Billions spent by Dubai on World Expo mega projects

Tuesday, April 10, 2018

 The first World Expo will be staged in the Middle East and the six-month event is about to attract 300,000 vistors in a day

Tens of billions of dollars is being spent by Dubai on infrastructure and hospitality projects related to the international trade fair Expo 2020.

The Construction Intelligence Report stated the value of the Expo-related projects underway has hit US$42.5 billion till March.

The infrastructure and transport projects had US$17.4 billion projects , US$13.2 billion was spent on housing and US$11 billion on hotels and theme parks.

The expansion of Al Maktoum International Airport  will see the investment of US$8 billion, the airport is located at the southern pole of the city and tipped to complement the Dubai International Airport in the north.

Last year the Dubai Airport was the world’s busiest for international travel and it had handled more than 88 million travellers.

It is expected Al Maktoum after completion will be able to handle more than twice that number in a year.

US$2.9 is being spent by emirate to develop the metro link connecting the main transport hubs to the Expo site.

The US$ 13.4 billion Dubai South Villages and Dubai Exhibition city, the projects which are currently underway will also be linked by the line.

The Expo 2020 will give  a boost to the real estate market and the hospitality sector as per the authorities and create 300,000 jobs .The Expo which opens in October 2020 will majorly attract visitors from abroad according to the Dubai Chamber of Commerce and Industry.

Around US $15.5 billion is earmarked for infrastructure projects with over 21 per cent of this year’s public spending.  The income from oil contributes six percent to the public revenues.

Dubai has established itself as a regional business hub and tourism destination has the Gulf’s most diversified economy  thst is not just dependent on oil but also chugs along on finance, property, tourism and leisure.

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