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Tue 24 Jul 2018 09:46 AM

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Abu Dhabi launches platform to help private sector payments

Department of Economic Development - Abu Dhabi's Sharakah's platform is 'a direct and confidential channel' from companies to the government, according to officials

Abu Dhabi launches platform to help private sector payments
The ‘Sharakah’ platform, was launched by the Department of Economic Development – Abu Dhabi (ADDED) as part of a $13.6 billion stimulus package announced earlier this year by Sheikh Mohamed, Crown Prince of Abu Dhabi, to accelerate the speed of Abu Dhabi’s economic growth and diversification.

A new online platform will allow private sector companies to claim compensation for services rendered to government entities and dispute fines, it was announced on Tuesday.

The ‘Sharakah’ platform, was launched by the Department of Economic Development – Abu Dhabi (ADDED) as part of a $13.6 billion stimulus package announced earlier this year by Sheikh Mohamed, Crown Prince of Abu Dhabi, to accelerate the speed of Abu Dhabi’s economic growth and diversification.

“Sharakah in essence is a direct and confidential channel for these companies to the senior leadership in the government, an access that was not available before,” explained Saif Al Hajeri, chairman of ADDED.

“The feedback received will also be beneficial to review and revamp payment processes in the future so that private companies providing services to government bodies have a constant cash flow,” he added.

According to ADDED, the initiative aims to support the private sector by protecting its rights, reinforcing its relationship with the government and elevating its contribution to the economy.

Additionally, Sharakah can be used by the private sector and individuals seeking a social or education benefit (such as health insurance) who have filed a claim and not yet been reimbursed.

As part of the programme, ADDED has created a special committee to review outstanding payments due to the private sector and oversee procedures related to the settlement of these payments.

As an initial step, ADDED will collect data related to outstanding payments, verify the data and prioritise dues for pay-out based on criteria such as age and risk.

The information will remain confidential and allow the special committee to review reasons for non-payment and revamp the payment process across various government entities to help speed up the payment process in the future.

To apply to speed up the settlement of their payments, companies and individuals are being advised to use the programme’s online platform (daf.ded.adudhabi.ae) or visit the Abu Dhabi Business Centre in ADDED’s head office, where a dedicated team is located.

According to Al Hajeri, ADDED is currently working on seven initiatives “which aim to make Abu Dhabi the destination of choice for businesses of all sectors and sizes.”

“In this endeavor, we are committed to work hand in hand with the private sector to build greater trust and understanding, as this will lay the foundation for long-term future partnerships,” he said.

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