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ANNOUNCEMENT I n November 2013 Dubai was selected to host the World Expo 2020 This not only led to the beginning of preparations for the Expo site but also to discussions about infrastructure and construction projects all over the city During AHK s Jour Fixé on March 9th 2014 in Dubai a presentation was held by MEED outlining the current state of affairs of the Expo 2020 On the whole the Expo 2020 investment plan accounts for about USD 6 9 billion and covers all additional infrastructures that will be needed for the expected 25 million visitors Unlike other Emirates and GCC countries Dubai cannot finance its development with oil revenues After the construction of the Dubai International Airport which was accomplished as early as 1937 projects like the Jebel Ali port 1977 the Dubai Metro 2009 and the Al Maktoum International Airport 2012 followed and further contributed to the city s development In the last decade however the project market of the city went through ups and downs with a peak in construction awards in 2006 followed by a serious drop until the end of 2011 which saw a renewed but moderate rising in project awards up until this day This rising is expected to be boosted considerably during the preparation for the World Expo 2020 Currently USD111 billion worth of construction and infrastructure projects are planned and underway not mentioning several projects that were stalled during their construction phase and may be revived for the Expo Some of the biggest construction projects that are currently underway include an extension of the red and green metro lines the latter of which is to connect the city centre with the Expo site an upgrade of some major roads the construction of a third airport terminal and the expansion of the second The hotel and real estate market is also stimulated by the Expo boom with the number of hotel rooms expected to double until 2020 and property prices rising encouraging real estate companies to build more The list of Expo projects includes a number of tourist attractions like the world s largest ferris wheel With Dubai s total debt accounting for 102 percent of the city s GDP questions about the funding of Dubai s investments arise The financing will probably be assured by a mix of bond issues bank borrowings and cash from disposals or incorporated businesses In total three pillars of sourcing can be illustrated Firstly the government itself funds several projects such as the ongoing ones at the international airports of Dubai and Al Maktoum Furthermore the government sponsors DP world the Emirati marine terminal operator which has already been awarded the prize infra for future in 2013 In addition the government led Roads and Transport Authority RTA is now awarding new contracts and is responsible for further metro extensions Secondly government related entities have launched several projects as well Real estate developers such as Nakheel Emaar or Meraas have started to build properties like the well known Palma residences an Opera House Fountain Views Theme Parks Bluewaters and the Burj 2020 Moreover bond markets will make up an important part of the funding Islamic finances such as Sukuk issuance are very likely to become popular in raising finance In addition Chinese investment appears to be an important contributor in financing projects which could already be observed during the construction of the Viceroy Dubai Palm Jumeirah Last but not least private investors also make the construction of infrastructural projects possible One example is the Paramount Towers that was launched in 2003 Meanwhile other smaller developers have followed suit including a range of private developers who are also launching new projects Additionally the plan covers the development of facilities that are needed to support the Expo such as the Exhibition City hotels and offices on a field of 438 hectares Therefore a special purpose company will be formed in order to manage all construction related issues In a nutshell Dubai s construction and infrastructure market seems to be rising regardless of the World Expo but the latter seems to give a structure and a deadline to a long list of projects that would otherwise undergo the risk of stalling from lack of funds This will promote job creation in various sectors and further contribute to the city s development as a modern financial and industrial centre in the United Arab Emirates n marching towardS the expo 2020 Lara SchroerTanya walter German Emirati Joint Council for Industry and Commerce AHK Abu Dhabi 4 ISSUE 12 MAJLIs