Several Expo 2020 projects have picked up momentum in Dubai with the Emirate witnessing a flurry of development in the run up to the huge event. There are roughly 11, 334 projects which are under construction in the UAE at the moment which are worth approximately $272.7 billion as of the end of November this year according to studies. Dubai already has 4, 792 projects being constructed and these are valued at $123.9 billion approximately while Abu Dhabi has 1, 653 projects being built for $114 billion. The other Emirates, namely Ras Al Khaimah, Sharjah, Umm Al Quwain and Fujairah also have 4, 888 projects being constructed.
The UAE has been doing well in terms of development and construction in recent times. Dubai, particularly is seeing huge development ahead of the Expo 2020. Construction contracts of a whopping $38.3 billion have been awarded this year in UAE alone, including EPC, main and infrastructure contracts. Tenders have already been issued for almost all of the national pavilions for the Expo 2020. There are big ticket infrastructure projects related to the Expo which are also being constructed.
The IMF (International Monetary Fund) has estimated that overall growth in the UAE will touch 3.7% for 2019 prior to the 2020 Expo. The Government will continue spends on infrastructure development and construction. There will be more property purchases in the Emirate due to the implementation of new visa regulations which will give 10 year residency permits to many people.
As a result, the residential real estate market will be boosted and the slew of hospitality and infrastructure projects being built before the Expo 2020 will only boost this segment. More people will buy homes and this includes global investors as well. More than 25 million people are estimated to visit Dubai for the Expo 2020 which will transform the business and infrastructural arenas in Dubai. Commercial and hospitality realty projects should also benefit immensely from the Expo 2020.