Dubai, which is bidding to host the World Expo 2020, will need to invest close to 6 billion euros ($8.1 billion) into infrastructure should it win, th (more)
, which is bidding to host the World Expo 2020, will need to invest close to 6 billion euros ($8.1 billion) into infrastructure should it win, the emirate's top finance official said.
"We need to extend maybe the metro, the road infrastructure to the site and doing a lot on the site itself," Sheikh Ahmed bin Saeed Al Maktoum, head of Dubai's Supreme Fiscal Committee and chairman of Emirates airlines, said in an interview at the Dubai Air Show yesterday. Financing the expenditure wouldn't be an issue because it "makes sense" and has a "business case," he said, without elaborating on how the money would be raised.
Dubai is one of four cities competing for the World Expo bids and results will be announced in 10 days. Selection would be a milestone in Dubai's recovery from a property crash in 2009 that wiped as much as 65 percent off home prices. It would boost economic growth by 0.5 of a percentage point per year and by about 2 percentage points in 2020, Bank of America Corp. said in a Sept. 26 report.
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