EY estimates $33 billion boon to UAE economy from Expo 2020 Dubai

16 April 2019 Consultancy-me.com

Professional services firm Ernst & Young has outlined the potential economic impact of Expo 2020 Dubai to the UAE economy, concluding a possible $33 billion windfall in gross value add and a near 50,000 full-time equivalent jobs per annum to 2031.

With the Expo 2020 Dubai global showcase now just around the corner – and expected to attract 25 million visits from across the world during its six month schedule from October next year – professional services firm Ernst & Young has released an economic impact report for the event, calculating a US$33 billion (AED122.6 billion) boost of gross value added (GVA) to the local economy from 2013–2031 along with contributing more than 900,000 ‘job years’.

“Expo 2020 Dubai is an exciting long-term investment for the UAE, and is expected to have a significant impact on the economy and how jobs are created directly and indirectly,” said EY MENA Transaction Advisory Services partner Matthew Benson, adding; “Dubai aims to use the event to further enhance its international profile and reputation. The event will celebrate innovation, promote progress and foster cooperation, and entertain global audiences.”

According to the report, the six months of the Expo – the first to be held in anywhere in the Middle East, Africa or South Asia in the event’s 168-year history – will contribute around 1.5 percent of the UAE annual forecast GDP, with the analysts taking in ‘direct’ increases in economic activity, ‘indirect’ benefits of increased supply chain demand, and ‘induced’ benefits from increased spending by employees of participating firms to arrive at its $33 billion figure.EY estimates $33 billion boon to UAE economy from Expo 2020 DubaiConsidering further the planning and legacy phases, EY has in addition estimated AED 4.7 billion in investment to small and medium enterprises (SMEs) during the pre-Expo phase, supporting approximately 12,600 job-years, with the Expo expected to support more than 900,00 full-time equivalent (FTE) job-years in total in the Emirates from 2013 to 2031 – equivalent to some 49,700 FTE jobs. Meanwhile, strong legacy planning will ensure the ongoing benefits.

“Over 80 percent of the Expo built environment is planned to be retained for District 2020, and eventually expand into a city covering more than four million square meters,” states the report, adding that District 2020 aims to support the UAE’s future vision as to sustainable economic development and an innovation-driven economy, with a supportive business environment for key growth industries such as logistics and transport, tourism, construction, real estate and education.

“Although the Expo event lasts less than a year, the positive economic impact continues far beyond the event,” said Jamie Torrens, EY MENA’s head of Economic Advisory in its transaction advisory service division. “Across the period of our study, spanning the Pre-Expo, During-Expo and Legacy phases between 2013 and 2031, Expo 2020 is expected to support billions of dirhams of Gross Value Added (GVA) and thousands of jobs in the UAE.”

As a breakdown, the three largest impact areas across the full study period will be events organisation & business services (contributing over half of the overall figure) followed by construction and then hospitality, while transport, storage & communications will be another significant contributor during the life of the Expo and its planning phase. Retail will also see a boost during the legacy period, with nearly 550,000 jobs years created in this period across sectors.

“This independent report demonstrates that Expo 2020 Dubai is a critical long-term investment,” said Expo 2020 Executive Director Najeeb Mohammed Al-Ali. “Not only will the event encourage millions around the world to visit the UAE in 2020, it will also stimulate travel and tourism and support economic diversification for years after the Expo, leaving a sustainable economic legacy that will help to ensure the UAE remains a leading destination for business, leisure and investment.”

Related: Accenture and SAP roll out next-generation technology for Dubai Expo


PwC hosts Global Leaders Exchange at Future Blockchain Summit in Dubai

04 April 2019 Consultancy-me.com

The Middle East arm of professional services firm PwC has been busy this week, in attendance, hosting and sponsoring several events across the region.

Even with an overall headcount of more than 5,000 employees across 12 countries region-wide, the digital team of Big Four professional services firm PwC might have been feeling a little stretched this week with a packed schedule of events and appearances – headed by the Global Leaders Exchange at the Future Blockchain Summit in Dubai, now the largest such festival of its kind with over 10,000 people passing through the gates.

Hosted by Smart Dubai in partnership with the Dubai World Trade Centre, the second edition of the Future Blockchain Summit featured over 170 speakers covering a range of blockchain advancement and implementation topics across sectors such as real-estate, retail, healthcare, transport, supply chain, education, government and finance – spread across a number of exhibitions, workshops and forums.

Among the major events: the annual closed-door Global Leaders Exchange presented by PwC. Following a productive roundtable last year, which focused on accelerating blockchain and covered themes on education, interoperability, collaboration and the role of government in affecting change, this year delegates gathered to further build upon those concepts, as outlined in PwC’s Accelerating Blockchain whitepaper.PwC hosts Global Leaders Exchange at Future Blockchain Summit in DubaiAlongside PwC experts Dan Johnson, Stephen Anderson, Clement Chan and Oliver Sykes, participants in the round-table discussion included among others Wikipedia co-founder Larry Sanger; Kathryn Harrison, Director of Global Offering for IBM; Ramez Danda, Microsoft National Technology Officer; Ivar. Wiersma, ING Head of Innovation for Wholesale Banking, and; Chamber of Digital Commerce founder Perianne Boring.

Coinciding with the Future Blockchain Summit, but finishing today, is the Sage Enterprise Management Partner Summit, with PwC the event’s diamond sponsor. Held this year down the road from the Future Blockchain Summit at the JW Marriott Marquis Hotel in Dubai, the summit is the largest annual gathering of Sage Business Cloud Enterprise Management partners – with more than 400 delegates in attendance for talks, networking, and demonstrations.

“I am thrilled to be hosting Sage Enterprise Management Partner Summit in Dubai, welcoming partners from over 30 countries around the world to this exclusive event,” said Jennifer Warawa, EVP of Partners, Accountants and Alliances at Sage. “We know that our partners appreciate the opportunity to network with their peers from across the globe, and this is a fantastic opportunity to do just that. We are confident partners will leave feeling empowered, motivated and inspired.”

Meanwhile, PwC’s ‘Town Halls’ roadshow continues across the region, having so far taken in Jordan/Iraq, Egypt, Palestine, Lebanon, Kuwait and Oman among the firm’s Middle East outlets. Led by Middle East senior partner Hani Ashkar, the Town Halls roadshow is an opportunity to address and hear from regional staff, and forms part of a region-wide digital upskilling initiative for local PwC employees – said to have been met with great enthusiasm to date.