Expo 2020 all set to boost Dubai’s economy

Dubai is all set to continue it skyward trend which is compelled by the investments in technologies, innovation,and Expo 2020 projects according to the view of the Dubai Chamber of Commerce and Industry.

Dubai Chamber of Commerce President and CEO Mr. Hamad Buamim has reported that the Gross Domestic Product of the region is up by 3.2 percent in 2017 and is expected to reach 3.5 percent in the year of 2018. He also further commented that the there will be a surge in the company registration in Dubai as there will be higher growth in 2019 as there will be a commencement of new projects and a higher number of visitors for the Expo 2020.

He also further commented that the Expo 2020 would deliver significant business opportunities in the region and the government might even undertake substantial initiatives and procedural changes to boost the economy. The growth of the economy will be higher in 2018 and even more in 2019.

Mr.Hamad also went to add that Expo 2020 will add more than one percent boost to the Emirate’s GDP. Before 2020 many visitors and consumers are expected to visit the Expo and the recent VAT implementation in Dubai which lead to the collection of Value Added Tax. This tax collection is estimated to be pumped back to the economy by the government thereby steering the macro growth in the positive direction.

However, he also acknowledged the difficulties and challenges related to the geopolitical situation which warrants for a VAT advisory in Dubai for transactions that take place within and outside of GCC. The business of tourism, trade, and aviation continue to thrive despite the challenges faced. These challenges are balanced by the opportunities in the other areas with a special emphasis on technological developments. There is scope for more construction projects to take off in 2018-2019 and this operation will benefit the whole supply chain.

The Dubai Chamber of Commerce members witnessed a growth of 2 percent in 2017, and this increase is also expected for the Dubai’s total trade. There has been an increase in the number of visitors, and this has lead to the growth of the ancillary services of logistics, tourism, and financial services.

The Dubai chamber of commerceis planning to openthree new representative offices in India, Argentina, and Panama in 2018, which amounts the total number of international offices to 11. The Chamber has received 1,013 visiting delegations from 58 countries while it headed delegations to 49 countries and 61 cities and participated in 87 international events.