Despite the effects of the ongoing pandemic, Dubai’s Expo 2020 has brought thousands of visitors to the region since its opening in October. And since, the city has seen some of its best economic performance in years. This increase in travel and tourism can be attributed to increased vaccination rates, declining positive cases, and relaxed travel restrictions culminating with the Expo celebrations. This perfect storm has driven up activity in sectors across the board, from retail establishments to the hospitality sector.
The tourism industry’s recovery is one of the most significant contributors to this economic shift. Tourists have been itching to escape quarantines and lockdowns and now seek to travel abroad and enjoy themselves. And the Dubai Expo is the perfect destination, offering tourists first-class cuisine, incredible attractions, and once-in-a-lifetime events.
The Dubai Expo 2020 Continues to Bring About Steady Growth
Dubai’s Expo is dedicated to celebrating innovation, connections, and the promotion of ecological sustainability. Since the event kicked off, many important figures, celebrities, businessmen, and performers have graced the stages of the festival. Tourists come from around the world to hear famous thinkers, political figures, and business experts give speeches and demonstrations.
Thanks to the Dubai Expo 2020, business growth has climbed to its highest levels since 2019, and forecasts show that Dubai’s economy is on track to expand by at least 4% in the final months of 2021. Supply chains have improved, Wholesale and retail activity continued their upward growth, and business confidence rose as Covid-19 restrictions eased for those entering the Emirates.
From the beginning of January 2021 until this October, Dubai welcomed over 4.8 million visitors. The results of this surge caused a rise in the hospitality industry. The sector saw a 16.8% surge in occupancy numbers, some of the highest since the onset of the pandemic.
Businesses that Saw Growth as a Result of the Dubai Expo 2020
As we mentioned, many different sectors have been affected by the traffic from Dubai’s Expo 2020. Below, we’ve listed just a few of the industries that are projected to see continued upward trends in the coming year.
1. City Employment
While not nearly as much growth has been shown in overall employment, with many businesses trying to minimize costs, this area is expected to have slow, continuous growth throughout 2022.
2. Wholesale and Retail Sectors
Retail businesses are witnessing a significant increase in customers, with tourists shopping and enjoying attractions in the city. Everything from bakeries and restaurants to clothing stores are seeing a spike in clientele.
3. Supply Chains
During the early stages of the pandemic, vital shipping lanes and supply chains were seriously affected by Covid-19. From restricted traffic to full lockdowns, many businesses struggled to survive. But now, a brighter future seems to be on the horizon.
4. Economic Confidence
One of the biggest advantages to travelers, business owners, and investors returning to the Emirates is the general confidence in the economy. This confidence will inspire future investors to open businesses and make their own investments.
The First to Reopen Commercially
Thanks to Dubai’s strict health and safety measures, the Emirates has been one of the first markets to reopen in the Middle East. High vaccination rates and well-planned travel restrictions have allowed the region to fully reopen, long before many competing economies. This has given the Emirates an advantage. One they fully intend to take advantage of.
Knowing that the economic upswing will need considerable infrastructural assistance, Dubai’s governing authorities have introduced a series of regulatory measures and reforms in hopes of sparking further expansion in the job market. Providing workers and employers with a series of regulatory protections is a strategy aimed at enticing more skilled workers to the region. This approach also strengthens the rights of business owners and promotes a more business-positive environment for all citizens.
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