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· New programme will enable faster payments to suppliers and better pricing on procurement
· Dubai Economy first government entity to offer sharia-compliant supplier financing programme
Dubai - Dubai Economy in partnership with Dar Al Tawreeq, a subsidiary of Tawreeq Holdings, has launched a sharia-compliant smart programme to offer receivables finance to suppliers dealing with government entities in Dubai. Dubai Economy is the first government entity to offer such a sharia-compliant receivable financing option to suppliers.
The programme aims to support private sector companies that deal with government agencies by expediting the processes of supply and payment while also enabling government agencies to benefit from competitive prices for services and procurement. Faster payment will support businesses in growing sustainably and maintaining cash flows.
Businesses working with government entities in Dubai can use the smart software developed by Dar Al Tawreeq to ensure liquidity by obtaining financing on their invoices. The programme, directly linked to the GRP (Government Resource Planning) system used by the Government of Dubai, also provides easy access to on-demand working capital for businesses at no additional financial or administrative burden on the parties involved.
The programme was launched by Khalid Al Kassim, Assistant Director General for Executive Affairs in Dubai Economy; and Haitham Al Refaie, Tawreeq Holdings Group Chief Executive Officer.
"Innovative solutions that enhance ease of business and ensure sustainability are critical to retaining Dubai’s attractiveness as a business and investment destination," said Al Kassim. ” Our partnership with Dar Al Tawreeq is an important step towards promoting business and entrepreneurship in Dubai."
Al Kassim added that the programme emphasises the principle of public-private partnership adopted by Dubai in its sustainable development vision and its evolution into an Islamic Economy Capital.
Haitham Al Refaie said, “We are pleased to be working with Dubai Economy to expand the benefits of sustainable financial solutions to businesses across the UAE; our focus is on fostering a cohesive and collaborative business ecosystem through promoting sharia-compliant and efficient financial solutions, utilising technology and financial expertise for swift access to working capital liquidity”.
The programme allows suppliers to obtain on-demand working capital on a non-recourse basis, and also to benefit from swift registration and transactions through the Smart Platform linked to the Dubai Financial Management System.
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About Dubai Economy:
Dubai Economy is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. Dubai Economy supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth. Dubai Economy and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.
About Dar Al Tawreeq
Dar Al Tawreeq, a Dubai based company, offers Sharia-compliant factoring and forfaiting services to SMEs and large corporates in the MENA region. Dar Al Tawreeq (DAT) provides cash management and liquidity solutions through the purchase of receivables from SMEs in credit-enhanced structures while deploying advanced technology available to connect buyers and suppliers in an automated cloud based platform. On the other hand, DAT’s securitisation structures are provided to corporate clients, offering a risk-adjusted working capital solution and effective treasury management. For more information on Dar Al Tawreeq, please visit
About Tawreeq Holdings
Tawreeq Holdings Limited, with subsidiaries in the UAE and Luxembourg, specializes in comprehensive Supply Chain Finance (SCF) solutions for Small and Medium-size Enterprises (SMEs) and their corporate clients across the MENA region. These solutions are made available through Tawreeq’s world first comprehensive Sharia-compliant SCF technology platform to support SMEs and corporates, while offering short-term alternative Sharia-compliant investment products to partnering financial institutions.
Tawreeq Holdings group includes: Dar Al Tawreeq Forfaiting and Factoring Services LLC, iSCF Capital Limited, Tawreeq Investments, Tawreeq SCF Investments, Tawreeq Global Sukuk PCC Limited and HMR Consulting. For more information on Tawreeq Holdings, please visit www.tawreeqholdings.com
© Press Release 2017
