- The UAE has become home to several international events, including ICC World Cup, IPL 2021, and Expo 2020.
- The ongoing events are expected to benefit various sectors of the country.
The UAE is hosting not one but two mega events currently. Expo 2020 Dubai commenced with a glorious opening ceremony on 1st October, while the ICC Men’s T20 World Cup is also underway in Dubai, Sharjah and Abu Dhabi.
Both events are cited as a major success, with Expo welcoming around 1.5 million visitors in its first 24 days, while the high-octane clash between arch-rivals India & Pakistan in the group stage of the T20 World Cup also clocked in a huge number of attendees.
The Expo 2020 is the latest edition of the World Expo series. Dubai earned the honour of hosting this marquee event in 2013. However, the event had to be postponed due to the global pandemic. With timely and effective actions taken by the government, the world fair is underway and welcoming millions of visitors from across the globe.
The cricketing tournament was initially slated to take part in India. However, the rising number of coronavirus cases forced the International Cricket Council (ICC) to intervene, and the venue was changed to the UAE.
It’s not the first time the UAE has served as a home for international events. Cricketing events, in particular, have been held in the country for many years now. It has been acting as a home ground for the Pakistan cricket team, as the nation battled with terrorism in the last decade. Cricket stadiums in Dubai, Abu Dhabi and Sharjah have hosted Indian Premier League (IPL) editions in the past as well, due to security concerns. The last two editions, 2020 (partial) and 2021 (complete) were held in the UAE as well. Earlier editions of the Pakistan Super League (PSL) also took place in the UAE.
The availability of state-of-the-art infrastructure, advanced security measures, and international standard facilities are some profound reasons why the UAE is selected to host these mega events.
The Impact on Dubai Economy & Sectors
The impact of Expo 2020 Dubai was visible in the property market even before the world fair started. Both the prices and demand of properties witnessed an upward trend, and the market is now cruising towards recovery. According to reports, property prices have increased for eleven consecutive months. Villa market, in particular, has shown tremendous growth as it clocked double-digit growth in August.
Apart from real estate, several sectors are believed to have benefitted from Expo 2020 Dubai. These include tourism, hospitality, banking and transport. The event is speculated to bring the required impetus to reality. It is estimated that 46,000 visitors per hour will be carried to the world fair site from Dubai Marina by the new Dubai Metro Route 2020. Furthermore, economic growth of up to $40 billion is expected, due to this event.
The ongoing cricketing event, slated to culminate on 14th November, is also benefiting various sectors. Hotels and resorts in hosting emirates are showing high occupancy, as cricket fans from all the participating countries have flocked to the UAE to support their teams. Short-term rental properties located in these areas have also witnessed a surge in demand.