Expo 2020 has awarded US$2.94bn in construction contracts in 2017, in addition to US$111.9mn in non-construction contracts, according to officials.
According to the Dubai Media Office, Expo 2020 Dubai will reach its target of US$3bn construction contracts after the awarding of urban planning and event overlay packages, due to be finalised early next year.
In 2018, Expo 2020 Dubai will focus on operational expenditure as "it moves into the next stage of its delivery".
Other sectors that will offer procurement opportunities next year to companies of all sizes include design, logistics, health and safety, construction and construction materials.
The total number and value of these contracts will be announced in the coming months.
The announcement came during the Expo Procurement Conference in Dubai, which was attended by more than 300 companies, including a large proportion of small and medium sized enterprises.
To date, over half of all contracts awarded by Expo 2020 have gone to SMEs.
Manal Al Bayat, Senior Vice President of Business Development and Integration at Expo 2020 Dubai, said, "This has been a significant year on the journey to Expo 2020 Dubai, and we are excited to continue our smooth progress into 2018, which will see us offer further opportunities to companies in the UAE and the wider region.
"Expo 2020 is committed to building a long-lasting and sustainable economic legacy not just for the UAE, but for the region, which is why events like the Procurement Conference are important to raise awareness of the opportunities for participation in Expo and to spread them as far as possible."
The hosting of the World Expo in Dubai in 2020 has provided a strong stimulus for construction activities in Dubai, with nearly 200 active transport projects currently in the pipeline throughout the UAE to the tune of US$34bn, Josine Heijmans, Portfolio Event Director of The Big 5 said.
“The Expo 2020 Dubai Procurement team have a unique opportunity to create a benchmark and template for the procurement of large scale events going forward.
“I am impressed with the meticulous preparation and levels of innovative thinking applied to Expo 2020 so far, and the early engagement with suppliers is to be applauded,” said Sam Achampong, Regional Head of the Chartered Institute of Procurement and Supply (CIPS).
Expo 2020 Dubai will run for six months from October 20, 2020 to April 10, 2021 and is expected to attract 25mn visits, with 70% anticipated to come from outside the UAE.
Dubai will host the World Expo 2020 at a 4.38 sq km site currently under construction in Dubai South, an economic free zone near to Al Maktoum International Airport and Jebel Ali Port.
Pavilions that are under-construction for select participant nations were last month announced to have reached above-ground level, marking a key milestone in development works on the site.