Expo 2020 to cost Dubai $8.1bn – Sheikh Ahmed

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Authorities in Dubai will invest €6bn ($8.1bn) in new infrastructure if it is successful in its bid to host Expo 2020, Sheikh Ahmed bin Saeed Al Maktoum told Bloomberg.

Speaking to the news agency on the sidelines of the Dubai Air Show, the emirate’s top finance official said that financing the required costs would not be problematic as it “makes sense” and has a “business case”, without elaborating.

“We need to extend maybe the metro, the road infrastructure to the site and doing a lot on the site itself,” the head of Dubai’s Supreme Fiscal Committee said.

Dubai will discover on November 27 if it has been successful in its bid to host the event. It is competing with Izmir in Turkey, Sao Paolo in Brazil and Ekaterinburg in Russia.

Expo 2020 would increase Dubai’s economic growth by 0.5 percentage points per year and 2 percentage points in 2020, an earlier report by Bank of America Merrill Lynch said.

The same report put the total cost of financing the Expo at $8.4bn, or 8.9 percent of GDP.

The event would also create more than 277,000 jobs in the Gulf emirate, 40 percent of which would be in the hospitality sector and 30 percent in construction.

Dubai anticipates that more than 25m would visit the event over six months, including 70 percent from outside the UAE.

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Posted by: m mahroof

well done dubai

Posted by: Philip

We all support Dubai and consider it our home but as a business owner ( unfortunately 49% another mistake that needs to be corrected) it would be a great help if the various government departments would stop thinking up and applying every possible fee (READ INDIRECT TAX) they can come up with on a continual and immediate basis. It makes it very difficult to plan. Add to that scenario,non payment and very limited practical options to get your money within a reasonable time frame, it gives you an unfriendly business climate. That is the reality not what the surveys say. You have a lot of companies that were bitten in the past and suffered badly, they will be very wary to invest again in this planned growth if they have to bear all the cost and burdens.

Posted by: Zaka Ullah Khan

This Kind of arrangement needs more than money, something called NATIONAL SPIRIT, unfortunately Duabi, despite all its advantages does not offer that at mass level, because people who will be given the task to organize and execute this event will not be UAE nationals, (except a handful of them).

Posted by: Rami

Go Go Duabi, all tne best in the bidding and hope to hear the good news

Posted by: Telcoguy

I wonder which contractors will bid for the work.

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