¶ … Expo 2020 to Small Scale Business in United Arab Emirates
The Expo 2020 will have an enormous economic impact on the Emirate of Dubai since they won the bid to host the convention. Dubai's is a nation with an economy that is not very diverse. The country depends on several factors to keep the economy stable, and these include tourism, the real estate sector, and the financial services sector. Due to this it is understandable that Dubai's economy could easily come under heavy pressure from external factors. The 2008 and 2010 economic crisis demonstrates this point clearly as the housing bubble declined and pulled Dubai's economy down with it.
The Expo 2020 is a great benefit for Dubai since its economic implications will lift the financial sector for both Dubai and the UAE. Travelers from all over the world will come to see the Expo and is thus a great opportunity for foreign investment to grow. Another obvious perk is that these visitors will be spending very large amounts of money in Dubai. This will provide a much needed boost in the economy, specifically in the hospitality sector. Those businesses which provide accommodation for tourists and visitors will benefit greatly from the Expo 2020. Infrastructural development is also a sector that the Dubai government is hoping will grow during the event, and as a result they have invested very large amounts of money in expanding the industry for the expo (Dokoupil & Menon, 2013).
Even though the Expo 2020 comes with great economic benefits, it also carries certain financial risks with it. The most severe risk is the possibility that the other sectors of Dubai's economy will be cut across by an economic bubble. Housing prices have inflated greatly since the announcement of the expo being held in Dubai, and the stock market is sharing the same trend. Unstable and unsustainable prices are permeating Dubai's markets right now, and could eventually cause a great collapse which would lead to an economic depression (Mustafa & Crompton, 2013). This would additionally lead to Dubai ceasing to be as competitive of a city and foreign investors might choose to go elsewhere.
The build up to the Expo over the next six years will greatly benefit the SME's. Additional FDI's (foreign direct investments), skilled labor, and more business will be attracted to Dubai's increasingly competitive business arena as the Expo comes closer. An approximate number of 200,000 new businesses will be founded by 2020 (Walid, 2015). Due to this many of Dubai's entrepreneurs feel like privileged stakeholders and important agents in the government's goal to boost the national economy and create a thriving environment in which both small and large businesses can flourish. However, these industries do realize that their fate is their own and that only their own hands can help build a successful enterprise (Yahoo News, 2013). The travel industry is a big sector in the Expo as over 25 million visitors will come over the half year prior to the Expo (Dubai Chronicle, 2015)
History of Expo
The World Expo has proved to be a highly fruitful achievement throughout its history. It is a reflection of man-kinds deep understanding of economy, industry, science, technology, culture, and ethnicity. Its history is a history about cooperation, of people joining together and collaborating in order to advance civilizations industries. In a way, the Industrial Revolution really paved the way for the modern World Expo that we know today. The World Expo features various achievements held by the different participating countries. The very first expo is recognized as the one held in London back in 1851. This was called the Great Exhibition of the Works of Industry of All Nations. The event lasted for a total of 160 days and included 10 participating countries. The entire event attracted roughly 6.3 million visitors. Later, the Chicago Expo in 1993 was another defining moment in the development of the World Expo. It was held in a very historic and sensitive time in America that was just starting to emerge from the Great Depression. The city celebrated its 100th anniversary with 47 participating countries and over 38 million visitors present. A Century of Progress was the explicitly given theme that expo received, and it has become the official theme and staple of the convention. It also started the tradition of large scale companies building pavilions at the convention site. The Expo allowed for certain large businesses such as Ford, Chrysler, or GM to build dedicated pavilions. This practice became greatly appreciated by both businesses and visitors (Mohamed bin Rashid, 2011).
The first World...
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