UAE – Mubasher: Expo 2020 Dubai has signed direct and indirect contracts worth a combined AED 2.4 billion ($653.4 million) with small- and medium-sized enterprises (SMEs) investing AED2.4 billion to date, Emirates News Agency (WAM) reported.

The first World Expo to be held in the MENA region aims to sign further contracts as it progresses to the next phase of delivery, the state-run news agency added.

Jaber Nasser, associate director - Procurement, Expo 2020 Dubai, said: “Almost 35,000 businesses from more than 151 countries are registered on the Expo’s Online Marketplace (OMP) and we want to encourage even more, especially SMEs, to register to collaborate with Expo 2020, its extensive network of partners and each other.”

This came on the sidelines of the World SME Day by the United Nations on 27 June.

The exhibition has supported many initiatives including clear payments in a 30-day duration instead of the industry standard of 90 days, the guarantee of a 50% payment upfront when procuring goods, or 25% when contracting services, and accepting bank cheques instead of deposits.

Emirates NBD, the official banking partner of Expo 2020, had recently launched a new account for SMEs registered on the OMP, which offers them preferential loan rates, working capital support, and low minimum balance requirements.

Expo 2020 will be hosted in Dubai from 20 October 2020 through 10 April 2021. The World Expo is a universal exposition organised every five years.

The six-month event is expected to attract around 25 to 30 million visitors from approximately 200 countries.

The exhibition will be a global platform for innovation and creativity and will boost many sectors in the UAE, including tourism and hospitality.