FDI opportunity in Dubai Expo 2020, official says
DTCM chief: Private sector can help fund the $8.8bn Dubai Expo 2020
While a significant amount of the $8.8bn investment required for the Dubai Expo 2020 event will come from the government, there will also be an opportunity for the private sector to fund the project, a government official has saidy.
Speaking at the ongoing Destination Dubai 2020 conference, Helal Saeed Al-Marri, director-general, Dubai Tourism & Commerce Marketing said that the private sector could help in investments in the build up to Expo 2020 and during the event as well.
“There is a significant opportunity for foreign direct investment (FDI) from the event,” Al-Marri said, noting that preparation for Expo 2020 would involve both the development of the actual Expo site as well as the development of the city.
“The Expo site requires significant infrastructure and development, and the team is working on designs for this. This will be very project based,” he explained. “The other side is city readiness. The event will require significant development around the city.”
Al-Marri said that one of the key parts of Dubai’s development goals will be to double the number of hotel rooms in the city to handle the estimated 25mn visitors to Expo 2020, 70% of whom would be from outside of the UAE.
Another development under focus will be the Burj 2020 building, which when completed will be the world’s tallest commercial tower.
“We have put out tender to work with consultants,” said Ahmed bin Sulayem, executive chairman, Dubai Multi Commodities Centre. “The architect will be announced this year, and construction will start next year. It will be built by 2020.”
Al-Marri said that the newly created Higher Committee would coordinate the activities of all the different government entities to ensure that all projects are delivered on time.