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DUBAI, Aug. 29 (Xinhua) -- The United Arab Emirates (UAE) Ministry of Economy announced on Monday that 20 percent of direct and indirect spending on Dubai Expo 2020 will go to small and medium-sized enterprises (SMEs).
According to the announcement, Expo contracts worth more than five billion dirhams (about 1.4 billion U.S. dollars) will be awarded to local and international SMEs in the coming years, UAE state news agency WAM reported.
"SMEs are already playing a central role in the UAE's drive toward cultivating a thriving private sector and diversified economy, which makes SME empowerment a strategic priority for the government," said Sultan Al-Mansouri, minister of economy and chairman of the UAE SME council.
Meanwhile, Reem Al-Hashemi, Minister of State for International Cooperation and Director-General of Bureau Expo Dubai 2020, said about 40 percent of the total 6,196 Expo suppliers registered on the government's e-sourcing portal are SMEs.
The portal serves as the primary gateway to the vast majority of procurement operations for the Dubai Expo, which will run from April to October in 2020.
Of the 787 contracts awarded so far, 320 have been won by SMEs, said Al-Hashemi.
"This effort is also aligned with the UAE Vision 2021 to transition to a knowledge-based economy that fosters creativity and innovation," she said.
Oil, which generates 29 percent of the UAE's GDP, only contributes to less than three percent of Dubai's economy.
It is estimated that almost 94 percent of the companies in the UAE, or 400,000, are SMEs, which account for 60 percent of the country's GDP and are expected to account for 70 percent by 2021.
As the first city in the Arab world, Dubai won the bid to host Expo 2020 in November 2013.
