Dubai-Mubasher: A total of 20% of the Expo’s total direct and indirect spend, amounting to more than AED 5 billion in contracts, will be allocated to small and medium enterprises (SMEs), both local and international, according to Expo 2020 Dubai.
SMEs account for around 94% of the total number of companies operating in the UAE, with 400,000 SMEs contributing 60% to the nation’s GDP and expected to rise to 70% by 2021.
“Expo 2020 Dubai acts as an enabler for SMEs and is constantly looking for opportunities to maximise their integration into the wider UAE economy,” according to Reem Al Hashimy, UAE minister of international cooperation and director general Bureau Expo Dubai 2020.
“This is evident in the strong activity on our e-Sourcing 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,” Al Hashimy added.
“The procurement process has also been modified to allow SMEs to bid more competitively, including a proposal validity of 60 days, no tender bonds required, no advanced payment guarantee required, 50% advance payment for goods/materials, 25% advance payment for services, and a commitment to 30 days’ payment from receipt of an approved invoice,” according to the statement.
