{"id":42985,"date":"2017-02-05T23:02:28","date_gmt":"2017-02-05T16:02:28","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=42985"},"modified":"2017-02-05T20:21:11","modified_gmt":"2017-02-05T13:21:11","slug":"late-payments-to-uae-firms-doubled-last-year-says-credit-insurer-coface","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/late-payments-to-uae-firms-doubled-last-year-says-credit-insurer-coface\/","title":{"rendered":"Late payments to UAE firms doubled last year, says credit insurer Coface"},"content":{"rendered":"


\nUAE companies waited twice as long as last year to receive payments, says the French credit insurer Coface. The company, which specialises in protecting clients from their customers defaulting, said 2016 was a tumultuous year for trade, which meant many companies had to wait twice as long for payment as a year earlier. It did not disclose how many companies it works with in the country.The construction sector was among the latest payers, with companies delaying payments by an average of 123 days longer that the contracted payment schedule. General trading was next on the list, delaying payments by an average of 47 days, and the food sector by an average of 34 days. About 800 companies were categorised as “runaways” in Dubai alone – leaving the country because they were unable to pay their debts. The figure from the French credit insurer comes as some banks also report rising loan defaults across the Emirates. “We have seen our business jump 63 per cent in the last two years as firms sought a way of mitigating risk,” said Massimo Falcioni, the chief executive of Middle East countries at Coface. He said the UAE’s impending insolvency law would help small and medium-sized enterprises (SMEs) in times of economic uncertainty. “I believe 2017 will be better than 2016 because many of the fragile firms are no longer in the UAE. Also firms have rationalised and streamlined their businesses lessening their labour costs by 35 to 45 per cent, reviewed credit policies and some now demanding advance payment.”The credit management firm believes the oil price will close the year at $60 per barrel and Abu Dhabi, because of its dependence on hydrocarbons, will continue to experience a slowdown in 2017. It expects growth to be being driven by the tourism and finance sectors, with the construction industry continuing to experience difficulties. It expects UAE GDP to grow by 2.5 per cent this year. ascott@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Late payments to UAE firms doubled last year, says credit insurer Coface<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

UAE companies waited twice as long as last year to receive payments, says the French...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42985","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bbj","jetpack-related-posts":[{"id":4696,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-holding-commercial-operations-group-profit-up-25-to-dh5-83-billion-in-2015\/","url_meta":{"origin":42985,"position":0},"title":"Dubai Holding Commercial Operations Group profit up 25% to Dh5.83 billion in 2015","date":"February 14, 2016","format":false,"excerpt":"\r \r The operating arm of Dubai Holding on Saturday reported a 25 per cent increase in net profit for 2015 to Dh5.83 billion, and set a target for profit to beat Dh10bn by 2020. Dubai Holding Commercial Operations Group (DHCOG) said 2015 revenue was also 15 per cent higher\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7948,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sharjah-introduces-online-payments-system-for-contractors\/","url_meta":{"origin":42985,"position":1},"title":"Sharjah introduces online payments system for contractors","date":"March 15, 2016","format":false,"excerpt":"\r \r Sharjah's government is introducing a new online payments service for contractors, which it has said will cut the time that companies wait for payment by half.Waleed Al Sayegh, the director general of the government's central finance department, has said that contractors working for Sharjah's Department of Housing can\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9880,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/middle-east-companies-not-setting-aside-enough-money-for-end-of-service-benefits-study-asserts\/","url_meta":{"origin":42985,"position":2},"title":"Middle East companies not setting aside enough money for end of service benefits, study asserts","date":"April 4, 2016","format":false,"excerpt":"\r \r A majority of Middle East employers fail to set aside end of service benefit payments but there is a growing demand to make it mandatory for companies to do so, according to new research from Zurich Global Life.The report, published on Monday, warns that the average end of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":129671,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/payments-firm-network-international-targets-emirati-fintech-talent-in-localisation-drive\/","url_meta":{"origin":42985,"position":3},"title":"Payments firm Network International targets Emirati fintech talent in localisation drive","date":"September 6, 2022","format":false,"excerpt":"\r The UAE in recent years has encouraged the private sector to hire Emirati talent \u2013 even introducing incentives to companies who will meet their Emiratisation goals\r \r Source : arabianbusiness.com\r Read more...Payments firm Network International targets Emirati fintech talent in localisation drive","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/09\/Network-International-1000x688-1.jpg?fit=1000%2C688&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4820,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-business-leader-seeks-king-salmans-help-on-government-payments-to-construction-firms\/","url_meta":{"origin":42985,"position":4},"title":"Saudi business leader seeks King Salman's help on government payments to construction firms","date":"February 16, 2016","format":false,"excerpt":"\r \r ReutersA leading Saudi Arabian businessman has asked the king to intervene to ensure that the government makes delayed payments to construction companies, in a sign of growing pressure on the economy due to low oil prices.Some construction firms have seen scheduled payments from the government delayed by over\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":88267,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/video-what-does-the-economic-future-look-like-for-the-gcc\/","url_meta":{"origin":42985,"position":5},"title":"Video: What does the economic future look like for the GCC","date":"May 15, 2018","format":false,"excerpt":"\r Seltem Iyigun is an economist for Coface, a world leader in credit insurance. In this edition of Inside AB she gives her assessment of the GCC economy, analysing where it right now and where it is heading in the coming months and years.\r \r Source : arabianbusiness.com\r Read more...Video:\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42985"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=42985"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42985\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=42985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=42985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=42985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}