SMEs to get large chunk of Expo 2020 spend

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SMEs to get large chunk of Expo 2020 spend

SMEs to get large chunk of Expo 2020 spend

(Dubai) – The Expo 2020 Dubai Bureau said 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 sized enterprises (SMEs).
According to a statement from the Expo 2020 Dubai Bureau, SMEs play an important role in contributing towards the effective and innovative delivery of the expo, as well as the UAE’s wider diversification efforts.
“SMEs are already playing a central role in the UAE’s drive towards cultivating a thriving private sector and diversified economy, which makes SME empowerment a strategic priority for the government. This effort is also aligned with the UAE Vision 2021 to transition to a knowledge-based economy that fosters creativity and innovation,” stated Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the UAE SME Council.
SMEs represent nearly 94 per cent of the total number of companies operating in the UAE, with 400,000 SMEs contributing 60 per cent to the nation’s GDP [gross domestic product]. This figure is expected to increase to 70 per cent by 2021, as per the statement.