Expo 2020 expects to gross Dh90 billion for SMEs

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The chief economist, Dubai Economic Department said small and medium-sized industries in Dubai place on the edge of a Dh90 billionDubai Expo expects to gross Dh90 billion for SMEs additional benefit from Expo 2020.

Dubai is aiming a 5% development rate for the next 5 years with macro steadiness. Dubai expects a 10% growth in visitor numbers every year till 2020 which will meet the 20 million visitor target even if there was no Expo. As foreseen, Dh90 billion opportunities for Dubai’s SMEs with the quantity of construction, infrastructure and sales that will be created.

The Dubai Government is working to ensure that SMEs avail themselves of this option. SMEs should be included into the market with a public procurement website that publicizes where expenditures is occurring. Before 2020, the government is spending US$8 billion on infrastructure which is an opportunity. Dubai SME is producing a 2020 document as we speak that will outline all the potential.

For all the encouraging outlook about Expo 2020, availability of subsidy for the SME society remains a dispute.

According to the World Bank senior adviser, UAE does not have the accurate transparency and accessibility of information, the likes of credit departments and etc, you control the perils throughout the information.

The Mena region shares the same challenges practically. It is seen as a risk here lending money to SMEs but you have to have a good financial infrastructure to start with.

In 2015, the next Expo will be held in Milan which is in the last stages of preparing for an estimated 8 million visitors. There have been multiple benefits to the Italian small business community with over 600 SMEs working directly on the site and thousands looking to benefit off-site in retail and hospitality.

Mohamed Dekkak