Dubai Chamber Launches Task Force To Analyze And Tackle The Issue Of Late Payments In The UAE
Launched under the banner of Dubai Chamber's Sustainability Network, the Task Force on Prompt Payment Practices for Subcontractors and Suppliers is set to explore the causes behind late payments.
A task force comprised of companies like Suez Middle East Recycling, Gerab Group, Scott Bader Middle East Limited, Hepworth, Dgrade LLC, Tristar Group, Pure Energy, Infofort, and Dubai Technologies has been established by the Dubai Chamber of Commerce and Industry to address the issue of late payments to subcontractors and suppliers in Dubai and the UAE.
Launched under the banner of Dubai Chamber’s Sustainability Network, the Task Force on Prompt Payment Practices for Subcontractors and Suppliers is set to explore the causes behind late payments, while also raising awareness about it and encouraging the adoption of best payments practices within the Emirate’s business ecosystem.
According to a statement, besides conducting research to analyze the issue and create tools and processes that can be adopted by organizations to increase the efficiency and promptness of payments here, the task force’s member companies will also publish guidelines to help suppliers and sub-contractors avoid and manage late payments.
The task force also aims to 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, and also encourage them to develop policies for prompt payment and measure their own performance in paying their contractors.
Launched in 2010, the Dubai Chamber Sustainability Network is a CSR/Sustainability Business Group within the Dubai Chamber for businesses in UAE. It serves as a platform for member companies to identify and share expertise on CSR and sustainability challenges, and develop practical solutions.
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.