By Martin Croucher www.thenational.ae
DUBAI // The economy of Dubai could have a massive boost over the next seven years and beyond thanks to the decision to award the city the right to host World Expo 2020
Long-term job creation, as well as increased tourism, could benefit the real estate and hospitality sectors now and in the long term, according to a report by the real estate company, Jones Lang LaSalle.
However, care needs to be taken, particularly in the short term, to ensure that boosted sentiment doesn’t lead to an unsustainable situation forming in the real estate sector in particular, said Alan Robertson, regional chief executive of the company.
“While the Expo will result in long-term benefits to the Dubai economy and the real-estate market, the short-term impact needs to be managed carefully to avoid the inevitable boost in sentiment translating into excessive price growth or over development,” he said.
Expo 2020 is expected to add 2 per cent to Dubai’s Gross Domestic Product, as well as create 277,000 jobs. More info
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