UAE residents pin hopes on Expo

It may not mean a windfall for many, but a majority of the UAE residents see a positive impact on their lives as the country prepares itself to host the Expo2020.

Residents see the big event as a game changer and believe the changes will be felt as more business expand and grow, leading to employment opportunities and improvement in personal lines.

According to a survey of over 1,000 UAE residents by research form Insight Discovery, there is a high level of interest amongst residents, businesses and investors in the hosting of the Expo.

The findings reveal that a vast majority (95 per cent) of the respondents are interested in the Expo, out of which 62 per cent expressed strong interest, and 88 per cent said it will impact their lives positively.

There are many (40 per cent) who strongly agree that they fully understand what Dubai Expo 2020 involves while another 49 per cent somewhat agree. Of the 11 per cent or so remaining, only 2 per cent strongly disagree.

And, those who know what the event entails, 52 per cent see that it will have a positive impact on their lives and another 36 per cent of respondents who somewhat agree.

“We believe that this survey is the first research of its kind to examine what UAE residents think about the Expo, how they relate to the event and its numerous implications. The survey confirms that there is huge interest in the event, but identifies a number of aspects that are of concern to the country’s residents. The survey examines why Dubai Expo 2020 is unlike previous World Expos, and why it is a high stake event for Dubai and the UAE,” said Nigel Sillitoe, CEO of Insight Discovery.

Respondents in the survey were asked to identify the sectors which would most likely be the beneficiaries of Dubai Expo 2020. Sectors which received favourable mention included advertising/media/communications, financial services, real estate, retail, telecoms, and tourism/hospitality. It is widely believed that real estate and tourism will most likely be the major beneficiaries of Dubai Expo 2020. However, 40 per cent of respondents also identified the financial services sector to be another leading beneficiary in the coming years.

Unsurprisingly, over 60 per cent of respondents had a favourable outlook for tourism growth in the years (2018-20) closer to Dubai Expo 2020, in comparison to the earlier period (2016-18) where tourism were predicted to grow by 33 per cent to 40 per cent.

Many (61 per cent) of the survey respondents were found to have a strong opinion on the tourism potential of Dubai Expo 2020 as the event is estimated to attract nearly 25 million visitors. Another 30 per cent agree that it will boost tourism since Dubai has an established infrastructure.

In the survey, 73 per cent of the respondents believe that the UAE’s financial services sector will cope easily with the opportunities but challenges may arise. On the other hand, 57 per cent of those surveyed think that the impact of the event on local banks will only be moderate, given that three quarters of the 25 million visitors to Dubai Expo 2020 will come from outside the UAE.

In terms of employment opportunities in the UAE, 57 per cent of the respondents think that the Expo 2020 will lead to a positive impact with more job creation and new businesses. Meanwhile, 91 per cent strongly believe that Expo 2020 will lead to a rise in the general cost of living. Interestingly, 16 per cent doubt whether the event will be delivering benefits after it is over.