With a great deal of excitement coming after the news that Dubai would be hosting the World Expo 2020, many residents of the booming city are expecting pay raises, promotions and better job opportunities.
This expectation is warranted, as the will be an increased need for, in both the public and private sector, a larger work force to cope with the massive projects needed to be completed in time for the Expo. Over 275,000 jobs are expected to be added in Dubai, which will undoubtedly see the city, and it’s standard of living, rise dramatically.
One employee working in the public center, who asked not to be named, mentioned, “the news of Dubai hosting the Expo is of course good news for us, I think it will bring some great improvements to the city and provide for raise in the standard of living and salaries.”
And while 2020 may seem a long way away, the reality is it’s going to be a tight squeeze with all the construction projects, including revamps of transportation services (both roads and light rail systems), large developments to host certain events, lodging for the influx of guests from all around the world, and general revamping of infrastructure. So you’ll notice in no time how quickly things will be moving along in Dubai, in fact, they already are.
This fast paced development is an excellent opportunity for investing, as there will be large shifts in the real estate market, new businesses and industries emerging, and if you do receive a pay raise, it’s important to think about how you can have the extra cash working for you towards your retirement or even just regular savings. For questions on how best to prepare for that raise or new job position, talk to a financial advisor at Globaleye to assist you.
A trickle-down effect from the Expo is expected on almost all sectors as more money is pumped into the local economy through the high demand for skilled workers and professionals, and their spending will only further the economic boom of Dubai.
Besides construction and infrastructure jobs, the tourism and service/hospitality industries will also see a massive boom, as there will need to be enough facilities to cope with the estimated 25 million visitors expected to come to Dubai for the Expo between October 2020 and April 2021, according to the Department of Tourism and Commerce Marketing; that’s at least 300,000 people a day from over 180 countries. With that news, Dubai is expected to double the number of hotels in the next 7 years to approximately 164,000 hotels and lodging options.
Even the airlines and airport are already preparing for the increase in visitors by developing new air traffic control plans to move planes in and out without delays, while also more sections at the airport are being expanded and remodeled.
Ultimately experts say that with The Expo 2020 creating a ripple effect on the economy, from demand for more professionals increasing, most individuals should expect to see an increase in their personal finances. And with that, Globaleye says the best thing you can do is start planning early.