Analysts expect Expo 2020 boom for Dubai

DUBAI (Xinhua) - After winning the bid to host the World Expo 2020, Dubai, whose economy is already booming, will attract additional investments in its infrastructure, analysts say.

The emirate has already announced some key infrastructure projects, including the metro network extension and a new district for the global design and fashion industry.

According to Dubai's ministry of economy, the sheikhdom's real gross domestic product (GDP) grew by 4.5 percent in 2013, benefitting from an increase in trade, logistics, tourism and banking as well as a comeback of the real estate sector.

The successful Expo bid is expected to extend the ample economic growth, analysts say.

Dubai won the bid to host World Expo in 2020 on Wednesday against three competing cities, Izmir in Turkey, Yekaterinburg in Russia and Brazil's Sao Paulo.

According to Deutsche Bank research, Dubai's winning of the bid "will boost employment, population and tourist growth."

Earlier in the year, Dubai ruler Sheikh Mohammed Bin Rashid Al- Maktoum said Dubai aims to double the number of its tourists, from 10 million last year to 20 million visitors by 2020.

Barclays Bank sees the peak of the growth driven by the Expo 2020 reach in five years, and expects the emirate to grow by 10.5 percent from 2018 to 2021.

It estimated that the event would create 277,000 jobs and revenues of $22.90 billion.