Expo 2020 to boost growth across Dubai in 2019-2020: Fitch

Dubai Expo 2020 is expected to drive strong real GDP growth in the emirate in 2019 and 2020, Fitch Solutions Macro Research said in a new report on Wednesday.

The event has catalyzed a flurry of construction activity, including big-ticket projects like a $7 billion exhibition center and a $2.9 billion extension of the Dubai Metro Red Line, the report added.

Hotel operators are also scrambling to add capacity in anticipation, with the government expecting room supply to reach 132,000 by end-2019, compared to 111,864 in August 2018, the report maintained.

Meanwhile, the government expects 17.5 million international visitors over the course of the Expo (October 20, 2020 – April 10, 2021); this would mark a drastic rise from the 10.3mn seen in October 2017-April 2018.

“While the government’s expectations are likely to be somewhat optimistic, we still expect a considerable boost to tourism inflows during the event,” Fitch Solutions said.