Expo 2020 Dubai expected to add $42bn to UAE economy until 2042, EY says

Expo 2020 Dubai and its legacy are expected to contribute Dh154.9 billion ($42.2 billion) in gross value added (GVA) to the UAE economy from 2013 to 2042, according to a report by consultancy EY.

The Expo, which welcomed 24.1 million visits during its six-month run from October 2021, is also expected to support more than a million full-time equivalent (FTE) job years, equal to more than 35,000 FTE jobs per annum in the UAE over the same period, the London-based consultancy said.

The sectors contributing most to GVA — a measure of economic productivity — are events and business services (Dh75.5 billion), followed by construction (Dh31.9 billion) and restaurants and hotels (Dh23.1 billion), the report said.

The pre-event phase contributed about a quarter of GVA while the event itself added about 13 per cent.

The lion’s share of economic benefits — 62 per cent — will be felt in the legacy phase through to 2042, according to EY.

“From the outset, we were committed to hosting a World Expo that would achieve long-lasting economic, social and environmental benefits for the UAE, the region and the world, with positive impacts extending well beyond the six months of the event,” said Reem Al Hashimy, Minister of State for International Co-operation and chief executive of Expo City Dubai Authority.

“Despite the challenges of a global pandemic, we have delivered on that promise.”

Expo 2020 Dubai hastened the recovery of the UAE’s tourism, aviation and hospitality sectors from the coronavirus-induced slowdown, aided by the country’s effective management of the pandemic and the easing of travel restrictions.

Leisure and business travel, hotel occupancy rates, room revenue and footfall at shopping malls improved because of the influx of tourists drawn to the six-month mega event, analysts said.

Emirates airline registered healthy seat load factors and strong travel demand to the emirate across its network during the Expo, Sheikh Ahmed bin Saeed, Emirates group chairman and chief executive, told The National last year.

“One year since we closed our doors, this [EY] report confirms that Expo 2020 Dubai was a triumph — a milestone event that is substantially boosting our nation’s economy, and whose ripple effects are continuing to enhance our city’s international profile, driving new business growth and attracting globally significant events such as the UN Climate Change Conference of Parties [Cop28], which our legacy city, Expo City Dubai, is proud to host in November 2023,” Ms Al Hashimy said.

Legacy considerations were at the forefront of planning from the outset, and Expo City Dubai repurposed more than 80 per cent of the infrastructure built for the six months of the event, according to EY.

The venue forms an integral part of the Dubai 2040 Urban Master Plan.

Expo City Dubai launched the first phase of residential developments — including villas, townhouses and apartments — for sale earlier this month. Prices start from Dh1.2 million.

Construction on the site in Dubai South has begun, with plans to complete the first phase of villas and apartments by January 2026.

“As the first World Expo to be held in the Middle East, Africa and the South Asia region, Expo 2020 Dubai has yielded substantial and wide-ranging long-term economic, social and environmental benefits for the UAE and communities around the world,” Rob Moody, partner responsible for transactions and corporate finance at EY, said.

“Expo City Dubai is forecast to deliver additional growth and development and is set to support the more immediate strategic priorities and the wider future ambitions identified by the UAE.”

Research has shown that Expo 2020 Dubai also supported progress on a global scale, with the 192 participating countries reporting benefits in terms of trade and business partnerships, nation branding and cultural understanding, as well as international diplomacy and co-operation, according to EY.

Road to Cop28 launch event at Expo City Dubai — in pictures

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Cop28 President-designate, speaking at the Road to Cop28 launch event at Al Wasl Plaza, Expo City Dubai. All photos: Pawan Singh / The National
Minister of Climate Change and Environment Mariam Al Mheiri in conversation on stage at the event
Ms Al Mheiri with Minister of Community Development and and Cop28 Youth Climate Champion Shamma Al Mazrui, Youngo spokeswoman and lead on nationally determined contributions working group Shreya KC and UN climate change high-level champion Razan Al Mubarak, in discussion on stage
Shreya KC, a Nepali climate justice activist, addresses the event at Al Wasl Plaza
Filipino award-winning poet, rapper and climate artist Meta Sarmiento on stage at the event
Visitors at the Road to Cop28 launch event
An artist at work on an Emirati scene at the Road to Cop28 launch
A model of an onyx – a UAE conservation success story – at the launch event
A performer wearing a dress made from recycled material at the Road to Cop28 launch event at Al Wasl Plaza, Expo City Dubai

The legacy of the 182-day event is set to continue, creating new opportunities for growth in the years to come, Dimitri Kerkentzes, secretary general of the Bureau International des Expositions (BIS), the organiser of the world's fair, said.

An Expo 2020 Dubai closing report, which covers the decision to submit a bid to host the event through to its design, construction and operations, as well as its highlights, achievements, impact and legacy, was submitted to the BIS earlier this month.

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age	$250 a month	$500 a month	$1,000 a month
25	$640,829	$1,281,657	$2,563,315
35	$303,219	$606,439	$1,212,877
45	$131,596	$263,191	$526,382
55	$44,351	$88,702	$177,403

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HAJJAN

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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What is hepatitis?

Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.

There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.

Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.

People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.

There are an estimated 170 million carriers of Hepatitis C around the world.

The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.