Dubai Chamber launches task force to tackle late payment woes

iStock [illustration]

Dubai Chamber of Commerce and Industry has announced the launch of a task force to address the issue of late payments.

The Task Force on Prompt Payment Practices for Subcontractors and Suppliers will explore the root causes of late payments, raise awareness about the matter and encourage the adoption of best payments practices within the business community in Dubai.

Research conducted by the task force will focus on analysing the gravity of the situation and create tools and processes in line with global best practices that can be adopted by companies to increase efficiency and promptness in payments.

Member companies will publish guidelines to help suppliers and sub-contractors avoid and manage late payments and encourage businesses to sign the Dubai Chamber Prompt Payment Charter under which businesses will commit to abiding by key principles and tackling the culture of late payment by setting a positive example. The Charter will also encourage signatories to develop policies for prompt payment and measure their own performance in paying their contractors.

Member companies on the task force are:  Suez Middle East Recycling, Gerab Group, Scott Bader Middle East Limited, Hepworth, Dgrade LLC, Tristar Group, Pure Energy, Infofort and Dubai Technologies

More from Business

Coming Up on Dubai Eye

  • Lunch with Lloyd

    11:00am - 2:00pm

    No one knows entertainment better than veteran Dubai broadcaster Mark Lloyd.

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.

  • FARMER'S KITCHEN

    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!