The United Arab Emirates has officially rescheduled the much-hyped launch of Expo 2020 Dubai to October next year because of the ongoing global health crisis, the committee that oversees the event disclosed on Saturday.
Dubai, the posh emirate metropolis that is part of the UAE, had hoped to draw in some 25 million visitors to the six-month multi-billion-dollar expo, which was supposed to unveil in October 20, this year.
In a letter addressed to Dimitri S. Kerkentzes, Secretary-General of the Bureau International des Expositions (BIE), the UAE government formally asked for the cancellation of the event in Dubai.
His Highness Abdullah bin Zayed Al Nahyan, the emirates' Minister of Foreign Affairs and International Cooperation sought for the postponement of the global expo following discussions by the steering committee with the BIE amid the threats posed by the coronavirus.
Governments across the continents are trying to combat the spread of the virus, of which as of Saturday over a million new positive cases have been reported. In the UAE, the number of confirmed cases has doubled to 1,264 in the last five days.
Popular for hosting numerous conferences annually, Dubai has already canceled a series of cultural and entertainment activities because of the spread of the deadly disease in recent weeks. The organizers of Expo 2020 said they had proposed a one-year postponement because of the pandemic.
Shri Bidyut Behari Swain, Secretary-General of the Department of Commerce and Commissioner-General of India at Expo 2020 Dubai, said while they look forward to showcasing India's best alongside the rest of the world at the Expo 2020, their "common values as global citizens make it our top duty to give priority to protect public health as the most urgent issue."
Allied Investment managing partner Iyad Abu Hweij pointed out that it is prudent to cancel the event to a future date as there are uncertainties caused by the unprecedented impact of the virus.
As this developed, the United Arab Emirates' Central Bank announced on Sunday that it has doubled a stimulus package to $70 billion to help the economy of the Gulf state in the midst of the global turmoil.
The combined value of all federal bank capital and liquidity steps taken since March 14, 2020, has reached 256 billion dirhams ($70 billion), a central bank statement showed.
Last month, the oil-rich emirates nation announced $35 billion in stimulus that included banking system assistance, loan facilities and infusion of funds into the stock exchanges.
