Dubai, Business News: A new report commissioned by Dubai Chamber of Commerce revealed that 76.5% of companies in Dubai said Expo 2020 Dubai boosted business growth, while 73.5% entered into new partnerships.
The report, titled Business Integration for Growth, Digital Transformation and Global Partnerships was developed by the Chamber in collaboration with Oxford Business Group. The study analysed the positive impact of Expo 2020 Dubai on various economic sectors in Dubai, and outlined the key benefits and competitive advantages that businesses saw during the mega event.
A key focus of the report is a survey of business groups and business councils in Dubai, which represent 287,000 companies in Dubai operating in a wide range of economic sectors and fields. It found that 70.6% of respondents leveraged the networking and business matching services provided by Dubai Chamber of Commerce, which served as the Official Business Integration Partner for Expo 2020 Dubai.
Meanwhile, 47% of respondents reported having benefited from the Global Business Forums series, and another 47% said they benefited from bilateral business meetings arranged at Expo 2020 Dubai.
In total, Dubai Chamber of Commerce organised 98 events during Expo 2020 Dubai, which were attended by more than 25,000 participants from over 130 countries. The Global Business Forums on Africa, ASEAN and Latin America saw the most participation, as the high-level forums were joined by government and business leaders, who attended in person and virtually.
The 12th edition of the World Chambers Congress and a series of Thematic Business Forums were also hosted by the Chamber, which were attended by chamber and industry leaders. The events identified global challenges and highlighted innovative solutions to drive sustainable economic growth.
Dubai Chamber of Commerce facilitated 1,500 bilateral business meetings between UAE investors and their global counterparts, and received 1,746 visiting delegations from over 60 countries during the mega event, which were joined by 3,350 government and business leaders.
In addition, the Chamber signed 13 memoranda of understanding (MoUs) with public and private sector stakeholders representing other markets with the aim of providing Chamber members access to new growth opportunities.
Seven new economic and professional bodies were licensed by the Dubai Association Centre, which was established in collaboration with the Dubai Chamber of Commerce (one of the three chambers under Dubai Chambers alongside Dubai International Chamber and Dubai Chamber of Digital Economy), the Dubai Economy and Tourism and Dubai World Trade Centre.
‘The report highlighted the role that Expo 2020 Dubai played in catalysing business growth in the tourism and hospitality sectors in the emirate, and pointed to the surging number of international visitors.
The report reveals that revenue per available room (RevPAR) in Dubai in January 2022 increased to AED 460 ($125) compared to AED 293 ($80) in January 2021, marking an increase of 56.3% and outperforming Milan, the host city for Expo 2015, which recorded RevPAR of 54.5% in 2015.
There were 759 hotels and hotel establishments accounted for in Dubai in January 2022 compared to 711 in January 2021, while guest nights in January were at 3.04 million during the same month this year compared to 2.65 million in January 2021.
Arrivals at Dubai International Airport recored growth of 12.7% in 2021 compared to 2020, while the UAE’s non-oil foreign trade jumped 27% over 2020 and 11% over 2019, a growth trend largely driven by Expo 2020 Dubai.
Commenting on the report, H.E. Hamad Buamim, President & CEO of Dubai Chambers, described Expo 2020 Dubai as a historic milestone for the UAE and Dubai, and noted that the pivotal role that Dubai Chamber of Commerce played in facilitating partnerships between UAE companies and their global counterparts during Expo 2020 Dubai, and expanding Dubai’s rapidly growing Dubai’s maturing business ecosystem.
“Our goal is to be the best chamber in the world when it comes to driving competitiveness and growth. At Expo 2020 Dubai, we have been able to put this mission and vision into action. Our efforts in supporting the mega-event have helped to strengthen Dubai’s reputation as a place to do business”.
“Building on our long-term strategy to embrace digital transformation, we adopted a hybrid format for the Expo 2020 events. Doing so has enabled us to expand our reach and engage with public and private stakeholders from around the world,” he said.
H.E Buamim emphasised the role of Expo 2020 Dubai as a stepping-stone Expo 2020 Dubai is a stepping-stone to a resilient future shaped by innovation, international cooperation, and a more competitive and diversified economy supported by SMEs.
Buamim predicted that sectors such as tourism, trade, transport, travel and financial services, as well as the digital economy will be the key engines of growth. Expressing his belief that Dubai’s investments in innovation and technology will drive sustainable economic growth long after Expo 2020 Dubai, he noted that the success of the mega event would cement Dubai’s position as a global business and innovation hub.
To view the full report, please click here.
