Dubai Chamber launches task force to tackle late payments issue

Business

Dubai Chamber launches task force to tackle late payments issue

Dubai Chamber of Commerce and Industry has declared the launch of a task force under its Sustainability Network, which will approach late payments to subcontractors and suppliers.

The Task Force on Prompt Payment Practices for Subcontractors and Suppliers, joined by affiliate companies representing a wide assortment of economic sectors, will explore the root causes of late payments, raise awareness about the matter and promote the adoption of best payments practices within the business community in Dubai.

Research administered by the task force will focus on analyzing the gravity of the circumstances and creating tools and processes in line with global best practices that companies can utilize to enhance efficiency and readiness 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 companies will commit to abiding by critical principles and undertaking the culture of late payment by setting a positive example.

The Charter will also promote signatories to develop prompt payment policies and measure its performance in paying its 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.

Launched in 2010, the Dubai Chamber Sustainability Network is a thriving CSR/Sustainability Business Group within the Dubai Chamber for businesses in UAE.

The Dubai Chamber Sustainability Network serves as a platform for member companies to identify and share CSR and sustainability challenges and develop practical solutions.

The network also provides the opportunity for 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 Centres objective is to engage the Dubai business community in assuming greater responsibility for the emirates social and environmental needs.

The CRB also promotes Dubai as the GCCs gateway for global commerce by offering its business partners an environment of transparency and law rule.