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Chamber strikes debt deal.

Provided by 7DAYS.ae

Dubai Chamber of Commerce and Industry has signed a memorandum of understanding with credit management firm Coface Emirates Services (CEMS), whereby CEMS will offer international debt collection services to the Chamber's members and non-members.

Chamber director general Hamad Buamim said the partnership would provide companies with "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". "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, managing director of CEMS, which is a subsidiary of France-based Coface.

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Publication:7 Days (Dubai, United Arab Emirates)
Date:Jul 1, 2008
Words:135
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