Dubai financial services set for Expo2020 boom says deVere boss
Dubai’s Expo2020 is likely to lead to accelerated GDP growth in Dubai over and above this year’s 3.5 per cent official estimate and a new business boost according to deVere Group’s chief executive, Nigel Green.
Green has forecast that his firm will write 25 per cent more business in the emirate between now and the end of the event.
Recognised as the third-largest global event in terms of economic and cultural impact after the Olympic Games and the FIFA World Cup, Expo2020 is expected to attract more than 25 million visitors between October 2020 and April 2021.
“The world’s attention will be increasingly focused on Dubai before, during and after Expo2020,” said Green, pictured above,
“The positive impact of this landmark international event on the emirate’s economy will be considerable and it will have a long-lasting, beneficial legacy.
“It’s a catalyst that’s going to create an estimated 275,000 jobs and boost demand in all the major sectors, including tourism, real estate, hospitality, retail, education, healthcare, technology and manufacturing.
“Due to this far-reaching and sustainable impact, we predict that Expo2020 is likely to lead to accelerated GDP growth in Dubai over and above this year’s 3.5 per cent official estimate.”
Green believes that the growth of the economy will “inevitably fuel demand” within Dubai’s financial sector, due to the likelihood of an increasing number of international residents and organisations who will need specialised cross-border financial advice.
“We forecast that the volume of business we write in the UAE will increase by 25 per cent between now and the end of Expo 2020,” he said
As a result of the boom, Green is ramping up a recruitment drive to cope with demand for financial advisers and support staff.
“Expo2020 will celebrate and showcase Dubai’s inherent appeal for foreign investment,” he said.
“This attractiveness comes from its stable, pro-business government, an independent financial regulator, an independent judicial system, a global financial exchange, a high proportion of high net worth individuals, a dynamic business community, world-class infrastructure and telecommunications, English being widely spoken, and the enviable geographical location and time zone.”
A high-profile advocate of the UAE, the deVere CEO, whose organisation has offices across the country, recently championed the new legislation that allows expatriates to remain in the country long after they retire, saying it could help propel Dubai and Abu Dhabi up the world’s top 10 global financial centre rankings.
He noted: “I believe that it will help drive further confidence in the UAE as a place for overseas firms to do business and invest.
“Dubai is already recognised as one of the most powerful financial centres in the world. But this new legislation will not only galvanise this position, but significantly strengthen it.
“This confirms my view that over the next decade, we can expect it to become one of the world’s top ten international financial hubs to rival and more aggressively compete with stalwarts such as London, New York and Hong Kong.”