Job search
Job Search
Latest news
More news: (showing 1 - 20 of 13726)           
UK only International

Rio 2016 cuts budget by 30 per cent, awards contracts to small businesses

By Tom Walker    06 Oct 2015
As part of Rio 2016's efforts to make the Games inclusive to all, the mascots – Vicinius and Tom – were named following a public vote

The organising committee of the Rio 2016 Olympic Games is to make deep spending cuts in order to avoid going over its allocated US$3.6bn (£2.4bn) budget for the event.

Speaking to the media on 5 October, communications director Mario Andrada said the “days of lavish spending were over” and that the committee was looking to make cutbacks of up to 30 per cent. Rio 2016’s budget is privately financed but the Brazilian government is liable to meet the cost of any overspend.

"People get upset about luxury and excess, we have to tighten our belts," Andrada said.

As part of the savings – and to help small businesses in Brazil benefit from next year’s Games – Rio 2016 has set a new goal of allocating 10 per cent of the contracts in the Games’ supply chain to small companies and local micro-enterprises.

Rio 2016 estimates that it will need to source more than 30 million items for the Games, at a cost of approximately R$3bn.

Among those contracts already signed with local, low-income enterprises is a deal to provide handcrafted cushions for the athletes’ village.

With R$3bn (US$769m) of Rio 2016’s overall R$7bn budget set to be spent on goods and services, the pledge equates to approximately R$300m (US$77m) worth of business.

“Organising the Olympic and Paralympic Games is a very complex venture and our main objective, since the start, has been to leave a legacy for Brazil,” said Rio 2016 CEO Sidney Levy.

“The goal of helping to enable small companies is very much in line with this. We already have R$150m worth of signed contracts, but we want to double this by next year.”

Sign up for FREE ezines

Company profile

Company profile: Elevate
The UK's largest annual trade event dedicated to physical activity, health, and performance
View full profile >
More company profiles

Featured Supplier

Sprung Gym-Flooring: leading fitness flooring provider paves the way for top performance
Introducing Sprung Gym-Flooring, where innovation meets excellence in the world of flooring and sports solutions.
View full details >
More featured suppliers

Property & Tenders

Location: Loughton, IG10
Company: Knight Frank
Location: Grantham, Leicestershire
Company: Belvoir Castle
Location: Verwood, Dorset
Company: AVISON YOUNG
Location: Hall Place House, Bexley, DA5 1PQ
Company: London Borough of Bexley
Location: 15 Concessions across the nation's forests
Company: Forestry England
More properties & tenders

Diary dates

11-14 Apr 2024
Exhibition Centre , Cologne, Germany
22-24 Apr 2024
Galgorm Resort, York
10-12 May 2024
China Import & Export Fair Complex, Guangzhou, China
23-24 May 2024
Large Hall of the Chamber of Commerce (Erbprinzenpalais), Wiesbaden, Germany
More diary dates