Dubai – Mubasher: Expo 2020 Dubai announced that 20% of its total direct and indirect spend, representing more than $1.36 billion in contracts, will be allocated to Small and Medium Enterprises (SMEs), both local and international.
Expo 2020 Dubai is the first World Expo to be held in the Middle East, Africa and South Asia (MEASA) region.
In emerging markets in particular, SMEs play a significant role, contributing up to 45% of employment and 33% of GDP, according to a press release.
“In the GCC, SMEs are a vehicle for economic modernisation and diversification, as every regional government has launched programmes to support SMEs,” the story said.
In the UAE, SMEs represent about 94% of the total number of operational companies, with 400,000 SMEs contributing 60% to the nation’s GDP, which is expected to increase to 70% by 2021.
UAE adopted the strategy of SMEs empowerment as a priority, with the aim to transition to a knowledge-based economy.
“Expo 2020 Dubai’s SME empowerment strategy will form part of the mega-event’s legacy for the UAE and wider region. For example, the organisation’s e-Sourcing Portal has 6,200 registered suppliers from around the world – more than 2,400 of which are SMEs - and of the nearly 800 contracts awarded so far, 320 have been won by SMEs,” according to the release.
