Dubai Expo 2020 to give $33 bn boost to UAE economy: study

A computer-generated image shows architect Santiago Calatrava’s design for the UAE Pavilion for Dubai World Expo 2020 which was selected following a seven-month design competition. (WAM/AFP)
Updated 15 April 2019
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Dubai Expo 2020 to give $33 bn boost to UAE economy: study

DUBAI: Dubai’s Expo 2020 global trade fair is expected to give the United Arab Emirates an economic boost of over $33 billion, consultants Ernst and Young said in a study released Monday.
Next year’s mega-event would add 1.5 percent to UAE’s gross domestic product per year over the period that started in 2013 and runs until 2031, said EY partner Matthew Benson.
Major new construction projects and other impacts of the six-months extravaganza would create some 50,000 jobs yearly over the same period, he told a press conference.
The city-state of Dubai, one of the UAE’s seven emirates, has long become a favorite tourist attraction, valued for its safety and known for its luxury resorts and opulent shopping malls, one of which boasts an indoor ski slope.
Dubai assumes that Expo 2020 — which runs from October 20 next year to April 20, 2021 — will attract some 25 million visits, Benson said.
The economic impact includes “direct, indirect and induced effects” of the first Expo to be organized in the Middle East and Africa, he said.
The Expo 2010 in Shanghai drew 93 million visitors, and Expo 2015 in Milan attracted over 22 million.
Dubai’s government has already spent over $40 billion on major infrastructure projects related to Expo including a $2.9 billion new Metro line and an $8 billion expansion of Al-Maktoum International Airport, next to the Expo site.
The Metro line links the $13.4 billion Dubai South Villages and Dubai Exhibition Center, projects currently underway.
Al-Maktoum Airport, when complete, will have the capacity to handle 160 million travelers per year.
The 4.4 square kilometer (1.7 square mile) Expo site south of Dubai is due to be redeveloped into a full-fledged city after the Expo, the so-called District 2020, home to a mega exhibition center and scores of companies, organizers said.


Samsung Electronics retrieving all Galaxy Fold smartphone samples

Updated 10 min ago
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Samsung Electronics retrieving all Galaxy Fold smartphone samples

  • The retrieval comes as the world’s biggest smartphone maker met with embarrassment ahead of the foldable device’s US release on April 2
  • Samsung postponed the handset’s launch while it investigated the matter

SEOUL: Samsung is retrieving all Galaxy Fold samples distributed to reviewers to investigate reports of broken screens, a day after it postponed the phone’s launch, a person with direct knowledge of the matter said on Tuesday.
The retrieval comes as the world’s biggest smartphone maker met with embarrassment ahead of the foldable device’s US release on April 26, with a handful of technology journalists reporting breaks, bulges and blinking screens after a day’s use.
The South Korean tech giant postponed the handset’s launch for an unspecified period of time while it investigated the matter. It said initial findings showed the issues could be associated with impact on exposed areas of the hinges.
A representative declined to comment further on Tuesday.
A person with direct knowledge of the supply chain said KH Vatec conducted an internal review of hinges used in the Galaxy Fold and found no defects. The supplier declined to comment.
In March, Samsung released a video showing robots folding Galaxy Fold handsets 200,000 times for its durability test.
Samsung’s head of IT and mobile communications, DJ Koh, has repeatedly said foldables are the future of smartphones.
Though the issue does not hurt Samsung’s balance sheet, the postponement damages the firm’s effort to showcase itself as an innovative first mover, not a fast follower, analysts said.
In some cases, reviewers had peeled off a layer of film which they mistook for a disposable screen protector.
“It’s disastrous that Samsung sent samples to reviewers without clear instructions on how to handle the device, and that the firm needs to fix screen flickering,” said analyst Kim Young-woo at SK Securities.
One Samsung employee, speaking on condition of anonymity, said, “On the bright side, we have an opportunity to nail down this issue and fix it before selling the phones to a massive audience, so they won’t have same complaints.”
Samsung emailed pre-order customers upon delaying the launch, online outlets said on Twitter.
“Your pre-order guarantees your place in the queue for this innovative technology,” Samsung said in the email. “We’ll update you with more specific shipping information in two weeks.”