G20, Expo 2020 to drive growth in GCC next year: PwC

Investment reforms and the increased focus on the GCC, driven by the G20 summit in Saudi Arabia and Expo in Dubai next year, will help drive future growth and instill confidence in the region, PwC said in a recent report.

“As we look ahead, it is notable that the region will be hosting two major global events in 2020: Expo 2020 in Dubai and the G20 Summit coming to Saudi,” noted Richard Boxshall, senior economist, PwC Middle East.

The G20 summit in Riyadh will play a similar role in terms of profile, showcasing some of the social and economic reform changes that have been underway in recent years, and potentially catalyzing future investments, he noted.

Read: Saudi Arabia to host G20 summit in Riyadh next year 

Boxshall said that the Expo is expected to have a significant economic impact for Dubai, and predicts that it is likely to result in it becoming the second most visited city in the world in 2020.

“The challenge will be to ensure the temporary uptick in activity driven by the event can be translated into longer term growth. There is good reason to think that Dubai will be able to do this,” he added.