Dubai Will Attract Expo 2020 Exhibitors with Tax Incentives

1937

Architectural Impression of Al Wasl Plaza Dubai Expo 2020

In preparation for the largest and most anticipated event in the Middle East, Expo 2020, Dubai is planning a strategy for attracting more and exciting exhibitors. Targeting 25 million visitors over the six-month period of the expo, Dubai is also easing up the travel and stay process for hundreds of vendors and national kiosks that will be the main highlight of the event.

Of all expensive and climate-defying projects, Expo 2020 is probably the most ambitious one. It is expected not only to improve Dubai’s and the region’s international image, but also to boost the local economy, leading to growth in multiple industries. The effect of the expo on the employment market has also been widely discussed. And the opening of businesses, the arrival of thousands of more expatriates, and the development of city infrastructure, residential and commercial real estate projects will have a long-term impact on Dubai and the UAE. However, in order to attract 25 million visitors (17 million of them from overseas), Expo 2020 should be interesting, innovative and represent a platform for showcasing really unique and creative products and inventions.

Of course, exhibitors will be crucial to the event’s success and now Dubai is offering attractive conditions for everyone who is interested in taking part of the long anticipated expo. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Expo 2020 Preparatory Higher Committee, said in an interview for the Oxford Business Group that the city plans to offer tax incentives to participating exhibitors. A multinational team will be set up to guarantee effortless access to companies, vendors, and nations’ representatives.

The dedicated body will give diplomatic status to senior staff, as well as specialized visas and duty and tax exemptions. According to him, “fast-tracking immigration lanes” and streamlined logistics systems” will further ease the process. Dubai will also make sure exhibitors can get as much return on their investment as possible, which is a strong incentive for participation, along with the obvious benefit of international exposure that the expo will provide.

However, participating countries and corporations aren’t the only ones to benefit from the event, as local companies across various sectors will see a significant growth. According to Shekh Ahmed, plenty of opportunities will be created for the business, including for SMEs. It will be a natural process, as there’s already a boost in some industries such as construction, real estate, retail and tourism and hospitality. The rise in job positions will attract more people from the region, but also from other countries.

This will naturally increase the overall domestic consumption. Thus, a significant growth of both revenues and business activity are expected in the coming years.

LEAVE A REPLY

Please enter your comment!
Please enter your name here