International receivables service launch in Dubai

International debt collection services will be offered to the Chamber's members and non-members while the Chamber will support the debt collection services in its entirety.

HE Eng Hamad Buamim, Director General, Dubai Chamber, and David Venediger, Managing Director, Coface Emirates Services, signed the agreement at the Chamber premises last week as the two agreed to work jointly to provide this important service of recovering international B2B debts.

Said Buamim, "This strategic partnership with Coface Emirates Services is yet another example of the dynamic approach that the Chamber has with regards to value-added services for the business community as it will provide with an online access to monitor their debt collection process, first action within 24 working hours from receipt of debt, no recovery no fee, and pre-legal diagnosis at the end of the amicable procedure. Also, this new agreement will greatly help our Credit Rating Unit which operates under affiliation of the French Organization - Coface, and has developed a database that provides authentic and up-to-date information about 50 million companies from all over the world, which enhances the business of importers, bankers and all those involved in financial services."

"The present credit crisis is starting to have an impact and the payment behaviour of companies has clearly deteriorated since the beginning of 2008," said David Venediger, MD of Coface Emirates Services.

"With the launch of this new service, Dubai Chamber members will get the service on discounted rates and will benefit from Coface's 60-years experience of handling account receivable worldwide. Companies now have the resources to recover bad debts more efficiently by having at their disposal experienced multi-lingual teams, who are familiar with local business culture and market conditions in the countries where the debts are located. We feel privileged to be able to offer this service in affiliation with Dubai Chamber."

Dubai Chamber is a pioneer in the field of credit business through its Credit Rating Unit which was established in cooperation with Coface to enhance transparency and credibility of the companies that the Chamber's members are dealing with.

It also helps investors effectively promote their companies upon getting into new investments inside and outside the UAE, ensure credibility among clients as well as minimizing the loss based on distrusted companies' credits.