A survey by Insight Discovery found that 40% of respondents feel financial services will benefit from the expo, putting it in the same league as much as more obvious sectors like tourism and advertising.
73% of residents also said the UAE’s financial services sector will cope easily with the opportunities offered by the Expo, which is being held in the Middle East for the first time in 2020.
Peter Baltussen, chief executive of Commercial Bank of Dubai (CBD), said: “At CBD we are very optimistic about the positive impetus for the UAE economy that Dubai Expo 2020 will bring – before, during and after the actual event.
“In anticipation of the development of the UAE economy and financial system, we have already identified several exciting new initiatives which include new hotels, tourism projects and retail expansion.”
Jeff Singer, chief executive of DIFC Authority, was similarly optimistic.
“Dubai has successfully positioned itself as an international business hub and a gateway to markets across the MENASA region, and we believe that Expo 2020 will showcase this to the world,” he said.
“The Expo will undoubtedly have a positive impact as an economic catalyst that will create a long-term boost to local and regional economies in key business sectors such as finance, logistics and tourism.’’
However, over half of residents believe the effect on financial services will only be moderate because three quarters of the 25 million predicted visitors to the Expo will come from outside the UAE.
Surprisingly only 16% doubt the event will serve any benefits once it has finished.
In general, residents are looking forward to the expo, with nearly all respondents reporting an interest in it and over half feeling it will positively impact their lives.
But nearly two-thirds of residents said they would like to know more about the Expo and 40% said they didn’t fully understand what it involved.
Nigel Sillitoe, chief executive, Insight Discovery, said: “The survey confirms that there is huge interest in the event, but identifies a number of aspects that are of concern to the country’s residents.
“The governments of Dubai and the UAE now face the challenge of managing the expectations and perceptions of residents and other stakeholders over the next six years.”
Over 1000 UAE residents were questioned for the survey.
The UAE won the right to host the World Expo 2020 in November last year. They picked the theme ‘Connecting minds, creating the future’. The event is held every five years for a period of six months and is expected to attract millions of visitors.
