Dubai will be the first middle-east country to host the event in its 150-years of history. In the tight contest between Ekaterinburg and Dubai in the final round of voting, the UAE received 116 votes out of a total of 165.
The news was welcomed by the residents and rulers in the country with celebrations. We will stage an expo that would, 'astonish the world', they said.
"It was a hard-fought victory; we were up against strong competitors, to whom we offer our full respect and sincere wishes," said the Dubai Expo 2020 team in a tweet.
The expo is expected to boost the country's economy in next 7 years as it is might create around 2,77,000 jobs.
Rulers and industrialists say that the expo will boost UAE's and Dubai's position as a world hub. At least 25 million vistors, including investors and innovators, are expected in the event.
The highlight of the Expo is Expo Live program that will find, fund and bring to Dubai innovative projects thanks to a 100 million Euro Expo Partnership Fund, reported local media in Dubai.
Dubai reportedly expects to spend $8.4 billion to stage the six-month event.
Acoording to Dubai media, the Expo will take place on a 438-hectare site on the southwestern edge of Dubai. Easily accessible from from Abu Dhabi and Dubai, the site will be located next to the new Al Maktoum International Airport, which will be able to carry 160 million passengers a year.
(With agency inputs)