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New details on Dubai’s plans for World Expo 2020 were unveiled yesterday during an investment conference in the city. From the government to property developers and healthcare providers, all investment and business-related entities have laid out ambitious World Expo 2020 plans.
DTCM (Dubai Tourism & Commercial Marketing) have estimated that Dubai will need an investment of approximately $8.8 billion for the development of the entire event. A big part of this amount will be provided by the emirate’s government, with the rest sourced from foreign funding. Even though $8.8 billion is an impressive figure, the government assures that Dubai will continue to maintain a low-inflation economy. That is because it plans to rely on different measures that will maintain costs at a stable and balanced level.
World Expo 2020 Projects
Many new projects will be launched and completed ahead of the World Expo 2020. Although the city is currently witnessing a record growth in tourism, the Expo is predicted to attract about 25 million more visitors to the emirate. To handle the influx of tourists, the hotels in Dubai will nearly double in number. Among them are said to be many 3- and 4-star hotels. However, this does not mean that the city’s hotel market will degrade to a low-end one, since all new facilities will offer great quality to visitors.
The high-end hotel market will also grow and develop. Nakheel announced that it will build a number of luxury hotels in the emirate by 2019. Five of them will be located on Deira Palm Island. Moreover, the developer stated that if the demand is high enough, its Palm Jebel Ali project might be ready for the event.
The Burj 2020 project is also a part of Dubai’s agenda for Expo 2020. DMCC informed that it is currently looking at all the different options for the financing of the tower. Nevertheless, the construction of Burj 2020 is scheduled to start in 2015 and to be finished in time for the World Expo 2020. When the project is completed, the Burj 2020 will become the tallest commercial tower in the world. What is known about it is that it will have a structure of steel, which will require less construction time.
Arabtech, which has just announced that it will expand to new countries in 2014, hinted that it might also have plans for Expo 2020. The developer expects that the demand for new construction in the emirate and the entire region will continue to increase as the event draws nearer.