By Hamad Buamim
Predictions For 2020: Bringing far-reaching economic benefits, Expo 2020 Dubai will draw a blueprint to advance the emirate's vision for the next 50 years
As we begin what will likely be one of the most pivotal years in Dubai’s history, I cannot help but reflect on the remarkable growth this city has seen over the decades. Close public-private sector cooperation and an unwavering commitment to embracing the future are among the biggest strengths that have kept the emirate on a steady path of progress and prosperity.
A lot has been said about the massive economic impact of Expo 2020 Dubai. However, I see it as more than just a mega-event, but an opportunity for Dubai to share its experiences and success stories with the world and draw a blueprint to advance its vision for the next fifty years.
We are seeing this city transform like never before, with new hotels, logistics facilities, retail establishments and transport systems emerging in a very short span of time. More importantly,there are numberous intangible benefits, including a sense of national pride and limitless, forward-thinking vision that will make this a truly exceptional and memorable world expo.
This opportune occasion gives us a rare chance to create a new narrative for Dubai – one that complements its status as a global trade hub and positions the dynamic city as a recognised global leader in innovation and sustainability.
"Looking ahead, Dubai’s key sectors will continue to feel Expo effects for some time"
There is no denying the significance of this commercial opportunity for businesses across the UAE and beyond. Not only will Expo 2020 change the way business is done in this part of the world, it will usher in a new era of cross border cooperation in the region.
As an Official Partner for Expo 2020, Dubai Chamber of Commerce and Industry will leverage its position as a bridge between business and government to create an ideal platform connecting UAE companies and their international counterparts and facilitating game-changing partnerships.
Dubai Chamber will operate a dedicated on-site facility for business networking at Expo 2020, and bring together government and business leaders from around the world as it hosts more than 33 business forums and country focused seminars throughout these crucial six months.
Among the high-level events in Dubai that should be on any company’s radar are the next editions of the Global Business Forum Africa (GBF Africa) and GBF Latin America, the first-ever GBF ASEAN, as well as the upcoming Global Islamic Economy Summit, World Chambers Congress and The Retail Summit.
Companies are increasingly looking beyond borders for new growth opportunities as they navigate a fast-changing business landscape driven by disruption and shifting trade patterns. In our experience, we have seen the value of face-to-face interactions between different business communities and providing stakeholders with the right channels to explore synergies and collaboration opportunities.
Since its inception more than five decades ago, Dubai Chamber has continued to advocate on behalf of companies of all sizes and sectors in Dubai and ensure a favourable business environment in the emirate.
Recently, the Chamber has stepped up its policy advocacy efforts with the launch of the International Advisory Council – one of its key stimulus initiatives supporting the directives of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The newly formed advisory council recently held its inaugural meeting at the Executive Council of Dubai headquarters where representatives of multinational companies in Dubai discussed new plans for boosting business activity.
In addition, Dubai Chamber participated in a recent UAE Ministry of Economy roundtable where business groups and business councils in Dubai were given a platform to share their feedback and views on market conditions. Such efforts are a prime example of how the Chamber is constantly looking at new ways to improve economic competitiveness and ease of doing business in Dubai.
Over the next year, Dubai’s business landscape will undergo a major transformation as 192 countries and 38,000 companies participating in Expo 2020 leverage this unique platform to showcase their innovations, boost their global profile and foster innovation through collaboration.
Looking ahead, Dubai’s key sectors such as including trade, logistics, tourism, hospitality, retail and real estate, will continue to feel Expo effects for some time, while other social and economic benefits are expected to remain long after the event is over. Taking the place of the Expo site, District 2020 will build on Expo 2020’s legacy and support UAE businesses for many years. New competitive advantages and incentives, such as 100 percent foreign ownership of mainland companies in key economic sectors and long-term residency visas will further enhance Dubai’s value proposition to global businesses and investors.
Additionally, SMEs, startups, e-commerce and Fourth Industrial Revolution technologies will play a bigger role in contributing to Dubai’s economic growth going forward. These segments of the business community are an important source of innovation. I look forward to seeing new cutting-edge solutions brought to market that address existing challenges and create new possibilities.