Government and private companies across sectors such as infrastructure, hospitality and property are gathering for a two-day conference starting tomorrow in Dubai to discuss investment plans in the emirate ahead of Expo 2020.
The discussions at Destination Dubai 2020 are expected to centre around project opportunities worth an estimated US$120 billion. The conference will act as a networking platform for companies looking to boost their presence in Dubai, said Andrew Davies, the head of conference production at the organisers Meed.
Transport infrastructure, which encompasses roads, railway, ports and aviation, and mixed-use property construction, as well as commercial and residential spaces, would enjoy the most growth in anticipation of Expo 2020, Mr Davies said.
In the construction sector some US$368 billion worth of projects were already under way in Dubai, whereas the figure stood at $33 billion in the transport sector.
“There’s a great deal of real estate development already planned, but what we expect to see in the short term is some prioritisation of these projects, taking into account those which will add the most value to Dubai’s delivery of the Expo,” said Matthew Tribe, the director for master planning and design at the British-based engineering company Atkins.
“[This year] we’re likely to see some consolidation and refocusing of ideas, particularly from government-backed real estate organisations.”
The property, infrastructure and hospitality sectors have already shown signs of increased activity by reviving stalled projects or announcing new ones. And some companies expect the projects to have a legacy use.
“All the investment in tourism and leisure, as well as enabling transportation and infrastructure, will also support Dubai’s long-term economic sustainability,” Mr Tribe said. “It’s important to bear in mind that the Expo is part of the journey that Dubai is on rather than the destination itself.”
The Expo pavilions themselves would find other uses around the world, as per the tradition following these events, he said, and the site itself would be used for different projects because of its location between Dubai and Abu Dhabi.
The InterContinental Hotel Group alone has eight hotels in the pipeline, with almost 2,000 rooms, including three InterContinental, two Crowne Plaza and three Staybridge Suites properties. The group already has 18 hotels under five brands in Dubai, Abu Dhabi and Sharjah.
Dubai Marina will get the first InterContinental this year and a Crowne Plaza will open in the area in 2016.
“These two hotels will be well positioned for travellers flying into the new Dubai World Central Al Maktoum International Airport,” said Ronald Egelman, the director of development for Middle East and Africa at IHG.
While the event is expected to bring tourists and boost the hospitality infrastructure of Dubai and Abu Dhabi, the neighbouring emirates are also gearing up ahead of Expo 2020
“Governments and private investors are already spotting and developing tourism opportunities in all seven emirates and IHG has hotels in the pipeline in both Ras Al Khaimah and Fujairah,” Mr Egelman said.
The event could generate more than 277,000 jobs between 2013 and 2021, 40 per cent of which would be in the travel and tourism sector, said an economic impact report, released in May, from Dubai Expo 2020 team.
The event is likely to attract 25 million visitors between October 2020 and April 2021, 70 per cent of whom are forecast to be from outside the UAE. To cater to them, Dubai expects to add 80,000 new rooms by 2020, Dubai Tourism and Commerce Marketing estimates.
Currently, Dubai has about 65,000 hotel rooms, according to STR Global.
The World Expo is the world’s third largest event behind the Olympics and the Fifa World Cup, said Meed’s Mr Davies.
Those attending Destination Dubai 2020 include public and private entities such as Dubai Multi Commodities Centre, Dubai Electricity and Water Authority, Dubai World Central, Dubai Municipality, Dubai World Trade Centre, the Roads and Transport Authority, the Knowledge and Human Development Authority, and the Department of Economic Development, as well as the developers Emaar Properties and Meraas.
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