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Dubai wins World Expo 2020 bid with 116 votes
The emirate beat Sao Paulo, Izmir and Ekaterinburg in the first, second and third rounds of voting, respectively.
November 27, 2013 8:35 by kippreport
Dubai has won the right to host World Exposition in 2020. The UAE’s financial capital beat Russia’s Ekaterinburg in the third and final round.
The selection process started on Wednesday morning in Paris with presentations from the candidate cities. After the presentations, three rounds of voting were held. São Paulo of Brazil lost in the first round, while Izmir of Turkey lost in the second round. Fireworks and other celebrations have been organised in the UAE to commemorate the country’s win.
The victory of Dubai is seen as the victory of the entire Middle East and the Arab world. However, the UAE residents have expressed concerns over the rising cost of living in the Emirate following Dubai’s Expo 2020 win. Unconfirmed reports say some property developers and real estate brokers have been to holding on to properties that they’d release starting from tomorrow to get a better price.
Recent reports from property consultants Jones Lang LaSalle and CBRE both indicated that an inevitable boost in short-term sentiment could lead to excessive price growth and overdevelopment in the real estate market. The most immediate impact of this improved sentiment is likely to be an increase in the asking price for land sites, existing villas and apartments in developments close to the expo site in Dubai World Central.
Dubai Expo 2020 is expected to create north of 277,000 jobs and welcome 25 million visitors.
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