Expo 2020 Dubai

Expo 2020: Dubai is getting “Ready to Welcome the Business World.” With 190 participating nations coming to visit, Expo 2020 opens up a ‘window’ for visitors to get a taste of ‘business life in Dubai’, enticing people to this vibrant city, and giving them to opportunity to see first-hand the opportunities and developments, taking place. Vineet Chowdhury, Unit Head at CBI’s Corporate Banking Team describes:

“Through Expo 202O, Dubai hopes to create long lasting friendships across the world and to showcase the business opportunities here in the UAE.”

As Expo 2020 fast approaches, it’s interesting to see aspirations turning so quickly into action, as a framework of government initiatives is being introduced that makes it easier for international businesses and entrepreneurs to permanently settle and invest in the UAE.

The initiatives include easing the business set up process, long-term visa schemes and largescale investment in education, healthcare and transportation. These will all greatly encourage Expo 2020 visitors to see the long-term investment and business opportunities.

Dubai, pioneering the ‘city of the future’

“Connecting Minds, Creating the Future” states the Expo 2020

Dubai is expecting around 25 million visitors over the course of the Expo, with around 70% being international tourists. As people from all over the world arrive for Expo 2020, they will have a chance to have a glimpse of the future.  Hyperloop travelling, the world’s biggest 360-degree projection surface and a mission to Mars! Business visitors to Dubai’s Expo 2020 will have the chance to be inspired.

As Vineet says:

“In addition to being a pioneer to support great ideas and initiatives, Dubai has also looked to the world for great ideas, and then focused on swift and excellent execution, making it a pioneer city for adoption of technology and change.”

At Expo 2020 there will be 192 Pavilions from countries all over the world, sharing ideas for the future. Indeed, Opportunity, Mobility and Sustainability, are key subthemes of Expo 2020 that will guide and influence the whole event.

At the heart of Expo is the opportunity for businesses to collaborate and connect. The Online Market Place enables businesses to tender for opportunities, upload their profiles and create promising partnerships.

With so much stimulus on offer, it will be hard not to leave Expo 2020 feeling inspired. Vineet explains: “Dubai is in a unique location that connects East and West. It’s Dubai’s connectivity, open economy, stability, favourable regulations and developed human capital which make it attractive to investors. With the series of measures coming into force you can add ease of doing business and longevity to the list of its charms, making the UAE the ideal place to set up a new business.”

Expo2020dubai.com highlights that “Expo 2020 Dubai has gone even further to support business innovation. It has committed 20 per cent of it’s spend to local and international Small & Medium Enterprises (SMEs), representing billions of dirhams (AED) in opportunities.”

“This is just the beginning of the UAE’s journey to 2020 and beyond.”

How will the government initiatives affect future investment in Dubai and the UAE?

As Expo 2020 draws closer, a series of measures are underway:

Measures to speed up the Business Set up process

The introduction of BASHR, an integrated eService will enable investors to establish their businesses in the UAE within 15 minutes through a unified online platform.

Plus the Gulf News reports that Work permit fees are being cut by 50% to 94%.

The introduction of 100% foreign ownership for 122 industries

In June, the sectors and economic measures eligible for up to 100 per cent foreign ownership in the UAE were approved. Gulf News reports:

“A total of 122 economic activities across 13 sectors were specified to be eligible for up to 100 percent foreign ownership such as renewable energy, space, agriculture, and manufacturing industry.”

The ‘Golden Card’ visa scheme

The UAE has launched a permanent residency scheme for “exceptional” professionals. Around 6,800 will benefit from the scheme under the first round of applications. The National reports on how Golden card visa schemes hold the promise of stability for entrepreneurs.

Changes to retirement visas

Recent retirement law changes will allow expatriates above the age of 55 years to be able to apply for a long-term visa and remain in the UAE for up to five years. To qualify for the long-term visa, they need to have an investment in property worth over AED 2 million or have financial savings of more than AED 1 million and an income of over AED 20,000 per calendar month. Source: Bloomberg

Education to build Universal Talent

There has been a significant drive by the UAE government to focus on the quality of education. Top universities such as NYU and the Sorbonne have opened campuses with the aim to allow talented students to study in the UAE and then stay on to work in the region. Establishing centres of excellence is part of a bigger initiative to promote education in the region, enabling Emiratis to have the confidence that their education system is second to none.

Building a global medical destination

The Department of Health, as part of the advance plan for Expo 2020, has geared up its efforts to position Dubai as a global medical destination.

In fact, the health framework outlined by the DHA directly links to the objectives of Expo 2020: Looking after the health needs of the population and visitors.

Improvements to Transport & Infrastructure

One of the visions of the government is to make Dubai the happiest city on earth through technological innovation – SMART DUBAI will ensure “Dubai’s citywide smart transformation, to empower, deliver and promote an efficient, seamless, safe and impactful city experience for residents and visitors.”

What can CBI offer to businesses setting up here?

Vineet summarises "We’re excited about Expo 2020 and this opportunity to showcase the UAE as a place for long-term investment and business growth. As Expo 2020 opens up ideas for your company, CBI is here to support with your Business Banking and Corporate Banking   needs.”

If you would like to discuss the wide range of financial solutions available for Corporate Clients. Please contact us:

Web:   www.cbiuae.com/en/business

Email:  CBITeam.CorporateBanking@cbi.ae

Phone: 600544440