x Abu Dhabi, UAESaturday 22 July 2017

World Expo hopes lift business confidence in Dubai to record high

Hopes of a successful World Expo 2020 bid have boosted the confidence of business leaders in Dubai to a record high.

Hopes of a successful World Expo 2020 bid have boosted the confidence of business leaders in Dubai to a record high.

Eighty-two per cent of respondents in a fourth-quarter survey by the Dubai Chamber of Commerce and Industry (DCCI) expected business conditions to improve.

Only 2 per cent anticipated a dip in prospects, with 16 per cent forecasting no change.

Hamad Buamim, the chief executive of DCCI, said the contributing factors include greater domestic and global demand during the holiday season and increased tourism in the last quarter.

Expectations in Dubai are building up to a frenzy ahead of a vote to decide which city will host the World Expo 2020.

The Paris-based Bureau International des Expositions will make the decision over two days next month (November 26 and 27). The cities in contention include Izmir in Turkey, Sao Paulo in Brazil, and Yekaterinburg in Russia.

Oxford Economics, a consultancy, estimates that staging the event in Dubai would attract 25 million visitors over six months and create about 277,000 jobs.

tarnold@thenational.ae