How the Expo2020 win has benefitted the construction industry
Industry News 26, Aug, 2015
Since it was announced Dubai had won the Expo2020 bid, the construction and real estate industries have definitely benefited the most. With more and more projects planned to improve the city, housing, public facilities and commercial space, construction companies and real estate developers are going from strength to strength.
Having gone through a troublesome time since the 2008 property crash, with many construction companies having to either stop projects or fold completely, this is a welcomed turn for the industry. Not only will the projects planned due to the Expo increase jobs, work and demand, this positive impact will also ensure further growth into the future. It is estimated that 25 million people will visit the Dubai Expo2020, with over 70% of these visitors coming from overseas, all of who are interested in the city and the UAE, for their business, investment and growth perspectives.
The massive projects due to be ready for the Expo, such as Mall of the World and LEGOLAND, as well as the increased public services, such as the extended metro network and Etihad Rail service, set to link Abu Dhabi and Dubai in a high speed train, will also ensure that Dubai is respected around the world for being a diverse and pioneering city. As further respect for the city grows, so does the need for more housing, more corporate space, more facilities and more projects; all of which have a positive impact on the construction and real estate industries in Dubai. Hopefully new investment and investors will be drawn to Dubai, which will in turn increase the city’s key markets such as hospitality, retail and real estate.
The Dubai Expo2020 is also set to spread further than just the UAE, with other Middle Eastern countries expected to see increased profits as well, as the region as a whole benefits from the global attention brought along with such a high-profile event. While people’s perceptions of Dubai and the Middle East improve, so will the amount of talent coming to live in the city, with esteemed architects, urban planners and construction experts wanting a piece of the exciting action. With more talent, more demand and more work, the sky is the limit for construction companies in the UAE, with only a bright future on the horizon, all thanks to the prestigious win of the Expo2020 bid.