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Expo 2020 Dubai awards contracts worth $1.85 billion to SMEs

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Expo 2020 Dubai awarded AED6.8 billion ($1.85 billion) in contracts to small and medium enterprises (SMEs), making a significant contribution to a vital sector of Dubai’s vibrant economy.

This exceeds the commitment made in 2016 to allocate at least 20% of all direct and indirect spending to SMEs.

In value terms, this figure represents more than a quarter of all contracts for Expo 2020 Dubai. Of the 3,245 suppliers awarded Expo 2020 Dubai contracts, 66% (2,150) were SMEs, of which 64% (1,390) were domestic SMEs, reflecting the capabilities and diversity of UAE businesses and supporting the wider UAE to drive a thriving private sector and a more resilient economy.

The majority of the 760 overseas SME suppliers are from the UK (24%), US (16%), France (4%), India (4%) and Australia (4%). Overall, suppliers from outside the UAE came from 94 countries, showing the Expo’s global reach and reach.

Mukhtar Safi, Chief Financial Officer and Deputy Chief Executive Officer of Expo 2020 Dubai, said: “Our commitment to SMEs has been built into our planning since the beginning of the Expo journey, in recognition of the The visionary leadership of His Highness H.H. Mohammed bin Rashid Al Maktoum., Vice President and Prime Minister of the UAE and Ruler of Dubai, supporting and empowering SMEs – the lifeblood of world economies including the UAE, They are an important driver of economic growth and an important source of job creation.

“Integrating SMEs into a truly remarkable Expo will be an important part of the Expo’s legacy for the UAE and the wider region, stimulating employment, strengthening existing industries, increasing the competitiveness of SMEs and ultimately contributing to sustainable economic growth.”

From construction companies to event organisers, from retail outlets to food and beverage outlets, SMEs have played a key role in the success of Expo 2020 Dubai, providing AED 1.06 billion to SMEs in the UAE in 2021 alone.

Of this, Dubai SMEs were awarded AED 161.7 million ($44 million) in contracts, strengthening Dubai’s government procurement program, which requires UAE government entities and institutions with a 25% or more stake in the government to allocate their 10% 100% of the equity is sourced from Emirati companies belonging to Dubai SMEs – Dubai SMEs is part of the Ministry of Economic Development, providing support, information and outreach to the growing SME sector.

The Expo 2020 Dubai procurement process itself is based on three principles: simplicity, transparency and inclusiveness, making it as easy and competitive as possible for businesses of all sizes to do business with Expo 2020 Dubai. In 2018, Expo 2020 Dubai became the first World Expo and the second major event to receive the Chartered Institute of Purchasing and Supply’s Excellence in Procurement Award.

Expo 2020 Dubai defines an SME as any business that meets the headcount and turnover thresholds for the Dubai SME classification, depending on the relevant industry. – arab trade news agency

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