Expo 2020 Dubai gives fillip to local businesses

Over 76% of companies in Dubai has their businesses boosted during the recently-concluded Expo2020Dubai and another 73.5% have entered into new partnerships, according to Dubai Chamber of Commerce.

This was revealed in a new report entitled “Business Integration for Growth, Digital Transformation and Global Partnerships,” which was developed by the Chamber in collaboration with Oxford Business Group.

The study analysed the positive impact of Expo2020Dubai on various economic sectors in Dubai, and outlined the key benefits and competitive advantages that businesses saw during the mega event.

A key focus of the report has a survey of business groups and business councils in Dubai, which represent 287,000 companies in Dubai operating in a wide range of economic sectors and fields.

It found that 70.6% of respondents leveraged the networking and business matching services provided by Dubai Chamber of Commerce, which served as the Official Business Integration Partner for the event.

Meanwhile, 47% of respondents reported having benefited from the Global Business Forums series, and another 47% said they benefited from bilateral business meetings arranged at Expo 2020 Dubai.

In all, the Chamber organised 98 events during the event, which were attended by more than 25,000 participants from over 130 countries.

The Global Business Forums on Africa, ASEAN and Latin America saw the most participation, as the high-level forums were joined by government and business leaders, who attended in person and virtually.

The 12th edition of the World Chambers Congress and a series of Thematic Business Forums were also hosted by the Chamber, which were attended by chamber and industry leaders. The events identified global challenges and highlighted innovative solutions to drive sustainable economic growth.

Several Meetings

The Chamber facilitated 1,500 bilateral business meetings between UAE investors and their global counterparts, and received 1,746 visiting delegations from over 60 countries during the mega event, which were joined by 3,350 government and business leaders.

In addition, the Chamber signed 13 memoranda of understanding (MoUs) with public and private sector stakeholders representing other markets with the aim of providing Chamber members access to new growth opportunities.

Seven new economic and professional bodies were licensed by the Dubai Association Centre, which was established in collaboration with the Dubai Chamber of Commerce (one of the three chambers under Dubai Chambers alongside Dubai International Chamber and Dubai Chamber of Digital Economy), the Dubai Economy and Tourism and Dubai World Trade Centre.

‘The report highlighted the role that Expo 2020 Dubai played in catalysing business growth in the tourism and hospitality sectors in the emirate, and pointed to the surging number of international visitors.

The report reveals that revenue per available room (RevPAR) in Dubai in January 2022 increased to AED 460 ($125) compared to AED 293 ($80) in January 2021, marking an increase of 56.3% and outperforming Milan, the host city for Expo 2015, which recorded RevPAR of 54.5% in 2015.

There were 759 hotels and hotel establishments accounted for in Dubai in January 2022 compared to 711 in January 2021, while guest nights in January were at 3.04 million during the same month this year compared to 2.65 million in January 2021.

Arrivals at Dubai International Airport recorded growth of 12.7% in 2021 compared to 2020, while the UAE’s non-oil foreign trade jumped 27% over 2020 and 11% over 2019, a growth trend largely driven by Expo 2020 Dubai.