The Expo 2020 Dubai Bureau said on Monday that 20 per cent of the Expo’s total direct and indirect spend, representing more than Dh5 billion in contracts, will be allocated to local and international small and medium enterprises (SMEs). The move is aimed at boosting the SMEs in the UAE.
SMEs play an important role in effectively delivering the Expo, as well as the UAE’s wider diversification efforts, the Expo 2020 Dubai Bureau said in a statement.
Integrating SMEs into the Expo is expected to further stimulate employment, strengthen existing industries, improve SME competitiveness and contribute to sustainable economic growth, according to Reem Al Hashimy, UAE Minister of State for International Cooperation and Director General of the Bureau Expo Dubai 2020.
“Expo 2020 Dubai acts as an enabler for SMEs and is constantly looking for opportunities to maximise their integration into the wider UAE economy. This is evident in the strong activity on our eSourcing Portal, where of the 6,196 suppliers registered, 2,418 are SMEs, and of the 787 contracts already awarded, 320 have been won by SMEs,” she said in a statement.
SMEs account for nearly 94 per cent of the total number of UAE companies, with 400,000 SMEs contributing 60 per cent to the country’s GDP (gross domestic product). This figure is forecast to increase to 70 per cent by 2021, as per the statement.
Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the UAE SME Council, added that the UAE’s local and federal authorities are working closely together to further strengthen the local SME sector and provide entrepreneurs and SMEs with the support they need to fulfil their role in the economy.
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