Top officials hold talks in Dubai on Tuesday.

Inayat-ur-Rahman

Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, has announced that it will host the region’s leading finance conference at the Dubai Exhibition Centre, during Expo 2020 Dubai, taking place in Dubai between 20 October 2020 and 10 April 2021.

The Centre’s flagship event – a two-day conference under the theme “The Future of Finance” will bring together global leaders and business commentators alongside international and local sector changemakers. Exploring the latest financial sector trends, the event will uncover business growth opportunities offered within the fast growing MEASA region and reveal strategies to capitalise on the untapped economic opportunities presented within the region.

The event will demonstrate the significant promise represented by Dubai and DIFC as a springboard for growth for the Middle East, Africa and South Asia (MEASA) region. Comprising 72 countries and home to a population of three billion, with a nominal GDP of $7.7 trillion, the region is growing evermore compelling as it continues to deliver strong growth. With 70% of MEASA residents having limited or no access to financial services, the event will present further collaboration opportunities between sector experts and deliver solutions to financial challenges.  

Echoing the Expo 2020 theme ‘Connecting Minds, Creating the Future’, the two-day conference will also focus on topics such as the Government of Dubai’s innovation agenda, the latest economic sector developments and DIFC’s vision of transforming the financial landscape. In addition, the event will focus on the Centre’s role in transforming the MEASA financial ecosystem and fostering creativity, collaboration and innovation.

Commenting on the collaboration between Expo 2020 and DIFC, Arif Amiri, Chief Executive Officer, DIFC Authority, said: “The flagship event during Expo 2020 is an important milestone as we continue on our journey to transform the future of finance throughout the MEASA region and globally. The MEASA region is one of the world’s fastest growing markets, and is becoming ever more compelling as it continues to deliver strong growth, representing significant investment promise.

“There is a robust link between innovation and growth. A key factor propelling economic development in the region is technological innovation which has created new value propositions, attracted new global investment and generated a diversification of sector opportunities. Therefore, it is no surprise that the region is significantly shaping financial innovation. With a young and cosmopolitan population of well-educated, highly mobile and connected individuals, alongside tremendous investment potential, the region represents a dynamic financial ecosystem with increasing diversity in financial products and services. For companies keen to capitalise on these emerging markets, this is a multibillion dollar opportunity to bank on the future of an ambitious and dynamic region.”

Amiri continued: “Expo 2020 will connect the world’s greatest thinkers, pioneers and academics and provide a platform to foster creativity, innovation and collaboration globally. We share this goal and believe that building partnerships and exchanging innovative ideas will allow us to work together to drive sustainable economic growth that delivers great opportunities for communities and individuals.”

Najeeb Mohammed Al Ali, Executive Director of the Dubai Expo 2020 Bureau, commented: “We are delighted to host DIFC’s ‘The Future of Finance’ conference at the Dubai Exhibition Centre, co-located with Expo 2020. Expo 2020 Dubai will be the first World Expo in the Middle East, Africa and South Asia region. It will showcase the greatest ideas from around the world as part of the world’s greatest showcase of human brilliance and achievement. Through this landmark event, DIFC will focus on innovation in a critical sector to realise new opportunities and prosperity for millions of people.

Expo 2020 Dubai and government-led infrastructure projects were the key factors driving the growth of Dubai’s construction sector in 2018 and 2019, and this trend is expected to continue over the next two years, according to new analysis released by the Dubai Chamber of Commerce and Industry at a briefing organised for delegates attending the Big 5 exhibition.

The analysis, based on recent data from BNC, IMF, Haver Analytics and Fitch Connect, revealed that the construction sector contributed an estimated 6.4 percent to Dubai’s GDP in 2018. Currently, there are 4,792 active projects in Dubai, accounting for 42 percent of the UAE’s total projects.

Other key growth drivers for Dubai’s construction market include the emirate’s strong economic fundamentals and diversification strategy, a steady increase in population and the number of tourists, sustained infrastructure investment over the medium term and major government investments in transportation.

Most Expo 2020 related infrastructure projects are either under construction or completed, while a majority of the contracts are for building works located at the Expo site.