SAWT BEIRUT INTERNATIONAL

| 19 September 2021, Sunday |

Dubai issues a resolution to regulate financial regulations

A resolution to regulate the collection and management of public revenue in the UAE, has been issued today by Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai.

The resolution specifies procedures for government payments and expenditures. It also streamlines payment procedures for suppliers and contractors, the Dubai Media Office said in a statement on Monday.

All payments to the suppliers need to be made within a maximum of 90 working days from the date of the final handover or as per the timeframe specified in the contract.

The resolution will be valid from the date of its publication in the Official Gazette and any legislation that contradicts, or challenges, the articles of the new resolution will be annulled.

The UAE has taken various measures to accelerate payments to suppliers and small businesses they work with. Last year, both the Dubai and Abu Dhabi governments pledged to cut average payment times to small and medium-sized enterprises to just 30 days.

The Dubai government’s latest resolution also outlines responsibilities of the finance department’s director general in executing the budget.

It specifies the systems, applications and smart financial solutions to be used in the government’s financial planning. All departments are obligated to use systems approved by the department of finance.

Government departments can also adopt their own financial and accounting systems, “on the condition that they comply with the laws and regulations” issued by the emirate’s finance department, and are “compatible” with its systems.

Such systems have to be pre-approved by the department of finance and Smart Dubai, according to the statement.