In an era when trade shows and similar types of events seem to be cropping up in greater numbers all the time, it can be difficult to determine which ones are worth the time and costs to attend. And—just as importantly—which ones are not. Expo 2020 is one that falls firmly in the former category. Even though Expo 2020 is more than a year away, it’s already commanding attention from businesses around the globe.
What is Expo 2020?
Expo 2020 is an opportunity for millions of people to gather, share ideas, and showcase innovative products and services on a global stage. The upcoming World Expo is scheduled to begin on October 20, 2020, and will take place in Dubai—just one of the major cities in which the Expo has been held over the last 150 years since it was first organized at London’s Crystal Palace.
Over the following century-and-a-half, some of the most incredible and popular inventions were showcased at these events; the typewriter made its debut in Philadelphia in 1876, and the 70 mm IMAX format debuted in Osaka in 1970, showcasing just how broad the scope of inventions has been. But the Expo isn’t held annually; it takes place every five years and lasts for a period of six months, with the most recent Expo held in 2015 in Milan, Italy. Expo 2020 has the distinction of being the first Expo to take place in the Middle East, Africa, or South Asia, with the event’s theme “Connecting Minds, Creating the Future.”
Why Expo 2020 Matters
Expo 2020 is predicted to generate an enormous boost to the UAE’s economy. Experts already think it will contribute about 122.6b AED to the UAE economy all the way to 2031, in large part because it will usher in an incredible era of more attractive business opportunities (particularly international ones) for the region.
Likewise, Expo 2020 is expected to support up to 905,200 full-time equivalent jobs, which works out to about 49,700 full-time equivalent jobs per year until 2031. Najeeb Mohammed Al-Ali, the executive director of the bureau behind the event, said that Expo 2020 is a “critical long-term investment in the future of the UAE” because it will not only encourage millions around the world to visit Dubai for the event, but it will continue to stimulate both travel and tourism (not to mention economic diversification) for years afterwards. The event is currently predicted to attract almost 25 million visitors and participants from 190 countries around the world, all between October 2020 and April 2021. During these six months, the event will contribute about 1.5% to the UAE’s annual GDP. This will help guarantee that UAE remains a leading destination for business, leisure, and investment for a generation.
Is the UAE On Your Global Expansion Radar?
Expo 2020 will undoubtedly draw millions and generate incredible economic activity, but what comes next? UAE is a popular global expansion destination for business that are looking to establish their presence and grow their influence in the region—so how can foreign businesses make this happen?
Velocity Global’s Employer of Record solution (also known as International PEO) offers expanding businesses a streamlined, compliant method of establishing a presence in foreign markets—often in as few as 48 hours. We handle all compliance considerations and provide ongoing employee support through a dedicated, single point of contact, no matter where your expansion may lead.