BOOMING GROWTH ON THE HORIZON IN THE UAE
June 16th, 2014
Booming growth on horizon
Word is seeing some mighty big figures when it comes to infrastructure growth in the UAE. The thumping figures are the findings of a report by HVS, a hospitality consultancy. We hope that this is the bounce back we’ve been waiting for since the 2008 downturn, but being cautious souls we want it to proceed at a steady rate. Here are some of the key facts:
– More than $300 billion to be spent on infrastructure development by 2030
– Expo 2020 is expected to attract 25 million visitors operations will cost approximately $32.39 bn
– Expo 2020 will create more than 277,000 new job opportunities in the UAE
– By 2020 visitors to Dubai are set to double to 20 million
– Hotels to increase an additional 21,800 rooms by 2018, most of them upper-upscale and upscale
Last year, the UAE economy enjoyed a growth of 4.6% (NBD research) and it seems that this year will match it. Forecasts say that Dubai Expo is likely to boost Dubai’s economic growth to an average 6.4% by 2016 and potentially a whopping 10.5% by 2020.
