Dubai has been successful in its bid to host the 2020 World Expo trade convention.
A 167-member panel opted for Dubai ahead of its rivals Sao Paulo, Izmir, Yekaterinburg in its final round of voting in Paris today.
According to ft.com, the equivalent of $7 million will be spent on infrastructure in preparation for the prestigious event. The main expo complex will be built next to the site of the new Al Maktoum International Airport.
It has been predicted that the event will bring an economic boost worth the equivalent of $39.1 billion, creating roughly 277,000 jobs in the process.
Reacting to the result, UAE-based new media analyst Giorgio Ungania dismissed fears that Dubai was not ready to host an effort of this magnitude.
He told aljazeera.com: “The scepticism is always there. Dubai has been raising questions around the world because we do things so fast – but have no doubts that the leadership of this country is seeing this as the opportunity to showcase Dubai at its best and it will not miss this opportunity.”
Property experts in the region had previously predicted that a successful bid would cause a property boom, possibly raising the prices of commercial and residential buildings.
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