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Introduction
Expo 2020 is the continuation of the World Expos that started more than 170 years ago to provide a platform for showcasing the worlds greatest innovation and creativity in various industries. As such, Expo2020Dubai, hosted by Dubai in the United Arab Emirates, where innovation is a pertinent factor in development, is an exemplary event in the history of technology and innovation worldwide (Expo 2020 Dubai, 2021). The organization offers an array of opportunities for top innovators to show the world what it takes to adapt to the changing technology and its values in human history. Furthermore, Expo2020Dubai provides critical reflections on the general development of technology and other innovations in human history (Krzymowski, 2020). Notably, World Expos tend to welcome millions of innovative ideas and organizations to develop monumental pillars in cities and other sites for sustainable development across the globe.
In regard to the topic Connecting Mind, Creating the Future , Expo2020Dubai provides a fundamental opportunity to showcase the techniques relevant to tackling world crises such as the current Covid-19 pandemic that has had devastating effects on many organizations worldwide (Kaul, 2019). Notably, this organizations key thematic areas of concern are enhancing opportunity, mobility, and commitment to sustainability. In essence, sustainable development is a major concern in the current world, with a massive focus on curtailing the effects of climate change and the deleterious consequences of exponential human population growth and environmental pollution (Jatana and Mirchandani, 2017). Therefore, the use of technology is a fundamental aspect of the organizational development adopted in every aspect of the innovation exhibitions hosted by the association in Dubai.
The emergence of the Covid-19 pandemic has presented organizations with unprecedented challenges, including recommendations to shift from physical engagement to virtual work environments and adoption of the new normal forms of business. This challenge made the organization shift the date from 1 October 2021 to 31 March 2022, which provides a fundamental challenge in strategic planning to ensure that all 192 countries successfully participate in showcasing their innovations. The organization aims to provide crucial platforms and opportunities to the best innovators from every corner of the world to help strengthen the history of World Expos from generation to generation (Setork and Habib, 2020). Therefore, it is important to evaluate the companys performance assessment approach and fundamental accounting and financial management with reference to the current event Expo 2020.
The Role of the Performance Assessment Approach
Expo2020Dubai is an organization guided by the value that people and ideas are the sole procreators of innovation and progress in any country. There has been tremendous growth in the companys operation in UAE, including an expansion of employment coverage to gross value added to the countrys economy. As such, to understand the position of this company in the regions growth, it is important to use a performance assessment approach as a strategy. According to Valek (2019), the philosophy of performance assessment focuses on the organization as the primary unit in the analysis. In this case, Expo2020Dubai will be the center focus by targeting the performances in the current years alongside the factors contributing to their growth in the industry of World Expos (Bodolica, Spraggon and Shahid, 2018). Therefore, it is essential to analyze Expo2020Dubai thoroughly from the mentioned perspective.
As a diagnostic tool, performance assessment helps obtain data on factors aiding or hindering the achievement of particular objectives or results, situating them alongside competitors. Likewise, the major factors to consider in evaluating the performance of organizations in various industries include considering the quality of work, execution plan, and communication system (Darling-Hammond, Adamson and Abedi, 2010). At the same time, financial ratios, business plans, budgeting, and balance scorecards are also pertinent in evaluating the performance of any organization.
A business plan defines documented objectives, activities and the organizational plan to achieve the goals. This provides a clear road map for management to execute their mandate in the industry considering all the competitors and the business environment. Ideally, a good business plan should be able to cover the executive summary, the products and services of the organization, and the marketing strategies used to reach clients in the market (Barlow et al., 2021). Also, the firm must be able to have a market analysis framework and financial planning alongside the budget for proper functionality in any industry. As a result, a comprehensive business plan helps a company understand both the internal and external environment by creating a platform for investors and assisting the employees in strategizing the best approach to sustainable development within the market.
While understanding the basic content of any business plan, it is important to apprehend the elements of the financial assessment. The main financial ratios used in this strategy may include profitability, solvency, liquidity, and valuation (Myaková and Hájek, 2017). Each of these ratios is vital in helping companies to track their record of performance across their development journey. Profitability ratios entail metrics adopted to evaluate the ability of the business to earn revenue relative to expenditure, operation costs, balance sheet assets, or shareholders equity for a particular time frame (Myaková and Hájek, 2017). Ultimately, understanding ratios and metrics of financial evaluation is essential to the performance assessment approach.
Consequently, there are several theories applicable to a performance assessment that can be applied in the analysis of the performance of Expo2020 Dubai. The theory of performance is vital in tracking the growth and development of this company using its organizational position in World Expos alongside its financial strength. In this case, the paper will analyze the business plan in combination with the corporate social responsibilities adopted by the company in different parts of the nation. Essentially, it is essential to understand the critical impact of Expo2020 Dubai on the countrys economic development alongside the position of the nation in world economic affairs focusing on the current world expo hosted in Dubai.
Expo 2020 Dubai Evaluation
The prevalence of the Covid-19 pandemic and other emerging communicable derivatives has forced the world to endure a paradigm shift on how to tackle challenges in the information communication technology-bound era. Companies around the world struggle to adopt the new virtual world order (Donthu and Gustafsson, 2020). The current analysis aims to explore the value of Expo2020 Dubai, focusing on its significance and role in propelling UAE to a new soft power in dealing with current and future strategic challenges. Primarily, the principles of connecting minds and creating a future without wars and political conflicts are exemplarily pivotal in the performance analysis of this organization. According to Krzymowski (2020), the key investment strategy of the organization is to stage a platform for the future where there is no poverty, disease, or hunger. Consequently, there are countless investment strategies and initiatives aimed at achieving these sustainability goals. Krzymowski (2020) further contends that Expo2020 Dubai has huge potential to add value to the innovation sector, adding value to the gross products and development.
Investment Strategies
Expo2020 Dubai has designed an inclusive approach to making innovative growth a typical reality in many parts of the world with a clear focus on sustainability. Based on the Expo 2020 Dubai Sustainability Report 2018, the company proposes to forge new connections and partnerships across all sectors and regions to ensure sustainability in the future (Salem, 2019). The key drivers of this investment strategy involve opportunity, mobility, and sustainability (Salem, 2019). Under these subthemes, the company has outlined specific content in achieving the goals of sustainable development to ensure success for future generations.
Opportunity
The company aims to address development and connection with new industries, education, employment, financial capital, and governance. Essentially, Expo2020 Dubai concentrates on unlocking key potentials in communities and making societies a better place for future generations (Bhavani and Kukunuru, 2016.). Expo2020 Dubai creates a platform that aligns the national visions with the regional and international focus on sustainable development goals to ensure that each gets an opportunity to develop in the era of technology and digital migration (Expo 2020 Dubai, 2021). At the same time, Expo2020 Dubai aims to create a connection between individuals, businesses, and countries to ensure opportunities and provide solutions to the world challenges like the Covid-19 pandemic and other emerging issues. Therefore, the objective of creating opportunities for individuals and business is essential to the event.
Mobility
Another critical investment strategy is to create smarter and more productive networks amidst the limitations of physical movement. The paradigm shift implies moving goods and services from across nations to realize universal engagements (Rodgers and Thorson, 2018). Technically, since 2013, the company has strengthened digital communication pathways to create universal platforms for digital engagement to showcase some of the most innovative ideas (Expo 2020 Dubai, 2021). As such, some of the key channels used to address this subtheme include creating vibrant mobility in logistics, transportation, travel, and digital connectivity through internet access and social media platforms (Van Deursen and Helsper, 2018). Furthermore, according to Mataruna-Dos-Santos and Khan (2021), human mobility was a key concern in designing the expo site for 2020 amidst the emergence of the current global Covid-19 pandemic. As a result, mobility is another key metric that ensures the successful performance of Expo2020Dubai.
Sustainability Strategy
Lastly, Expo2020 Dubai focuses on environmental, economic, and social wellness to ensure generations live in a free world where natural resources are protected for future generations. As such, the firm holds the sustainability belief that all people are responsible for protecting natural resources (Expo 2020 Dubai, 2021). Therefore, the key theme for Expo 2020 has been the creation of awareness on how to tackle climate change, emphasize green growth, biodiversity, and natural resources, and build habitat and sustainable cities for future generations (Singh, 2015). As a result, Expo2020 Dubai tends to use its platform to create positive changes in societies by investing in technologies and sustainable pavilions.
Consequently, a major component in the investment sector includes the planning of pavilions. Pavilions help express ideas and beauty, with the possibility of culture and heritage in the architectural display (Künzli, Puhan and Suggs, 2019). Even though the design of pavilions is left at the discretion of associated nations, the organization ensures a sustainable approach to the event (Künzli, Puhan, and Suggs, 2019). According to this perspective, the sole aim of Expo2020 Dubai is to give a new look to the world expos, including the pavilions and other components of exhibitions (Haneef, and Ansari, 2019). Expo 2020 Dubai has a central mandate of helping the UAE attain a green economy by 2030 in line with the global sustainable development goals.
Investment Strategies Overview
Overall, the three thematic investment strategies are utilized to help the organization create a connection space to showcase the worlds best innovations and ideas for sustainable development. At the same time, stakeholders tend to play a crucial role in shaping the decision-making processes following the endorsement of the country to host the world expos for this year. The Expo 2020 Dubai has a large variety of projects in the country to propel the realization of its objectives (Haneef and Ansari, 2019). As a large-scale platform for educating and engaging the global community on the best strategies to use modern technology for development, Expo 2020 Dubai has a prime site to accommodate all countries and individual business ideas.
Corporate Social Responsibility
Expo 2020Dubai focuses on joining hands with the United Nations to realize the sustainable development goal agenda across the entire world. With a focus on impacting the poor and underprivileged people in societies, the organization uses The Good Place Pavilion as an embodiment of the unity of the world (The Good Place Pavilion, 2021). The pavilion is located at the opportunity district which is one of the organization subthemes aimed at achieving the global goal of Connecting Minds, Creating the Future (The Good Place Pavilion, 2021). Inspired by the need to create long-lasting corporate social responsibility, there is a consistent fund aimed at helping people who deserve empowerment in different communities.
A major subtheme in the corporate social responsibility of this organization is to build bridges for access to the international network. According to Ahamed and Cooper (2014), winning the expo 2020 opened way for the global positioning of the United Arab Emirates to link with the world in utilizing technology to create a better future. The operations target the use of top-notch skills from around the world to ensure sustainable development in line with the UN sustainable development goals (Copland, 2019; He and Harris, 2020). Taha and Allan (2019) further assert that engaging the global community in computer use and proper planning can help build bridges that will help realize the economic goals of any country for many generations in history. Therefore, to narrow down existing gaps, there is a need to ensure proper urban design and planning in promoting self-reliance and sustainability debate.
Food Programs
Moreover, the organization has designed food programs aimed at promoting food security and eliminating hunger using the available local breeds. At present, overcoming the worlds problems of hunger and scarcity of natural resources is one of the primary goals of sustainable development (Bilaji et al., 2019). In overpowering the pandemic together with other parts of the world, the organization designed local breeding techniques to ensure the local food production strategies adopt modern techniques to realize food sufficiency and showcase the agricultural practice to other parts of the world.
Environmental and Green Cities Day
The smart city life strategy is an investment to provide insight into the organizations role in environmental protection and sustainability. According to Singh (2015), Dubai became a leading smart city, attracting visitors from all over the world because of the design of Expo 2020. At the same time, Press (2018) contends the pavilion created an impulsive site that connects to nature and ensures the protection of biodiversity and cultural heritage in a sustainable way. Ideally, environmental conservation plays a fundamental role in the national economy as a source of livelihood and health (Zhang et al., 2020). Therefore, the desire to utilize natural resources on a sustainable scale is a major advantage of the organ in national development. Likewise, offering strategically designed pavilions promotes the protection of the environment based on the choice of site and natural space considerations (Kotsi and Michael, 2015). In conserving the environment, the organization aims to protect peoples identity and place (Brown et al., 2019). At the same time, the architectural designs of the pavilion bear significant information about the environment, culture, and sustainable development, which helps inform the masses on best practices for sustainable development.
Globalization
Globalization is one of the major implications of modern technology (Haneef, Ansari and Bhavani, 2019). Expo 2020 Dubai has adopted strategic approaches to explore the value of globalization to achieve the mission of the organization. Giardina (2019) contends that expo 2020 invested in the use of computers to create a universal approach where localized innovations can be globalized to promote global sustainable development within countries. Creating a balance on economic, social, and environmental sustainability is a key technique used by the organization to meet the demands of global sustainable growth.
Financial Performance
Expo2020 Dubai has played a crucial part in the UAEs economic growth and development since 2013. According to the report by EY UAE, the organization has contributed more than USD 10.3 billion in the pre-expo phase of 2013-2020 (Bhavani and Kukunuru, 2016). The main sector impacted by this contribution includes the construction sector, the events, the organization segment, transport, storage, and communication sectors of the economy. At the same time, the organization has created more than 262,400 job years in the country, which has immensely impacted the economic development of the country (Trade Arabia, 2021). There are more than 200 restaurants expected to be used for Dubai Expo 2020 and more than 192 country pavilions expected to be showcased in the event, translating to a higher expectation of return from all sectors of the economy, especially the hospitality and tourism sectors (Trade Arabia, 2021). Ultimately, the event has had an immense impact on the economic development of the country.
Also, Expo 2020 is expected to generate more than $17 billion in revenue for UAEs economy. Ideally, the government project that the event will attract more than 25 million people as the worlds largest expo in history (Trade Arabia, 2021). Such popularity will consequently translate into the creation and utility of more than 10,000 hotel rooms for accommodation. Analysts estimate that the event will contribute more than US$23 billion to the GDP of UAE owing to the massive investment attracted from all sectors of the economy. The mentioned metrics indicate that the organization will attract the global attention of investors to promote local products.
Moreover, as the first mega-event to be held in the Middle East, Expo 2020 Dubai will have a huge impact on infrastructure worth more than USD 12 billion. Upon winning the bid to host the world expo 2020, Expo 2020 Dubai became one of the key agendas used to realize the goal of a sustainable economy (Soldatikhin, 2021). Sheikh Mohammed bin Rashid Al Maktoum considered the realization of expo 2020 as a mega milestone in the development of UAE with a significant focus on the environmentally sustainable and equitable distribution of resources (Expo 2020 Dubai, 2019). Marzouki (2019) contends that social events play crucial roles in branding countries for various economic activities. Concurrently, the UAE enjoys massive tourism and hospitality revenue as a result of the marketing strategies and branding of expo 2020, even in the wake of Covid-19 and its challenges.
The 2020 financial reports indicate that expo 2020 will yield more than AED 122 billion (USD 33.4 billion) in investments for the country for the period between 2013 and 2031. At the same time, the mega event is expected to add to more than 15% of the countrys GDP, with approximately 25 million visitors expected to grace the occasion under different capacities (Expo 2020 Dubai, 2019). The financial benefits accruing from this event will greatly contribute to a new approach to business operations in the country, ensuring an inclusive approach to development and sustainability (Expo 2020 Dubai, 2019).
Multiple studies have found that Expo 2020 has significant implications on stock market prices across the country. According to Bhavani and Kukunuru (2016), the event had direct impacts on banking, investment, and insurance, with an immense increase in investment with an upward trend. Although there seemed to be a consistent upward trend in the financial performance in the banking sector, another statistic has indicated there was no significant overreaction among many citizens upon winning the tender to win the expo event of 2020 (Bhavani and Kukunuru 2016). At the same time, Ahamed and Cooper (2014), the expo had significant financial implications for many local and international companies. Okasha (2020) even asserts that the development of the expo event elevated the level of entrepreneurship, increasing the number of investors. At the same time, it made the UAE more appealing to the Arab youths than other countries such as the US, Canada, Australia, or even Europe. Such findings indicate that the organization had significant implications on the investment patterns alongside their perceptions towards various countries.
Expo 2020 Dubai Major Achievement
Since 2013, Expo 2020 Dubai has been a fundamental organization helping the nation align economic decisions and projects to a greener economy. Through the years, the organization laid a master plan on how to achieve these goals with a clear focus on delivering stunning event experiences among clients at world expo 2020. Upon the conclusion of Expo 2020, the organization will have attained massive infrastructural development, encompassing open spaces, parks, and the bike network (Marzouki, 2019). One of the major milestones realized in land use and landscape include the site design which took into consideration climate change adaptation and local weather patterns.
On ecology and biodiversity, the organization aims to use more than 730,000 native and resilient individual plant types in Expo 2020. Many of these plants are products of the propagation practices in the sites nursery or environmental spaces. The aim of this approach was to ensure much vegetation cover to mitigate and encourage carbon sequestration. These are milestones that will set the organization on track to achieving some of the worlds best strategies for resource management and sustainable development. Again, there are exemplary transport network promotions embraced in the organizations ideal advocacy in the current expo, which will help boost the economic performance of this country in various ways.
Challenges
The main challenge noted in the execution of the expo 2020 is the emergence of Covid-19, which forced the organization to postpone the event by a year to minimize the health burden. The pandemic paralyzed almost all sectors of the economy, including transportation, physical integration, and environmental conservation. Tackling health-related concerns has been the main concern for many organizations around the world (COVID-19 safety measures, 2021). Essentially, increased environmental waste management challenges posed by the pandemic are overwhelming, with more plastic waste finding its way into the environment (Silva et al., 2021). At the same time, the challenge of integrating technology and communicating with international businesses, other nations, and organizations has become tremendously hard amidst the rise in emerging communicable diseases.
Recommendations
Based on the performance assessment, Expo 2020 Dubai plays a fundamental role in enhancing sustainability in the era of technology and digital migration and addresses multiple issues. One of these factors includes organizational sustainability and continuity (Batista and Francisco, 2018). Although the organization has designed visionary projects and programs for educating, entertaining, and ensuring the greening of the economy, there is still a gap in strategies to ensure the activities are adopted by all generations.
Moreover, Expo 2020 Dubai can have more influence if the organization invests in local communities. As a result, there is a need to develop strategies that will encourage corporate social responsibilities (Freeman and Dmytriyev, 2017). One of the key strategies to achieve this objective is to ensure local programs are aimed at empowering people at various levels (El-Bana, Selim and Taleb, 2015). Encouraging stakeholder participation through the delegation of innovation programs will ensure the continuity and sustainability of the organizational goals for generations across every community (Guo and Kapucu, 2019). Imperatively, the organization can dwell on designing a people-based business plan that enables local communities to participate in localized expos subsequent to the world expos that happen once in a while. In doing so, the organization will create a vibrantly empowered society where every citizen embraces innovation and technology as the way of life in every activity.
At the same time, technology plays a fundamental role in shaping the sustainability of societies in different ways. With the surging access to internet services and technology gadgets, the government can empower local innovation by enhancing access to fast internet connectivity and lowering taxation on smartphones and computers to help local citizens to access digital information for informed decision-making (Issa and Al Abbar, 2015). Furthermore, the company can partner with manufacturers to synchronize features that will enable users to access information about the pavilion and other expo content.
Likewise, educating people about the best ways to use modern technology in fields such as agriculture and manufacturing for better production can help organizations realize their objectives of inclusivity (Vacchi et al., 2021). At the same time, it is essential to ensure that every strategy integrates all stakeholders to ensure that the decisions made at each point are acceptable in all spheres of growth and development of the nations (Guo and Kapucu, 2019). This approach will enhance the critical use of modern technology to help realize the value of investing in sustainable development.
Consequently, it is vital to consider other social dynamics, such as gender aspects, in designing events in the future. Prominently, there is a need to include all people in the movement towards achieving gender equity in the movement towards the sustainable digital age (Bloodhart and Swim, 2020). In essence, expo 2020 will help the world understand some of the best strategies to adapt to changes in technology amidst global challenges like the current Covid-19 pandemic. Therefore, the government of the United Arab Emirates has the opportunity to make effective policies to guide exhibition events at the local level, having the worlds largest expo site.
Conclusion
Expo 2020 Dubai is a paramount organization in the history of UAE with critical implications for the countrys economic development. The organization has the potential of rebranding the nation into a soft powerhouse in the current global land space, focusing on its innovative impacts and the role of technology. From the current analysis, it is clear that this organization has had a direct impact on investment and market stock since its inception in winning the world expos bid in 2013 for Expo 2020. The organization covers the critical aspect of sustainability in development, including environment, culture, globalization, and identity, using the three themes of opportunity, mobility, and sustainable development. Furthermore, Expo 2020 shows immense potential to impact economic growth (Tobolski and Peronto, 2019). Throughout the performance assessment, it is notable that much of the work done in preparation for expo 2020 has helped the organization to become one of the major destinations for visitors and investors from various parts of the world.
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