Published: February 8, 2017
The emirate is looking to raise billions of dollars to build infrastructure ahead of the 2020 World Expo
Renowned for its rapid rise from a small port city to a high-rise financial centre, Dubai is about to embark on another surge of construction, as it prepares to host the 2020 World Expo. The event’s organisers hope that the event will bring in 25 million visitors, the majority from outside of the United Arab Emirates, and boost job creation and economic growth in construction, logistics and tourism.
The Emirate is close to finalising a US$3bn infrastructure loan for part of the expansion of the Al Maktoum International airport. That loan will be split into a US$2bn conventional tranche, and a US$1bn Islamic tranche, in local currency. The new airport is a massive project with a total estimated value of around US$35bn, and aims to create the world’s largest transit hub for passenger air travel, as well as a huge logistics centre. The Expo site itself, a 4km-long complex of exhibition centres, offices and technology parks south of the main urban centre of Dubai, is likely to cost another US$7bn.