Over 600 applicants shortlisted by Scale2Dubai to set up businesses in District 2020

From the moment of its inception, every element of EXPO 2020 has been considered with the utmost precision, in order to make sure that future generations will be able to benefit from the legacy of the world fair. Here is where District 2020 comes into the picture as a sustainable and human-centric smart community, which will take over about 80% of the existing EXPO 2020 site. With the capability of hosting up to 145,000 residents and workers, District 2020 plays an essential role as the fifth urban center in the Dubai 2040 Urban Masterplan. After a short transition period, the development will open its doors to companies of all sizes from October 2022.

District 2020 has already attracted a lot of attention from striving entrepreneurs, as it has shortlisted 628 applications from small businesses and major startups worldwide, in line with its Scale2Dubai initiative. Launched back in July 2020, this innovative programme aims to appeal to startups, particularly in Series A or Seed stage, corresponding to key focus sectors of sustainable development. These include Smart Logistics, Smart Mobility, Smart Manufacturing & Smart Cities, AI, 3D printing, Blockchain and the Internet of Things. On an annual basis, Scale2Dubai will offer successful applicants 2 years of free workspace, business setup support, deal flows, access to funding, and connections with world-renowned industry players. That being said, out of the existing 628 applications, a panel of technically qualified judges will select over 80 small businesses and startups to join District 2020 in Q4 2022. According to Tala Al Ansari, Director & Head of Innovation Ecosystem & Scale2Dubai, they have recorded more than 3,200 registrations from a total of 129 countries, demonstrating the tremendous success of the global entrepreneurship programme.

According to The National News, as of 1 February 2022, EXPO 2020 has recorded a whopping 11,608,240 visits, with a third of all attendees coming from overseas (10% from KSA, 6% from Germany, and 5% from Russia) due to the efficient COVID-19 measures. At the same time, online visit numbers have already passed the 100 million mark, thanks to an array of entertainment which is accessible via Live@Expo, including performances by top K-pop stars and the recent mega-performance by Black Eyed Peas, among other experiences.

It is worth noting that Expo 2020 has not only revived the tourist sector, but it has also become one of the major driving forces behind the growth of the Dubai real estate market, with 2021 being the best year in terms of property sales since 2009. In fact, according to Georges El Hachem, Director of Commercial at Select Group, about 70 - 80% of individuals coming to Dubai are first-time visitors, and they are astonished by the security, growth and commuting system, among other aspects, which is fueling the urge for them to consider relocating and investing in the city. Based on the trends of last year (2021), the Reuters survey of real estate analysts’ views, which included 11 specialists, shows that residential property prices are expected to rise by 5%, amidst the introduction of new visa types, business incentives, inflow of investors and general affordability.