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Wed 29 Apr 2020 04:06 PM

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Abu Dhabi to allocate 15% of procurement budget to SMEs

The move is expected to boost small businesses in the aftermath of the Covid-19 pandemic

Abu Dhabi to allocate 15% of procurement budget to SMEs

The government of Abu Dhabi plans to allocate 15 percent of its government procurement spending and contracts to SMEs from 2020 onwards to help boost businesses in the wake of Covid-19, it announced on Tuesday.

In March, the Abu Dhabi Executive Council (ADEC) launched a new set of 16 initiatives under the “Ghadan 21” banner, including a series of stimulus packages to boost SMEs.

Also included in the plan were water and electricity subsidies for Emiratis and the exemption of vehicles from road tolls through the end of 2020.

At a federal level, in April the Central Bank of the UAE doubled a $70 billion stimulus package to support the country’s economy amid the pandemic.

In March, the UAE announced $35 billion package that included aid to the baking system, facilities for loans and injecting funds into the bourses.

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