World Expo 2020 to spur the growth of Dubai's construction sector
The recovering economy of United Arab Emirates (UAE) and preparations for World Expo 2020 will spur the growth of UAE's construction industry, a Hong Kong Trade Development Council (HKTDC) report said.
In 2013, UAE's Gross Domestic Product (GDP) grew by 5.2%, its biggest growth since 2006. Foreign investments amounted to US$10.5 billion, doubled that in 2009.
Dubai has become one of the most popular destinations for tourists in the world. Last year, 11 million people visited the capital of UAE, up from 7.6 million in 2009. Its overall hotel occupancy rate rose to 80%, with an annual average revenue growth of 18% in the last three years.
Being elected as the host city of World Expo 2020, Dubai is expected to attract more visitors in the future. New hotels and infrastructure projects will start-up soon.
The Dubai government implements several measures to encourage investments. For example, no fees will be charged for changing the land for hotel use; three to four star hotels opened before 2017 June will be exempted from the 10% Dubai Municipality fee.
