Originally scheduled to kick off starting 20 October 2020, the world expo had to be postponed due to the health pandemic and is rescheduled to run 1 October 2021-31 March 2022.
“Yes, we are convinced it will take place,” she says. “Because despite covid and the postponement…every participating country is currently finishing their pavilion, and the preparations for the programming are ongoing. We don’t see it simply being cancelled.”
Ambassador Cardoso stressed during a “Go International: UAE” webinar on Thursday that preparations for the expo had already allowed new partnerships to take place, and “interest in the Gulf region remains high”. This year, in fact, marks the 10th anniversary of the opening of the Luxembourg embassy in the UAE, although the Luxembourg Trade and Investment Office (LTIO)--one of 9 around the world, but the only one serving the Middle East--has been present since 2006.
“The Expo Dubai will take place; however, of course, depending on the international sanitary situation, virtual visits could represent a larger part than expected, compared to physical visitors, but we don’t know that yet,” the ambassador added.
Covid impact on UAE
As economy minister Franz Fayot (LSAP) pointed out during the webinar, the largest trade mission to the UAE took place one year ago, “the largest ever organised in the region.” Over the last four decades, the two countries have experienced “strong diplomatic ties”, as well as the signing of MoUs in a wide range of areas, including fintech and space.
The expo may prove a boost to the UAE which, according to the UAE LTIO director Loïc Bertoli, “came to a halt” when the pandemic hit.
“That’s a sad part because, as an anecdote, I was talking to Luxembourg companies in the beginning of the year, and most of them were telling me that January, February and into March [2020] were the best months [they had] since years.”
Figures he presented, however, show the impact the country has had: foreign investment dropped by 20%, compared to 8% growth between 2017-19, and there was a 6.2% GDP decrease in 2020. Like elsewhere, tourism and hospitality were hit, albeit the financial sector was more buffered by the crisis.
UAE: a priority for Lux in 2021
Nevertheless, Bertoli added that the UAE government had been pushing for a diversification strategy and “to have the most business-friendly environment in the whole Gulf region”, with efforts made to facilitate foreign direct investment.
According to Luxembourg Chamber of Commerce director of international affairs Cindy Tereba, the UAE is among the grand duchy’s priority markets in 2021, and the expo has allowed for the development of what she calls a “very elaborate economic programme”, including a “Made in Luxembourg” themed week in November; an onsite matchmaking event, which will be tied into the Luxembourg Day on 23 January 2022, and plenty more.
Another webinar will take place on 18 March with the Abu Dhabi Investment Office; more information will be forthcoming. For more info about the Luxembourg Chamber of Commerce’s participation in the Expo 2020 Dubai, visit cc2020.lu.