His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has approved an AED 10 billion expansion plan for the Dubai Exhibition Centre (DEC) at Expo City Dubai. Once completed, the DEC will become the largest purpose-built indoor events and exhibitions venue in the region.
This monumental project aligns with the Dubai 2040 Urban Master Plan and is integral to Expo City Dubai’s vision of becoming a dynamic economic hub driven by global exhibitions and events.
What to Expect from the Expansion
The expansion will significantly increase the exhibition space, nearly doubling its current capacity from 58,000 square meters to 180,000 square meters upon completion of all phases by 2031. This enhancement is expected to attract a broader range of international events, exhibitions, and conferences, providing a substantial boost to the local economy.
The increased capacity will cater to various sectors, from technology and finance to tourism and healthcare, thus enhancing the city’s appeal as a multifaceted business destination.
Phase 1 (completion by 2026):
– Introduction of 140,000 square meters of exhibition space.
Phase 2 (expected completion by 2028):
– Expansion of total exhibition space to nearly 160,000 square meters.
Final Phase:
– Inclusion of a 300+ key hotel.
– Development of retail outlets and commercial offices.
– Establishment of an industrial kitchen for fully integrated operations.
Implications for the Real Estate Market
The expansion of the DEC is likely to have a profound impact on Dubai’s real estate market. Increased visitor footfall will drive demand for both commercial and residential properties in the surrounding areas. Developers may look to capitalize on this growth, leading to new projects and investments in hospitality, retail, and residential sectors.
His Highness Sheikh Mohammed bin Rashid Al Maktoum emphasized that events provide platforms for connecting people, ideas, and opportunities globally, contributing significantly to advancing national projects and strengthening Dubai’s role as a global economic hub.
Opportunities for Investors
For investors, the DEC expansion presents a unique opportunity. As more businesses and tourists flock to Dubai for events, the demand for high-quality accommodations and commercial spaces will soar. This can lead to attractive returns on investment in both the short and long term.
Helal Saeed Almarri, Director-General of the Dubai World Trade Centre Authority (DWTCA), stated that the goal is to triple the economic contribution of the Meetings, Incentives, Conferences, and Events (MICE) sector to AED 54 billion annually by 2033. This ambitious expansion plan is set to significantly increase DWTC’s share of the multi-billion-dollar MICE industry.
Conclusion
The Dh10 billion expansion of the Dubai Exhibition Centre is not just a significant development for the venue itself but a strategic move that will propel the entire city forward. With plans to double the number of large-scale events hosted annually, from approximately 300 today to over 600 by 2033, Dubai is set to reinforce its status as a leading hub for international exhibitions and business events.
The next-generation destination will enhance Dubai’s calendar of global events across various sectors, including technology, healthcare, food and beverages, financial services, energy, and real estate, while introducing platforms to drive greater global participation in rapidly evolving fields such as media and entertainment, mobility, education, tourism, and manufacturing.
Are you ready to capitalize on the exciting developments in Dubai’s real estate market? Whether you’re an investor, a homeowner, or a business owner, now is the time to explore the opportunities created by the Dubai Exhibition Centre’s expansion.
Contact Cotton and Wood Real Estate L.L.C today to learn more about how you can benefit from this growth and find the perfect property that meets your needs. Let’s navigate this vibrant market together!
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