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Tourism has long been at the core of the UAE economy. Even through the financial crisis, the country's tourism industry has been relatively steady. And it shows no signs of stopping any time soon especially in Dubai, which records the highest tourist numbers.
The announcement of Dubai's hosting of the World Expo in 2020 has not only put the emirate on the global investment map but also on the global tourism map. This has led to the rise in the number of visitors to the emirate.
One of the biggest impacts tourism has had on the Dubai real estate is the launching of several projects that span different sectors in anticipation of the event. The expected 25 million visitors to the event have spurned a massive expansion in Dubai's hotel capacity, with new projects and developments being announced each month.
The event also has a significant knock-on effect on residential real estate projects. With the expected huge number of expatriates and workers relocating to Dubai in the years leading to it, new residential projects have increased dramatically.
The event will also have a huge impact on commercial and office space with international companies looking to expand their services in Dubai. Companies in the fields of logistics, tourism or hospitality will likely require commercial space near the event location.
Furthermore, companies in tourism-related fields (which include every industry from hospitality, food and beverage to retail) are expected to expand as they witness more customers.
As a whole, the significant increase in investments in the tourism industry will likely induce further economic development in Dubai, the UAE and the MENA region.
• Growing tourism translates to growing demand for real estate
• The rise in tourism numbers dictates an improved infrastructure
• Expo 2020 creates a need for more hotels, offices, residences
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Source: Nicholas Baker, Special to Properties
The writer is a freelancer