Dubai Chamber webinar highlights new collection mechanisms

Business Bureau, Gulf Today

Dubai Chamber of Commerce and Industry, in cooperation with Davidson & Co., recently organised a webinar which examined amendments made to existing UAE laws related to the decriminalisation of bounced cheques, new collection mechanisms, restrictions and cases, collateral and additional penalties and litigation alternatives for bounced cheque claims.

A total of 638 participants joined the webinar, including business owners, managers and legal professionals.

The session was led by Raymond Kisswany, Partner, Davidson & Co., who advised participants on alternatives between filing civil and criminal procedures, steps to file a bounced cheque case, fines that apply in such situations and liability for cheques issued by commercial entities.

He noted that under the new legal provision, banks will be obliged to make partial payment for a cheque to the beneficiary when a cheque is presented for payment at the bank as long as an account balance is available to even partly satisfy the beneficiary’s claim.

Recently, the UAE Cabinet approved amendments to the provisions of Commercial Transactions Law related to bounced cheques and issuance of cheques without sufficient funds, which is expected to come into force in 2022 as part of the UAE Government’s continuous efforts to develop the legislative environment and legal frameworks.

Jehad Kazim, Vice President of Legal Services at Dubai Chamber, said the amendments to existing laws related to bounced cheques are among the key measures that have been introduced by the government in recent years to improve ease of doing business in the UAE.

“Businesses of all sizes and sectors should be informed of changes to laws that impact them. In the case of bounced cheques, new processes will create more efficient and effective ways for companies to recover payments,” said Kazim, adding that the webinar provided an opportunity for participants to pose their questions and concerns directly to the expert who offered clarity and guidance on such legal matters.

Raymond Kisswany described the event as a very important webinar that generated a lot of interest among Dubai’s business community. He noted that attendees gained practical knowledge on how to deal with bounced cheques from both a drawer and beneficiary standpoint bearing in mind new legislation.

Dubai Chamber regularly organises training seminars and workshops to raise awareness about important matters and issues impacting the business community in Dubai. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.

Meanwhile, webinar showcases business opportunities in Ghana’s healthcare and manufacturing sectors.

Dubai Chamber of Commerce and Industry’s representative office in Ghana recently organised a webinar in cooperation with the Ghana Investment Promotion Centre (GIPC) and Dubai Investment (DI), which examined investment, business and partnership opportunities in the healthcare and manufacturing sectors of Ghana.

The virtual event, attended by 236 participants from the UAE and Africa, familiarised UAE companies with new investment opportunities in Ghana’s healthcare and manufacturing sectors, as well as existing synergies that could be developed with companies in Ghana’s healthcare sector in the post-Covid era.

Speakers and panelists participating in the webinar included Omar Khan, Director of International Offices, Dubai Chamber; Yofi Grant, CEO, Ghana Investment Promotion Centre (GIPC); and Sreekumar Brahmanandan Director of Operations Dubai Investments Industries (DI).

Addressing participants, Khan shared insights on the UAE-Ghana trade relations, which he says have expanded considerably following the opening of Dubai Chamber’s representative office in Accra six years ago. Since then, Dubai-Ghana non-oil trade has nearly doubled to reach $1.7 billion in 2019, while the Chamber has organised several trade missions to Dubai, which introduced Ghanaian business leaders with opportunities in the market.

He added that Dubai Chamber’s representative office in Accra is ready to support UAE companies that want to learn more about doing business in Ghana. He also encouraged Ghanaian companies to participate in Expo 2020 Dubai and the Global Business Forum Africa, which will be held in Dubai later this year, adding that these events provide ideal platforms to explore new growth opportunities and build cross-border partnerships.

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.