Expo 2020 Dubai will provide an economic boost worth AED122.6bn ($33.4bn) to the Emirate partly due to extra demand throughout supply chains worth AED27.6bn or $7.5bn, according to a new report by EY.
The assessment of the economic impact of the event, released this week, predicts it will support around 49,700 full time jobs per year between 2013 and 2031.
The study was commissioned by the Dubai government and was based on data from the government, Expo 2020 organisers and third-party sources.
Supply chains are expected to account for AED7bn or $1.9bn of benefits during the event and AED20.6bn or $5.6bn beforehand.
Describing the Expo as an exciting long-term investment for the UAE the report said it would have a significant impact on the economy and create jobs directly and indirectly.
Some 25 million visits will be made to the event, with participants from 190 countries, between October 2020 and April 2021, according to the report.
Jamie Torrens, director, EY MENA head of economic advisory, said: “Although the Expo event lasts less than a year, the positive economic impact continues far beyond the event.”
The biggest gains will be seen after May 2021 when the event enters its “legacy period” which lasts until December 2031.
The Expo site is due to be redeveloped and converted to District 2020, which is expected to include tenant companies and an expanded Dubai Exhibition Centre.
District 2020 aims to create a sustainable business environment for key growth industries such as logistics and transport, travel and tourism, construction and real estate and education.
It is set to cover more than 80% of the constructed area of the Expo and is eventually set to expand into a city covering more than four million square meters.
Expo 2020 Dubai is the first World Expo to take place in the Middle East since the event was first held 168 years ago.