Abu Dhabi to designate 15% of the acquisition budget to SMEs

By Backend Office, Desk Reporter
    Abu Dhabi | Image used for Representation purpose only

    The government of Abu Dhabi plans to allocate 15 percent of its government acquisition spending and contracts to SMEs from 2020 onwards to help boost businesses struggling to cope with the difficulties caused by COVID-19.

     

    The Abu Dhabi Executive Council (ADEC) had launched a new set of 16 initiatives under the “Ghadan 21” banner, including a series of stimulus packages to boost SMEs in March with also included water and electricity subsidies for Emiratis and the exemption of vehicles from road tolls through the end of 2020.

    At a governmental 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 a $ 35 billion package that included aid to the baking system, facilities for loans and injecting funds into the bourses.

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