Introduction
Global economic events and expositions can be considered perfect opportunities to align new business relations with the most potent actors across the world, enhance existing cooperation, promote new agreements, popularize particular tendencies, and generate profit from long-term projects. For this reason, much attention is devoted to their organization and participation of multiple global corporations that will help to increase the significance of the event and ensure the final success.
At the same time, these events are a perfect ground for negotiations and determination of new vectors in the development of particular spheres of economy, kinds of business, and entrepreneurship (Expo 2020 – Gearing up for Dubai’s Show of a Lifetime). That is why, World of Expo of 2020, or Dubai Expo is one of the most important business events for the country.
Expo 2020
The given event traditionally attracts the global attention by its beneficial impact on the economy of states. Thus, Expo 2020 is a Universal Exposition that will be organized by the UAE in Dubai on October 20, 2020. The choice of the location is not accidental. The Bureau International des Expositions in Paris decided to hold the event in the region because of its growing importance in the world of business and the increased power of actors from the Middle East at the international level (Expo2020Dubai 7).
By numerous specialists, the decision to award Dubai demonstrates the current vectors in the global economys development (Jones). Correctly realizing the potential of the area and multiple business opportunities that emerge with the rise of the UAE and other countries from the Gulf region, the key actors representing global corporations agree to have their representatives at this exposition to ensure that the existing tendencies will be considered and utilized to generate profit.
Economical Impact
Regardless of the fact that that are still no published economic evaluations about Dubai 2020 because of the lack of relevant data, it is expected that from the economic perspective, all costs devoted to the organization of Dubai Expo 2020 will be compensated by long-term contracts and new opportunities for the development of the middle and big business (Rahman). As for the giant corporations, events of this sort always set the ground for their collaboration at the international level (What is an Expo?).
The fact is that World of Expo is also a significant event at states level as governments look for new ways to promote their national products and demonstrate the ability to meet various clients requirements (Westlund and Mcalvanah 475). This exposure is always a catalyst for all spheres of economy and industry; increased sales are expected during the exposure which also means the increased demand for the labor force (Rahman).
There is also a forecast about the improvement of living standards that is expected before Expo 2020 (Rahman). The local manufacturers will use the advantage of the increased demand and increase the output to generate revenue. In such a way, in accordance with the existing perspective, Expo 2020 will have a significant impact on the economy of Dubai and foster its rapid rise.
Conclusion
Altogether, Dubai Expo 2020 can be considered a critical event that will transform the economy of the country and serve as the catalyst for its future economic development and rise. Multiple heavy industries along with the local business will have an opportunity to increase output and create the basis for their further growth. All costs needed for its organization will be returned because of the new perspectives for the UAEs evolution and empowerment of its presence at the global level. That is why much attention should be devoted to the organization of this event and analysis of its impact on the existing business environment.
Works Cited
Expo2020Dubai. “Planning an Exceptional Expo.” Expto2020Dubai. Web.
“Expo 2020 – Gearing up for Dubai’s Show of a Lifetime.” DP World. Web.
Jones, Rory. “What Does Hosting World Expo 2020 Mean for Dubai?” The Wall Street Journal. 2013. Web.
Rahman, Kokab. “How Will EXPO 2020 Affect the Economic Conditions of UAE?.” Bayt. 2014. Web.
Westlund, Michael, and Edward Mcalvanah. “Are World Expos Worth Hosting?” Naval Academy Scientific Bulletin, vol. 20, no. 1, 2017, pp. 472-477. Web.
“What is an Expo?” Expo2020Dubai. Web.