to provide an enhanced programme of more apprenticeship options that can boost the careers of increasing numbers of UAE graduates by combining knowledge and expertise from the on-the-job training they receive at the companies they join.

Expo 2020 Dubai and Jebel Ali Free Zone team up to offer Emirati youth more work training opportunities

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Source: Emirates 247

Dubai property market to gather pace as Expo 2020 approaches

Dubai’s residential property market is expected to perform “better” as Dubai Expo 2020 nears although prices and rents will decline between 5 and 10 percent this year, according to S&P Global Ratings.

In January, Expo 2020 Dubai said it will award 47 construction contracts worth $3 billion (AED11 billion) this year as preparations for the first World Expo in the Middle East, Africa and South Asia continue to gather pace. In its 2017 budget, the Dubai government increased infrastructure spending by 27 percent to develop projects for the Expo event.

“The closer we get to 2020 the expectation is that the better the market is going to perform,” said Sapna Jagtiani, primary credit analyst, S&P Dubai, on Thursday.

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Source: Arabian Business

Dubai hosts UN talks on women’s economic empowerment

The economic challenges facing women today and the means of solving them were discussed by a United Nations-led forum in Dubai on Monday.

Discussions ranged from promotion of positive role models, ensuring legal protection and raising awareness of women’s rights.

Sheikh Lubna Al Qasimi, Minister of State for Tolerance, said the UAE was committed to empowering women and encouraging them to take part in the economy.

“The [National Strategy for Empowerment of Emirati Women 2015-2021] aims to provide a general framework for all federal and local government, private sector, as well as civil society organisations, to set work plans and programmes so as to provide a decent living for women and make them creative in all sustainable and developmental fields,” she said.

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Source: The National

Dubai Expects Stronger Growth in 2017 as Economy Diversifies

Growth in Dubai will accelerate this year even as oil prices remain low and slower trade puts pressure on the emirate, senior government officials said.

The economy is expected to expand 3.1 percent, following growth of 2.7 percent in real terms in 2016, Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the emirate’s Economic Development Committee, said in Dubai on Tuesday. This year will be “challenging” but “diversification and opening new markets” including Islamic finance and developing the renewable energy industry will aid the economy, Sami Al Qamzi, director general of the Dubai Department of Economic Development, said separately.

Growth in the United Arab Emirates, which includes Dubai, has been slowing since oil prices plummeted to below $30 a barrel. Authorities in Abu Dhabi and Dubai delayed projects and cut spending amid the slump. With crude recovering to about $55 a barrel this year, Dubai plans to increase spending and create jobs, according to its 2017 budget announced in December.

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Source: Bloomberg

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