10 percent of all Bahrain public contracts to go to SMEs

10x Industry

Priya Wadhwa
10x Industry
Published:

10 percent of all Bahrain public contracts to go to SMEs

Stepping up efforts to support SMEs and startups.

Small and medium sized businesses add to a huge chunk of a country's GDP, so naturally governments would support them to grow.

In an new initiative, Bahrain's Cabinet has announced that 10 percent of all its public contracts will be awarded to SMEs, according to a new report.

Previously, a 10 percent quota existed for service facility auctions. The new mandate expands this to all public tenders, which means that more SMEs from multiple spheres will gain access to government deals.

In comparison, UAE has awarded over half of all Expo 2020 Dubai contracts to SMEs, with a goal to give 20 percent of its budget to the sector that makes up most the country's revenues.

Moreover, UAE has taken a number of steps to support SMEs, such as speed up their payments and launch new districts catering to their needs.

Also Read : How startups help the UAE’s economic growth