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Dubai Chamber announces task force to manage late payments issue

Dubai Chamber announces task force to manage late payments issue

The task force will explore the causes of late payments, raise awareness and encourage the adoption of best payments practices

The Dubai Chamber of Commerce and Industry has launched a task force which will take on the issue of late payments to subcontractors and suppliers, official news agency WAM reported.

The Task Force on Prompt Payment Practices for Subcontractors and Suppliers is joined by member companies from across multiple economic sectors, and will explore the causes of late payments, raise awareness and encourage the adoption of best payments practices within the business community in Dubai.

Research conducted by the task force, launched under its Sustainability Network, will focus on creating tools and processes in line with global best practices that can be adopted by companies to increase efficiency and promptness in payments.

The 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 principles and tackling the culture of late payment by setting a positive example.

The charter will also encourage signatories to devise policies for prompt payment and measure their performance in paying their contractors.

The 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.

Launched in 2010, the Dubai Chamber Sustainability Network is a CSR/sustainability business group within the chamber for businesses in the UAE.

It serves as a platform for members to identify and share expertise on CSR and sustainability challenges and develop practical solutions. The network also provides the opportunity to its members to engage with key stakeholders including government bodies.

The Centre for Responsible Business (CRB) was established by the Dubai Chamber of Commerce and Industry in 2004 to support and promote corporate social responsibility (CSR) and sustainability. The centre’s objective is to engage the Dubai business community in assuming greater responsibility for the emirate’s social and environmental needs.

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