… has been chosen to host the World Expo 2020, beating bids from… the Bureau International des Expositions (BIE) announced in a ceremony in Paris.

Dubai had planned to host the world’s largest ever Expo and earmarked an investment of $7bn in the event, but the 165-strong voting panel decided… had submitted a stronger bid.

“Even without the World Expo factor, Dubai is seen to traverse a positive course in the medium-to-long term,” said an analyst from Ramz Securities in the lead up to the decision. “The emirate has been active in strengthening its economic activities to make them less volatile and ensure a moderate steady growth in the future.”

The news comes as a disappointment to Dubai and the wider UAE, but significant investments are already underway to expand Dubai’s role as a regional and global centre of tourism, transport, trade and finance.

While hosting the Expo 2020 would have provided a boost to Dubai’s economy, the emirate is still expected to see strong economic growth over the coming years.