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
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.
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
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UAE currency: the story behind the money in your pockets
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The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
