The Mohammed Bin Rashid Establishment (MBRE) for Young Business Leaders announced a 58.6 per cent increase in the value of MBRE member’s contracts through the Government Procurement Program (GPP).

The value of the contracts reached Dh238 million ($64.8 million) in 2008, a Dh88 million increase over Dh150 million ($40.8 million) in 2007.

Since the launch of the GPP, almost Dh700 million worth of transactions have been made during 2008 between government departments and local companies supported by MBRE.

The value of contracts concluded between the members of MBRE and departments affiliated to Dubai government amounted to approximately Dh223 million, whereas the value of contracts signed with ministries and federal bodies was nearly Dh8 million, and Dh7 million with companies and institutions in other sectors.

'The allocation of 5 per cent of annual procurement contracts from governmental departments to registered members of MBRE will greatly benefit our nation’s entrepreneurs,' said Abdul Baset Al Janahi, chief of MBRE.-TradeArabia News Service