How Expo 2020 will boost small businesses in the UAE
With Expo 2020 right around the corner, the opportunity to start and grow your business is here! The event is said to bring in visitors from all across the world, boosting the country’s international presence and creating a positive impact on the economy. This six-month long event, set to begin in October, is predicted to attract entrepreneurs, investors and venture capitalists, bringing in foreign capital that will benefit businesses all across the country.
This is the best time to start your business so you can take advantage of the opportunities coming forth:
1. Boost in Tourism
The six-month-long Expo is set to bring in over 25 million visitors, making the event an amazing opportunity to promote your business and increase sales. Expo 2020 has immense potential to not only increase sales, but to also bring in foreign investments into your business. With every interaction the past year and a half being virtual, this event is a great way to build connections face to face, rather than digitally. Additionally, the boost in tourism will give many a sneak peek into the culture and businesses in the UAE, making many potential clients and investors all the more likely to invest in businesses within the country.
2. Stronger Economy
Expo 2020 is set to bring in new visitors as well as foreign investment, making its impact on the economy strong and positive. Post Expo 2020, the country’s GDP is set to rise to AED 89 billion ($24.2 billion) through the various sectors that will benefit from the additional economic activity the event will bring. An increase in the GDP of the country will undoubtedly positively impact business setups in all sectors. The event acts as a springboard, catapulting business growth to newer heights.
3. New Job Opportunities
Expo 2020 is set to see a surge in employment and an overall increase in skilled workers. The event is predicted to bring in over 270,000 new jobs in the UAE. The largest surge of employment is within the construction industry, directly affecting the quality and quantity of infrastructure within the country. Additionally, jobs within the professional and sustainability sectors are also set to rise, giving way to a vast pool of highly skilled workers. This is a huge opportunity for established businesses or newly formed companies to hire the best international talent, since the event will create a trove of skilled, top-notch workers. The increase in employees within the construction sector means that the infrastructure needed for businesses to grow and thrive is established, creating bigger and better opportunities for businesses for the years to come.
4. Future Benefits
After an event of this magnitude comes to a close, the biggest issue is the use of the site afterward. Dubai has readied itself to re-use over 80% of the site, creating a lasting impact on the region using the event’s infrastructure. The site will become known as District 2020 and feature offices, residential spaces, leisure amenities and programs. One of the programs, Scale2Dubai, is the direct result of the city’s proactive approach to supporting small and medium enterprises (SMEs). The program will partner with Dubai SME and the Mohammed bin Rashid Innovation Fund (MBRIF) to allow new entrepreneurs who wish to start a business in the UAE and other small businesses access to the District 2020 platform. This gives these businesses the opportunity to expand locally and internationally, as well as offering connections with large enterprises and access to funding. Some of the other benefits of District2020’s program are:
1. Two years of free working space
2. Needed support in visa and business set-up
3. Two years of subsidized urban living
Expo 2020 is an opportunity for companies and organizations to grow. Utilizing these opportunities can be done with the help of company formation and growth consultants like SPC Free Zone. Call 80077239 to talk to our business advisors and capitalize on the opportunities Expo 2020 will bring to your business.