The UAE’s Minister of Economy, Sultan Al Mansoori, has told Gulf Business that Dubai is not at risk of another bubble if the emirate wins the World Expo 2020 bid this week.
Speaking on the sidelines of a corporate governance event in Dubai on Sunday, Al Mansoori said the impact of the Expo 2020 on the UAE’s economy would be “positive… We are making sure there will be no bubble if we win.”
The minister’s bullish outlook on Dubai’s bid is in stark contrast to a recent report by CFA society, which said 55 per cent of investment professionals in the UAE are concerned that a successful bid will create another economic bubble.
A report by Oxford Economics estimates winning the bid would attract 25 million visitors over six months and create around 277,000 jobs.
The winners of the World Expo 2020 bid are to be announced this Wednesday at a ceremony in Paris. Dubai is competing against Izmir, Turkey; Sao Paulo, Brazil and Ekaterinburg, Russia.
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