Dubai is working with HSBC on the financing of Expo 2020 Dubai, a $7 billion exhibition centre project expected to attract 25 million visitors, sources familiar with the matter said.
The site will host Expo Dubai which will run from October 2020 to April 2021 and will be the first World Expo hosted in the Middle East, according to the Expo 2020 website.
The project provides more evidence that Dubai is back in expansion mode after running into trouble during the 2009 global financial crisis. The expo is a major part of Dubai’s plans to expand its infrastructure and boost its credentials as a tourist destination.
The financing will come from bank loans and from various export credit agencies, the sources said. HSBC has been appointed to coordinate the export credit agencies and financing supported by them, the sources said, adding that the split between the commercial loans and the export credit financing was yet to be defined. More info
By Reuters www.arabianbusiness.com