April 7, 2019 / 2:44 PM / 2 months ago

Abu Dhabi orders prompt payments to construction contractors and suppliers

DUBAI, April 7 (Reuters) - Abu Dhabi, the capital of the United Arab Emirates, has instructed government departments and state-owned companies to pay construction contractors and suppliers within 30 days of receipt of invoices, a document seen by Reuters showed.

Contractors in the UAE have been bruised over the past few years after a drop in oil prices slowed economic growth.

In a circular from the Executive Council dated March 26, Abu Dhabi also asked to amend contracts so to oblige contractors and suppliers to pay subcontractors within 30 days of receipt of government payments.

“The government is always keen on encouraging the private sector and paying its financial dues,” the document said.

Abu Dhabi’s executive council did not immediately respond to a request for comment.

Reporting by Hadeel Al Sayegh and Dahlia Nehme Editing by David Goodman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below