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University of the People

Written Assignment Unit 1

BUS 1103-01 Microeconomics

January 26th, 2023

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Introduction

In this paper, I will analyze and discuss an article related to Dubai Expo 2020 in the

United Arab Emirates. Despite what its name suggests, Dubai Expo 2020 took place from

October 1st, 2021 until March 31st, 2022. The reason is the postponement because of the

worldwide COVID-19 pandemic in 2020, which of course included the United Arab

Emirates. The article I will focus on is called “Expo 2020 Dubai boosts economy by

awarding AED 6.8 billion of contracts to SMEs” and the article can be found via the

following link : https://www.expo2020dubai.com/en/news/expo2020-dubai-boosts-economy.

The article focuses on how small and medium-sized enterprises benefited from the massive

event.

Summary

The article highlights a commitment made by the organization of the Expo 2020.

“Expo 2020 Dubai awarded AED 6.8 billion of contracts to small and medium-sized

enterprises (SMEs), providing a significant contribution to a vital sector of Dubai’s vibrant

economy and exceeding a commitment made in 2016 to award at least 20 per cent of all

direct and indirect spend to SMEs.” Eventually, the number turned out to be a quarter of all

earnings, which is even more than expected so it’s safe to say that the Expo 2020 was a great

success.

The biggest purpose of the Expo is (as the name suggests) to get more exposure of the

country and with it comes more exposure to businesses. This includes big, small and medium

sized businesses. As Mukhtar Safi, Chief Financial Officer and Deputy CEO of the Expo

2020 said : ““The integration of SMEs into the delivery of what has been a truly exceptional

World Expo will be an important part of Expo’s legacy for the UAE and wider region,

stimulating employment, strengthening existing industries, enhancing SME competitiveness

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and ultimately contributing to sustainable economic growth.” The effects of this can already

be noticed around the country.

Individual Household Economics

My household economics have actually changed based on the situation in the article

and in relation to the Expo 2020, namely because my wife works at one of the companies that

was responsible for a part of the food supply. The company has grown tremendously in a

short amount of time because of the popularity of its food at the event. Because of the hard

work my wife has performed during that time, she has also been promoted to a managerial

role, which directly affects my household economics.

What Can Be Changed?

Since this article is very positive from a microeconomic point of view, I would say the

only thing that can be changed is if the percentage of profit that went to SME’s could be

increased. However, I think overall this article is meant as a victory to microeconomics in the

UAE and no change is necessary.

Why This Article?

I found this article particularly interesting because it actually had a direct effect on my

household and because the Expo 2020 was a massive event and having visited several times

myself, I have a lot of good memories related to it. I also chose this article because of its

positive message towards microeconomics within the country.

In conclusion, the past few years have been a time in our lives (especially for

companies) where there are many dangers and potential to fail. Postponing the Expo 2020

turned out to be a great idea as it could have been an economic disaster if the timing wasn’t

right. SME’s in the country will continue to thrive and both the small and medium sized

businesses and the country of the UAE will benefit from this for years to come.
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Word Count : 610

References

Expo2020Dubai.com (25th April 2022). Expo 2020 Dubai boosts economy by awarding AED

6.8 billion of contracts to SMEs. https://www.expo2020dubai.com/en/news/expo2020-dubai-

boosts-economy