Dubai Expo 2020 Win: Reactions From The Property Sector

Abdalla Al Habbai, group chairman of Meraas Holding and CEO, Engineer’s Office

“In being chosen as the venue for Expo 2020, Dubai has once again proved worthy of the world’s confidence on its ability to host well-executed global mega events. Through the past decades, we have continually demonstrated our capacity to not only meeting expectations, but exceeding them, thanks to the farsightedness of our visionary rulers. We have achieved excellence in all areas, from world-class infrastructure and efficient logistical services to modern legislative and regulatory frameworks that make Dubai the perfect venue or even a national change agent to host the world.

“Expo 2020 will translate into opportunities in all spheres, creating new career and business opportunities that directly impact the national and global economy. With the event anticipated to draw nearly 25 million visitors between April and October 2020, the exposition is certain to reinstate Dubai’s position as the most coveted trade and tourism destination in the world. We have a lot to offer, and Expo 2020 will allow the world to know Dubai for what it really is – a land of limitless opportunities.”

PNC Menon, founder and chairman of Sobha Group

“Dubai was the clear front-runner due to its proven ability in delivering world-class projects and unwavering commitment to excellence. Expo 2020 marks a new era for Dubai; one in which local, regional and global businesses will meet, share ideas and collaborate. An era that will see increased job creation, greater levels of entrepreneurship and economic benefits that stretch across the region and positively impact a variety of industries.”

Saeed Al Qatami, CEO, Deyaar Development

“We are truly delighted to be part of this great celebration that firmly ranks UAE and Dubai among the most advanced economies of the world. Winning the Expo 2020 bid is not just a testament to our visionary leadership, it is also a milestone that articulates Dubai’s dream and enduring commitment to economic progress. I congratulate the government, as well as residents and businesses that have joined hands to make this dream a reality.”

Steve Morgan, head of Cluttons Middle East

“Dubai’s successful bid will signify to the rest of the world that the emirate has now cemented its pathway to recovery following the global financial crisis that crippled global real estate markets. A positive result will also go some way to ensuring steady growth to 2020 and beyond and mark the start of a new era in Dubai’s evolution, rather than the end of the remarkable growth story we have experienced thus far.”

Samir Munshi, managing director, Orion Holdings

“The real estate market is already seeing serious investor-movement with Dubai winning the bid to host Expo 2020. We see a rise in demand for home rentals as well as increased property sales not just in the vicinity of Expo 2020, but also in suburban Dubai. We also anticipate an increased demand for short-stay options such as serviced apartments, especially with the country aiming to attract a higher influx of business travellers. Overall, the Expo 2020 will herald a whole new, unprecedented demand in Dubai’s property market with accelerated growth and returns that place the city far ahead of international real estate movers.”

Mat Green, head of Research and Consultancy UAE, CBRE Middle East

“Dubai thoroughly deserves to host an event of this magnitude. The Expo 2020 is really testament to the progress that Dubai has made in the last few years. The economic benefits of hosting the World Expo will not only have lasting effects on the UAE but it also leave a positive impression all across the region.

“Development projects such as the construction of the Dubai Metro Purple Line and the work in and around the Dubai World Central, the actual site of the expo, are likely to be expedited. The new airport would also witness significant development activities with further expansion of the airport fast tracking its use as a passenger hub and becoming a catalyst to development of the air transport infrastructure – a key driver for the sustained economic growth of the emirate. Importantly, this result will also lead to the creation of new employment opportunities in Dubai, strengthening the emirate’s position as a key financial hub in the region.”