You’re reading Entrepreneur Middle East, a global franchise of Entrepreneur Media.
It’s been greater than a year . 5 because the UAE was named as the host of World Expo 2020. As the federal government and business community have previously begun to collectively gear up for the biggest international mega-event to occur in this area, the role of entrepreneurship hasn’t been more essential. You won’t only continue steadily to solidify the foundations of our economy, but may also help propel it beyond 2020.
Dubai expects to get over 25 million visitors, with over 70% of these via beyond the UAE, setting a precedent for World Expos. Because of this about 17.5 million people will conduct about 33 million visits to the Expo site. These figures confirm if you ask me that each sector in the UAE will be engaged in this mega project.
As we approach 2020, the UAE can be a lot more ‘front and center’ on the world’s stage. This results in opportunities for businesses to help expand link up with global value chains across several sectors, and our flourishing air transport sector will play a big role for the reason that. Government plans have been completely laid out, plus they carry enormous opportunities for small and mid-sized businesses. Within the nucleus of the private sector, the role of SMEs is now vital in augmenting Dubai’s already diversified economy, assisting to create more jobs in industries that underpin our place as a worldwide epicenter for everything business.
Dubai Expo 2020 will support Dubai and the UAE’s economy by creating a lot more than 270,000 additional jobs between 2013 and 2021 – with 40% of these in the travel and tourism sector. Aviation and its own direct, indirect and induced outputs will account to a lot more than 17% of Dubai’s total workforce by 2020. Aviation is among the main engines driving Dubai’s emergence as a worldwide center for trade, commerce and tourism. This is why the federal government created a business and regulatory environment that supports its growth by encouraging open competition through Open Skies policies and efficient operations. For each and every $100 of activity in the aviation sector, an additional $72 is added in other sectors of the neighborhood economy from supply chain connections and expenditures. For each and every 100 jobs created in aviation, yet another 116 jobs are manufactured elsewhere in Dubai. Everything points in the direction these figures will grow significantly in the coming years, and can spill over to all of those other region.
Image credit: Emirates.
According to an Oxford Economics study done this past year, aviation supported over 416,500 jobs and contributed over US$26.7 billion to Dubai’s economy in 2013. This growth will be further stimulated as Emirates expects to transport 70 million passengers by 2020 on over 300 aircraft, and we are developing our workforce, and building leading-edge facilities to aid operations of the scale.
They are not ambitious figures.
They are forecasts predicated on meticulously organized plans to improve the world-class infrastructure which has defined Dubai. It’s no accident that people certainly are a global aviation and tourism hub that continues to power the engines of economic development.
It’s taken years to develop the fundamentals, and we’ll continue to have a consensus-based method of infrastructure investment, embrace open competition, and concentrate on checking and connecting mature and also emerging markets.
SMEs within a variety of sectors have played a component in the development of the infrastructure and will continue being involved in a broad spectral range of the industries that surround it including building materials, construction, support for the over 400 hotels in Dubai in a sector that is growing, consumer products and offer chain projects including storage, logistics and packaging, to mention a few.
But infrastructure is merely the beginning.
Infrastructure and logistics help define and enhance our strategic geographical position. Entrepreneurship can help unlock the potential of innovative industries and can define their structure. And connectivity would be the lynchpin that helps merge great young minds and new ideas.
Among Dubai’s greatest assets is its superior connectivity. We are eight hours from two-thirds of the world’s population. And the connectivity effects will still be felt, not only local or regionally. From China to Africa, we are assisting to build the brand new trade highway. Today, passengers have direct flight connections from Dubai to over 149 cities with populations of over 1 million people, creating potential export markets of over 916 million people, or 13% of the world’s population. This connectivity has provided greater usage of foreign markets, encouraging exports, and increasing competition in your own local economy, ultimately benefiting consumers. It has additionally given smaller businesses the opportunity to focus on areas where they have a comparative advantage over their more sizable competition, assisting to pioneer new products which will extend Dubai’s already burgeoning creative industries, tourism and technology sectors. Therefore, new thinking and dynamic methods to attract business will improve the bar for innovation.
The extent of the opportunities designed for those that want to seize them are significant, and I am optimistic of the prospects that lay before us in the upcoming years as aviation is still an integral economic sector and driver in Dubai and the UAE, leaving a lasting mark for generat