- Title: FRANCE/FILE: Dubai victorious in battle to host 2020 World Expo
- Date: 27th November 2013
- Summary: PARIS, FRANCE (NOVEMBER 27, 2013) (REUTERS) VARIOUS EXTERIORS OF OECD VARIOUS INTERIORS OF OECD DELEGATION OF UNITED ARAB EMIRATES (UAE) TALKING MEMBER OF UAE DELEGATION SCREEN SHOWING THIRD ROUND OF VOTE WITH DUBAI COMPETING AGAINST YEKATERINBURG SCREEN READING UNITED ARAB EMIRATES, DUBAI UAE DELEGATION CHEERING UAE FOREIGN MINISTER SHEIKH ABDULLAH BIN ZAYED HUGGING MEMBER OF DELEGATION (SOUNDBITE) (English) UAE FOREIGN MINISTER SHEIKH ABDULLAH BIN ZAYED SAYING: "I think we are all very delighted that our country and the citizens of the UAE are extremely happy, and extremely honoured with this responsibility by the international community." UAE FLAG BEING WAVED VARIOUS OF DELEGATION LEAVING
- Embargoed: 12th December 2013 12:00
- Keywords:
- Location: United Arab Emirates
- City:
- Country: United Arab Emirates
- Topics: Business,Industry
- Reuters ID: LVA6F7LI7G2VZWY6BXMC3PBY224J
- Aspect Ratio:
- Story Text: Dubai was named the winner of the battle to host the 2020 World Expo on Wednesday (November 27) with the announcement prompting cheers and celebrations from the UAE's delegation at the final vote.
The Gulf commercial hub won the support of 116 out of 164 voting members of the Paris-based Bureau International des Expositions in a final-round run-off against the Russian city of Yekaterinburg. It becomes the first Middle Eastern city to host an event that the United Arab Emirates hopes will pull in billions of dollars of investment.
The city also saw off competition for the coveted prize from the Brazilian city of Sao Paulo and Izmir in Turkey.
Dubai lobbied hard to host the 2020 fair as a catalyst to transform the emirate of 2.2 million people into a top global centre for tourism, trade and finance.
"We are all very delighted that our country and the citizens UAE are extremely happy, extremely honoured with this responsibility by the international community," UAE Foreign Minister Sheikh Abdullah bin Zayed told Reuters just after the decision was announced.
But the win also carries risks. Some property developers warn it could trigger another speculative bubble similar to the one that burst in 2008-2010, when the global financial crisis caused Dubai property prices to crash by more than 50 percent, shaking financial markets around the world.
World Expos, which participating countries use to showcase technological prowess, culture and architecture, are held every five years for six months. Milan will host the next one in 2015.
The fairs hold huge stakes for would-be hosts, which are prepared to spend billions on infrastructure, hotels, buildings and other preparations to attract millions of tourists. - Copyright Holder: REUTERS
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