Tag Archive | "economy"

Expo 2020 – Day of the Vote

Today marks the day of the vote for World Expo 2020, and all fingers in the UAE are crossed to win the bid.
The first expo, The Great Exhibition, was held in London in 1851, to strengthen its connections, celebrate its cultural diversity and marvel at its technological wonders.
World Expos are now an ideal meeting point for the global communities to share innovations and make progress on issues of international importance such as the global economy, sustainable development and improved quality of life for the world’s population.

The expos are held every five years, attracting millions of visitors to visit pavilions, exhibitions and cultural events staged by hundreds of participants including nations, international organisations and businesses.

Dubai’s bid for Expo 2020

“Connecting Minds, Creating the Future”

If Dubai wins the bid, it will be the first city to host the expo in the Middle East, North Africa and South Asia (MENASA) region. Dubai Expo 2020 will be a platform for connectivity to help pioneer new partnerships for growth and sustainability for the future.
The site for World Expo 2020 Dubai will be Dubai Trade Centre – Jebel Ali: a 438 hectare site located next to the new Al Maktoum International Airport.
Dubai has a long history of being a trade hub and pioneering new ideas. It would provide a unique platform for the global community to come together and explore creative solutions to the three subthemes which have been identified as key drivers of global development:
Sustainability - lasting sources of energy and water
Mobility - smart systems of logistics and transportation
Opportunity - new paths to economic development

The focus will be on exploring their interdependencies and identifying potential partnerships, ultimately resulting in a legacy of innovation.

 

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Sun Driven Economy

From 15 January to 17 January Abu Dhabi will hold new exhibition features aimed to support growth of the renewable energy industry at the World Future Energy Summit (WFES).

Due to the continuous high rise of global energy demands, the sustainable energy industry is rapidly emerging as an economic powerhouse.

The growth of the sustainable energy industry depends on solar, wind, geothermal and hydropower, as well as domestic sustainability and green jobs, which all play a major role in the sector’s rapid expansion.

During the World Future Energy Summit (WFES), the Renewables 2012 Global Status Report, (REN21) will be launched. The summit highlights more than US$257 billion worth of investments in renewable energy in 2011. 200 million homes worldwide now collect solar hot water, and an estimated five million jobs have been created globally in renewable energy industries.

Hosted by Masdar, the multi-faceted renewable energy company, the WFES 2013 will make these significant numbers the new exhibition features at the event.

“With the World Future Energy Summit confirming its position as the world’s foremost event for the sustainability sector, we want to keep adding more value for the 30,000 people expected to attend. We also want to keep up with the current trends in the renewable energy industries, and support the sector as it becomes more important to the global economy,” said Naji El Haddad, Show Director for WFES 2013.

WFES 2013 will introduce the Sustainable Living Area, incorporating the WFES Eco-Home approved by Estidama and the energy efficiency pavilion. The WFES Eco-Home is life size home that characterises green and eco-friendly elements that comply with the Estidama Pearl Rating System.

Another feature will be the Technology Exchange Platform (TXP) which will be showcased for the first time. TXP allows businesses to present and discuss their latest updates on products, services and solutions in renewable and sustainable energy technologies to a global audience.

Along with its many features, the WFES2013 also vows to be the core for renewable energy professionals who have an interest in future or expansion of career opportunities as well as for companies looking for skilled staff and graduates.

“For the first time, we are featuring a Green Jobs Fair, in collaboration with Masdar Institute, which will offer invaluable networking opportunities to connect renewable energy employers and experienced people working in the sector,” said Mr. El Haddad. “The Green Ideas Fair and the Food-Energy-Water Nexus Exhibition and Gallery are other exhibition features making their debut at WFES 2013, so we are really focusing on supporting the sector’s growth as renewable energy becomes a powerful and global mainstream industry. In addition to these new features, the Project and Finance Village first introduced in 2011 will return with more investors, more financiers and 40 projects, worth over US$8 billion, looking for funding and technologies.”

The WFES will be the focus point of Abu Dhabi Sustainability Week (ADSW) and will be located with the inaugural International Water Summit, also hosted by Masdar. The biennial International Renewable Energy Conference in Abu Dhabi (ADIREC) will also be present and hosted by the WFES.

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Economic growth to reaccelerate in Dubai

According to a new medium-term outlook Bank of America Merrill Lynch Global Research Report ‘GCC 2020: Time to Shift Gears’, Dubai’s superior infrastructure investment and robust population growth have established solid foundations for its economic trajectory.

The report suggests that the emirate is set on course to outperform growth projections driven by job creation, improved funding and solid execution of its diversification strategy.Stephen Pettyfer, head of MENA Research at BofA Merrill Lynch Global Research said, “Dubai has the right mix to re-accelerate growth. Given that there is a certain degree of duplication, competition or lack of distinct differentiation among various projects in the GCC, Dubai’s model of diversification stands out, having already achieved a critical mass, scale and a degree of competitiveness.”Jean-Michel Saliba, MENA economist at BofA Merrill Lynch Global Research added, “Dubai’s status as a regional financial, transport and logistics hub places it in a position to benefit from growth in neighbouring countries in a self-sustaining fashion.”

According to the report, Dubai’s vision has relied on an historical factor of path dependence, as well as an element of risk-taking in enacting forward-looking policies. It used its oil revenues early on to help fund the construction of Jebel Ali Port Complex to supplement Port Rashid, and its diversification efforts predate most other GCC country initiatives.

The report suggests that while the economy slowly recovers, Dubai is one of the best GCC cities in which to develop business. Its relatively small population of 2.1 million people and the ambitious objectives of the major Dubai-based corporates mean job creation should accelerate and support the real estate market.

Although the current working population in Dubai stands at 1.3 million, the emirate aims to create 950,000 new jobs by 2020, with retail, tourism and related sectors fueling growth. This is an ambitious but realistic goal which would see the population increase on average by 4%, which will, in turn, drive further economic growth by creating:

• Incremental housing demand of 317,000 units which represents 94% of current stock.
• Retail sales increase of 5% per annum.
• More than 15 million tourists, up from a total of 8 million visitors in 2011.
• Air traffic levels to increase by 7.2% CAGR.
• A 35 percent increase in hotel occupancy.
• An additional 18,868 hotel rooms.

Pettyfer concluded by stating, “Dubai’s diversification model has proved successful in developing both infrastructure assets faster than other GCC countries, and a non-oil-based economy more geared towards trade and tourism. That gives the emirate a key regional competitive advantage in attracting talent and boosting non-hydrocarbon-related activities.”

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