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

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.

Investors, scientists urge IEA to take bolder climate stance

Updated 30 May 2020

Investors, scientists urge IEA to take bolder climate stance

  • The energy agency’s head is under pressure to align its policies with the 2015 Paris accord goals

LONDON: Fatih Birol, the head of the International Energy Agency (IEA), faced renewed calls to take a bolder stance on climate change on Friday from investors concerned the organization’s reports enable damaging levels of investment in fossil fuels.

In an open letter, investor groups said an IEA report on options for green economic recoveries from the coronavirus pandemic, due out in June, should be aligned with the 2015 Paris accord goal of capping the rise in global temperatures at 1.5C.

The more than 60 signatories included the Institutional Investors Group on Climate Change, whose members have €30 trillion ($33.42 trillion) of assets under management, scientists and advocacy group Oil Change International.

“Bold, not incremental, action is required,” the letter said.

The Paris-based IEA said it appreciated feedback and would bear the letter’s suggestions in mind. It also said it had been recognized for leading calls on governments to put clean energy at the heart of their economic stimulus packages.

“We have backed up that call with a wide range of analysis, policy recommendations and high-level events with government ministers, CEOs, leading investors and thought leaders,” the IEA said.

Birol has faced mounting pressure in the past year from critics who say oil, gas and coal companies use the IEA’s flagship World Energy Outlook (WEO) annual report to justify further investment — undermining the Paris goals.

Birol has dismissed the criticism, saying the WEO helps governments understand the potential climate implications of their energy policies, and downplaying its influence on investment decisions.



The 2015 Paris accord aims to cap the rise in global temperatures at 1.5C.

But campaigners want Birol to overhaul the WEO to chart a more reliable 1.5C path. The world is on track for more than double that level of heating, which would render the planet increasingly uninhabitable, scientists say.

The joint letter followed similar demands last year, and was published by Mission 2020, an initiative backed by former UN climate chief Christiana Figueres.