Dubai's Consolidates Chances of Winning Expo 20-20
300,000 New Jobs to be Created
Dubai’s chances of winning the bid for Expo 20-20 have increased, according to a report by the Standard Chartered Bank. In the event it does, close to 300,000 more jobs could be created with 25 million people visiting Dubai. 90 per cent of the job opportunities would occur from 2018 to 2021, with most of the jobs created in the travel and tourism sector.
This indicates a good chance that a high percentage of these will be converted into permanent jobs, which would benefit the expanded economy in the post-Expo period.
Dubai’s economy has experienced solid and sustainable rates of growth over the past three years. The key drivers are logistics, hospitality and retail.
This looks set to continue, particularly when it comes to logistics, which contributes 14 per cent to the GDP. Trade is expected to increase in the years to come on the back of the increased spending plans of most governments in the region, including Abu Dhabi, Qatar and Saudi Arabia.”
Tourism is also expected to grow at an average of 6.5 per cent per annum between 2011 and 2021, pushing up employment growth for the sector by 4.1 per cent per year, report said quoting a Dubai Chamber of Commerce and Industry study.
Dubai’s population growth is another driver of housing demand surge, said the report. The city’s population is the second largest in the country, after the capital Abu Dhabi, and is largely comprised of expatriates. “The population increased from 2.0 million in 2011 to 2.1 million in 2012, according to the Dubai Statistics Center. We expect it to reach 2.2 million in 2013,” the bank said in its report.
Dubai’s housing market is comprised of 417,900 apartments and 62,000 villas. Residential supply has been growing at an average compound rate of around eight per cent, with apartments increasing by nine per cent and villas by four per cent,” said the report.
By the end of 2013, supply should increase by 19,400 apartments and 3,400 villas, assuming there are no delays in construction schedules. The largest proportion of future stock from 2013 to 2015 will be delivered in the sub-markets of Dubailand (7,900 units); Business Bay (3,800 units); and Dubai Sports City (3,800 units).
“We expect the city to expand, with a focus on new developments outside central Dubai, in areas to the south and east,” the bank said.
The bank expects Expo 2020 to be a meaningful contributor to the sustainability of the housing market, in the event of a positive bid result in November 2013.
300,000 New Jobs to be Created
Dubai’s chances of winning the bid for Expo 20-20 have increased, according to a report by the Standard Chartered Bank. In the event it does, close to 300,000 more jobs could be created with 25 million people visiting Dubai. 90 per cent of the job opportunities would occur from 2018 to 2021, with most of the jobs created in the travel and tourism sector.
This indicates a good chance that a high percentage of these will be converted into permanent jobs, which would benefit the expanded economy in the post-Expo period.
Dubai’s economy has experienced solid and sustainable rates of growth over the past three years. The key drivers are logistics, hospitality and retail.
This looks set to continue, particularly when it comes to logistics, which contributes 14 per cent to the GDP. Trade is expected to increase in the years to come on the back of the increased spending plans of most governments in the region, including Abu Dhabi, Qatar and Saudi Arabia.”
Tourism is also expected to grow at an average of 6.5 per cent per annum between 2011 and 2021, pushing up employment growth for the sector by 4.1 per cent per year, report said quoting a Dubai Chamber of Commerce and Industry study.
Dubai’s population growth is another driver of housing demand surge, said the report. The city’s population is the second largest in the country, after the capital Abu Dhabi, and is largely comprised of expatriates. “The population increased from 2.0 million in 2011 to 2.1 million in 2012, according to the Dubai Statistics Center. We expect it to reach 2.2 million in 2013,” the bank said in its report.
Dubai’s housing market is comprised of 417,900 apartments and 62,000 villas. Residential supply has been growing at an average compound rate of around eight per cent, with apartments increasing by nine per cent and villas by four per cent,” said the report.
By the end of 2013, supply should increase by 19,400 apartments and 3,400 villas, assuming there are no delays in construction schedules. The largest proportion of future stock from 2013 to 2015 will be delivered in the sub-markets of Dubailand (7,900 units); Business Bay (3,800 units); and Dubai Sports City (3,800 units).
“We expect the city to expand, with a focus on new developments outside central Dubai, in areas to the south and east,” the bank said.
The bank expects Expo 2020 to be a meaningful contributor to the sustainability of the housing market, in the event of a positive bid result in November 2013.
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