Sunday, July 25, 2021

Abu Dhabi Economy: Settlement of the financial claims of the private sector until the end of the first quarter 2021

Abu Dhabi – Mubasher: The Department of Economic Development – Abu Dhabi announced the settlement of all financial claims of the private sector arising from a number of governmental and semi-governmental entities until the end of the year, the first quarter of 2021.

This was done through the “Sharaka” platform, one of the initiatives of the Abu Dhabi Government’s Program for Development Accelerators, Ghad 21, which aims to strengthen the partnership between the public and private sectors in a way that contributes to creating a competitive business environment and sustainable economic development for the emirate, according to a statement of the platform today, Sunday.

Mohammed Ali Al-Shurafa, head of the department, stressed the keenness of the Abu Dhabi government to speed up the procedures for paying the financial dues to private companies, to government agencies in the emirate, which companies submitted requests for collection through the “Sharaka” platform.

This came in implementation of the Abu Dhabi Executive Council’s decision to speed up payment processes, which came as part of an economic stimulus package announced last year, whereby all payments due between March 2020 and March 2021 were paid within 15 days of receiving applications instead of 30 days.

He added that this will lead to an increase in the private sector’s contribution to the emirate’s GDP, raising the level of competitiveness and the position of Abu Dhabi as a distinguished destination for doing business and investment.

By supporting the settlement of undisputed payment requests, “Sharaka” contributes to the development and growth of the private sector by facilitating doing business in the emirate, thus stimulating the private sector and activating its role as a driver of the local economy system in the Emirate of Abu Dhabi.

Muhammad Ali Al-Shurafa said that the department is currently working through the Economic Cooperation Committee to study any challenges that may face the private sector to pave the way for obstacles that may encounter the investment movement, with the aim of developing direct solutions to them, in the context of the Abu Dhabi Program for Development Accelerators Tomorrow 21, which contributes to alleviating the burden imposed by the repercussions of the Covid-19 pandemic since the beginning of 2020.

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