Expo 2020 – why is it the right time for SMEs to set up business in UAE
With less than 6 months to go until Expo 2020 Dubai, there’s no better time for small- and medium-sized enterprises (SMEs) to enter and grow in the Middle East and beyond. Even though it is happening a year after its originally scheduled date, huge investments have been put into this event as it is the biggest one that Dubai will host yet. It is going to begin in October 2021 and go on till April 2022—a six-month-long, global exposure to Dubai. Entrepreneurs, investors, and venture capitalists from across the region and the world are encouraged to participate and be part of one of the most anticipated events in the region.
The UAE will be showcasing everything it has up its sleeves. It aims to exceed its past successes and position itself as a global powerhouse of innovation and investments. Not only as the country of choice to start a business but to be the best option to do so. It is the perfect time for your business to promote its unique offerings.
As we countdown to Expo 2020, we have put together the top 5 factors that will impact SMEs considering the mega-event and how they will reshape and alter the way business is done.
Sustainability will become an intrinsic part of every SME
With plans to deliver the world’s most sustainable Expo ever, all eyes are on Expo 2020 and its property agenda. This combined with the present worldwide debate around sustainability, there will be an amplified focus on sustainable business practices – particularly on an international stage.
Expo 2020 is a long-term investment in the future of the UAE. Reports predict that Expo 2020 can contribute around AED 122.6 billion to the UAE’s economy and support around 905,200 regular job-years between 2013-2031. This indicates that the after-effects of Expo 2020 will be felt in areas like infrastructure and employment. “Words like ‘transformative’ and ‘economic catalyst’ are used to describe the potential impact of Expo 2020. In 2010, 73 million guests and 246 collaborating governments, international organizations, and non-governmental organizations (NGO) attended the Shanghai Expo.
The comprehensive scale of the Expo platform and its ability to form a permanent inheritance becomes clear. whereas close to US$7 billion has reportedly been earmarked for development and infrastructure. The fact that UAE is strategically located at approximately a 4-hour flight from 1/3rd of the world’s population and can be a bridge between developed and developing nations provides this Expo further potential for wider impact leading up to the event and afterward for years to come.
Dedicated SMEs contracts
One of the major initiatives in 2019 came in the form of the milestone announcement that 20% of the Expo’s total direct and indirect spend will be assigned to SMEs. This is valued to be around US$1.36 billion in contract value.
Partnerships and alliances will be critical
Supporting and partnering with SMEs will be more significant in 2021 than ever before. There is always room to be more creative in the way you develop new business: form strategic alliances, generate collaborations, prioritize referrals among your growing networks, and back other business owners. It would be critical for SMEs to discover new networking groups to join, experiment with new ways to make new connections, and spend time forming stronger relationships with their current contacts.
SMEs will need to become more tech-savvy
With some of the latest technologies from around the world being showcased at Expo 2020, it would be vital for SMEs to adopt new technologies to carry on sustaining their competitive edge. Business owners can’t afford to not pay attention to how technology is affecting businesses and industries. One of the most collective reasons that great businesses fail is because they are not able to acclimatize fast enough to the rapid advancement of the technology surrounding them.
One way to capitalize is by registering your business at the Expo 2020 Online Marketplace (OMP). This is a platform developed by Expo 2020 to advertise a business’ offerings and explore growth opportunities. Reports say that there are around 40K suppliers from 151 countries registered under OMP.
Expo 2020 is an excellent push towards business growth. Whether you are a dreaming entrepreneur or have already started, Expo 2020 will be a great push towards business growth. With the right amount of intensive planning and realistic goal-setting, you will be able to succeed. It is recommended you seek professional help from business setup dubai like SPC Free Zone. We can help you set up your free zone business quickly and easily. Call 80077239 to talk to one of our Business Setup advisors today!