Dubai, UAE: The Dubai Chamber Sustainability Network Task Force on Prompt Payment Practices for Suppliers and Subcontractors recently organised a webinar advising businesses to adopt and implement better procurement practices and systems that facilitate prompt payments for suppliers and subcontractors.
The webinar, titled Key Enablers to Facilitate Prompt Payments to Suppliers and Subcontractors, provided an overview of the Dubai Chamber Prompt Payment Charter and explained how the charter is fostering a culture of prompt payments.
The virtual event featured presentations from Tarun Goyal, Head Commercial from Jindal Shadeed Iron & Steel, Oman; and Nashat Hatem, Head of Procurement & Administration, Dubai National Insurance & Reinsurance P.S.C in Dubai.
During the webinar, speakers shared guidelines for dealing with different categories of suppliers and subcontractors as treat these as partners, a key stakeholder in the supply chain of any business and support them in fulfilling different government or company documentation requirements especially for tax reasons to avoid any delay in payments in the end.
Dr. Kamel Mellahi, Senior Manager, Centre for Responsible Business noted that Dubai Chamber Prompt Payment Charter is raising awareness about the importance of adopting and implementing prompt payment systems within the business community.
With more than 77 member companies, the Dubai Chamber Sustainability Network is an essential platform for the business community to share knowledge, best practices and experiences on key matters related to corporate social responsibility, sustainability and responsible business practices, he added.
Launched in 2010, the Dubai Chamber Sustainability Network serves as a platform for member companies 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.
Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.