Dubai Plans to Expedite SME Payments to Revive Its Economy - Bloomberg:
Dubai plans to expedite government payments to small and medium-sized companies in an effort to revive economic growth in the Middle East’s trade and business hub.
The government will pay SMEs within 30 days instead of 90 days, according to the state-run WAM news agency. The measure is expected to result in 1.6 billion dirhams ($435 million) of additional liquidity to the companies, the news agency said without elaborating.
The plan also includes a reduction in insurance costs for SMEs that will not affect their eligibility for government tenders.
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