The economic strategy of Dubai aims to focus on the areas of tourism, trade, logistics, technology, entrepreneurship and retail. Dubai 2020 expo will be a key driver of the economic growth of UAE as it attracts millions of visitors worldwide. Dubai is the 1st city in North Africa and Middle East to host the most awaited World Expo. Certainly World Expo is the most celebrated international exhibition; it is the 3rd largest non-commercial event globally, after Olympic Games and Fifa World Cup.
Across the board, different companies have taken steps to assist Dubai Expo 2020, with the help of their own finances and resources. United Arab Emirates boasts of 50% of Fortune 500 companies; among these, there are 70% top firms of the world. It is a true business hub and one of the most dynamic economies of the world.
Due to strong economy of UAE and its stable growth rates, it is one of the world’s prominent trading nations globally. With GDP exceeding $360 in 2011, it became 2nd largest Arab economy. Global trade percentage of UAE is much higher than many larger and populous countries like Egypt, Saudia Arabia and Turkey; it is approximately 1.3%. Moreover, in a report published in the year 2012, Dubai was ranked on number five position, in terms of most favorable city for enabling trade in the world. As cited by an IMF report, United Arab Emirates was also placed at 1st position in the region and 4th in the world for favorable trade.
By reviewing the progressive pattern of trade, we can say that the Dubai 2020 Expo site will undoubtedly boost private sector trade. According to reports emirate is willing to invest approximately $4 billion, in order to build infrastructure of the great event.
Dubai, and all other emirates of UAE, has become a lucrative tourism destination. Dubai is providing a complete package by giving family experience in its tourism sector. There are places for children, adults and youngsters. There are spacious parks and resorts, tall building structures, business venues, entertainment places, along with world’s largest indoor theme park.
20 million visitors will become the part of World Expo 2020. There are high growth prospects because of the family entertainment factor here. The organizers of Expo 2020 represent the powerful spirit through cooperation and partnership; these two elements are the success factors of progressive economy.