Expo 2020: The right time to start and grow your business in Dubai
Dubai is expecting to draw around 25 million visitors during the 6-month period and the Expo is expected to promote the city’s status as a truly global city with sublime infrastructure and a hub for the world to do business. While examining past shows, a successful Expo can have a major impact on the host city’s economy.
The Expo’s main USP is the ability to showcase a nation’s strengths and talents on a global scale. An example that comes to mind is the Shanghai Expo held in 2010. The theme was Better City, Better Life and a staggering 73 million people attended the exhibition, whilst promoting Shanghai as a thriving, global city. The event not only highlighted China’s economic success but also encouraged new and long-lasting infrastructure developments that continue to benefit the nation even today.
Businesses in the UAE should be wary of a few factors that can both create as well as complicate the opportunities formed during the lead up to 2020.To begin with, Dubai can expect to see a drastic increase in product demand leading up to and through the 6-month period. Demand will then increase at a decreasing rate right after the Expo, although probably not to levels seen previously. The long-term economic effects of the event will be seen in the form of growth and then rise back up to levels seen during the Expo and quite possibly even beyond. It is important that businesses must possess the foresight to foresee and plan for these patterns of changes.
Dubai will be receiving an incredible amount of global attention in the lead-up and during the course of the event. It is already expected to attract tourists worldwide to the UAE. World media will also be more focused on the Expo and the region more broadly. However, as the world’s eyes shifts it’s focus towards the city over the next 5 years, local businesses will experience more competition for this attention.
Preparing for and taking part in the Expo will require extra work. Furthermore, the scale and nature of this work also means that it won’t be anything but usual. The Expo requires new set of abilities and different ways of working. The sudden increase of demand may exceed the capabilities of workers. At the same time, the growth showcased by the Expo creates prospects, especially for entrepreneurs – or those that have entrepreneurial skills.
Startups and businesses may also be well positioned to ride the wave from the media coverage. As the world looks towards Dubai in the coming years, companies already operating in the region can use the media attention to their advantage to enhance their global image.
Expo 2020 offers an constantly-changing and dynamic playing field for businesses, one that will also bring more competition and dangers that surround long term obligations.
By focusing on where they want their company to be both during and after the Expo, business leaders and entrepreneurs can position themselves to best exploit the many opportunities that the event will bring to the city of Dubai.
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