#UAE Debt Collection Market Issues | Explore Tumblr posts and blogs

kenresearch1 · 2 years ago

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UAE Debt Collection Market is Expected to Reach More Than AED 5Bn by 2027 Owing to Rise in digital collection techniques and Improvement in UAE legal system related to debt collection, bankruptcy and insolvency: Ken Research

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UAE Debt Collection Market Ecosystem

Tahseel, First Solution Management Service are the market leaders in UAE Debt Collection Market; the market is highly fragmented consisting of many players. The UAE Debt Collection Market is composed of many players which are operating across the borders and not just within the UAE.

Key Market Findings:

Digital collections are being extensively used which leverages analytics to make the process more

Collection agents are being trained to equip them with latest technology and to adept them to various consumer situations for providing more feasible solutions.

The industry is slowly becoming more customer-centric in its approach.

Interested to Know More about this Report, Request for a sample report

IT Policies and Proper Documentation: Companies are maintaining proper documentation and proof for all debt provided by them to corporates and individuals. This makes it much easier for debt collection agencies to recover the debt in case of a default both amicably and legally as well through payment order method. Collection companies which provide settlement plans to debtors have start taking post-dated cheques as a proof for future payment. Changing IT policies require companies to maintain complete confidentiality of client information due to threat of data breach. All this factors will provide more growth to collection industry.

Emphasis on NLP Techniques: Collection agencies are extensively using various speech analytics tools to record and analyse customer conversations. This enables to maintain security and gain insights into client expectations. In addition, the information gathered can further be used for training of employees adapting them to different situations while negotiating and hence, improving their performance which would act as a key growth driver for debt collection companies.

Favorable Changes in UAE Legal System: The new legal system at UAE makes it possible to recover debts via court in merely within 7 days if all the documents are readily available. The new Bankruptcy law also provides safety for debtors and changes the shape of debt collection industry. Ultimately, act as catalysts for the industry.

Analysts at Ken Research in their latest publication- “UAE Debt Collection Market Outlook to 2027- Characterized by fierce competition and high growth prospects” by Ken Research provides a comprehensive analysis of the potential of the debt collection market in UAE. Rise in digital collection techniques and increasing use of AI and ML for recovery predictions are expected to contribute to the market growth over the forecast period.

UAE debt collection market is expected to grow at a robust CAGR over the forecasted period 2022-2027.

Key Segments Covered

Segmentation by Segment

Non-Finance

Finance

Insurance

Segmentation by Type of Firm

Debt Collection Agency

Law Firm

Segmentation by Age of Firm:

0 to 10 yrs

10 to 20 yrs

20 to 30 yrs

Segmentation by Geographical Presence

Abu Dhabi

Dubai

Fujairah

Sharjah

Ajman

Umm Al-Quwain

Ras Al-Khaimah

Sub-segmentation of insurance segment & financing segment

Sub-segmentation of insurance segment:

Motor & Transportation

Property/Fire

Liability & Others

Sub-segmentation of financing segment:

Real State

Personal

Financial institution

Services

Manufacturing

Trade

Others

Visit this Link :- Request for custom report

Key Target Audience

Existing Debt Collection Companies

Law Firms

Financing Companies

Non-Financing Companies

Insurance Companies

Debt Collection & Management software providers

Government Agencies

Finance Consultants

Others

Time Period Captured in the Report:

Historical Period: 2017-2022

Base Year: 2022

Forecast Period: 2022–2027

Companies Covered:

SUPPLY SIDE:

Debt Collection Companies

Tahseel

CMS

Aman Debt Collection

First Solution

Credit Recovery

AW Holding

Bilkish

Derby Group of Companies

Alpha Debt Collection

Fort Equity

Quick Action

ATDC

com

ALQADA

Law firms/Debt Collection

Taswiyeh

ASKTHELAW

HHS LAWYERS

DUBAI DEBT RECOVERY

STA

AE

AL ROWAAD

AL SAFAR

BIN EID

Regulatory Bodies and Judiciary

Central Bank of the UAE

Judicial Department

DEMAND SIDE:

Insurance companies

Etihad Credit Insuranc

Atradiuse

CIGNA

COFACE

PACIFIC PRIME

MetLIFE

ACE

Emirates RE

Financing companies

Emirates NBD

ADCB

DUBAI FIRST

Mashreq

Commercial Bank of Dubai

Dubai Islamic Bank

HSBC

RAKBANK

ADIB

FAB

CITYBANK

Non-Finance companies

Etisalat

Emircom

Etihad Water and Electricity

Abu Dhabi Distribution Companies

Emaar

Nakheel

Lufthansa

Choithrams

Asian Paints

Majid UL Futaim

Naseej

Key Topics Covered in the Report

Global Debt Collection Market Overview

Ecosystem of UAE Debt Collection Market – Demand and Supply Side

Value Chain Analysis – Amicable Settlement and Litigation Settlement

Market Size and Segmentation of Debt Collection Industry in UAE, 2017-2022

UAE Debt Collection Market Industry Analysis

Software used in UAE Debt Collection Market

Market Shares of Major Debt Collection Companies in UAE on the basis of Debt Collected, 2022

Competitive Analysis

Future Outlook and Projections, 2022-2027

For More Insights On Market Intelligence, Refer to the Link Below: –

UAE Debt Collection Market Outlook to 2027

Related Reports by Ken Research: –

KSA Debt Collection Market Outlook to FY’2026

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sandy1674686 · 1 year ago

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Don't Let Bad Debt Drag Down Your Business: The Power of Debt Management Services in the UAE

In the fast-paced world of business, maintaining a healthy cash flow is paramount. Yet, bad debt – unpaid invoices and outstanding payments – can lurk around the corner, hindering your growth and stability. This is where debt management services in the UAE step in, acting as a powerful tool for businesses to reclaim what's rightfully theirs.

Here's how partnering with a reputable debt management agency in the UAE can empower your business to achieve successful bad debt recovery:

1. Expert Navigation & Reduced Stress:

Debt collection can be a delicate dance, especially for smaller businesses where personal relationships with customers might exist. Debt management agencies, like Al Wadi Holding, take the burden off your shoulders. Their skilled professionals are trained to handle delicate situations with professionalism and efficiency, minimizing stress for you and your staff while ensuring a higher chance of successful recovery.

2. Cutting-Edge Technology for Streamlined Processes:

Debt management services in the UAE leverage cutting-edge technology to streamline the debt recovery process. Imagine automated systems sending personalized letters, emails, or text messages – all tailored to maximize debtor response rates. These tools, often too expensive for businesses to implement independently, become readily accessible through a debt management partnership. Additionally, software for tracking payment histories, generating reports, and sending reminders empowers both you and the agency to stay on top of delinquent accounts and improve recovery rates.

3. Compliance & Legal Expertise: International Debt Collection Made Easy

Debt collection agencies in Dubai, like Al Wadi Holding, stay current on the ever-evolving legal landscape governing debt collection in the UAE. This ensures all your debt recovery efforts remain compliant, saving you time and potential legal issues. With international debt collection services often requiring specific knowledge of different jurisdictions, a trusted agency can act as your guide, navigating the complexities and ensuring ethical interactions across borders.

4. Improved Cash Flow Forecasting & Financial Stability:

Unpaid debts can significantly disrupt your cash flow, making it difficult to plan for future investments or expenses. By accurately anticipating debt recovery timings and amounts, debt collection agencies help you create more reliable cash flow forecasts. This enhanced financial picture allows you to make informed decisions regarding operations, resource allocation, and future growth strategies.

5. Reduced Administrative Burden & Increased Efficiency:

Debt collection can be a time-consuming task, especially for resource-constrained businesses. Debt management agencies in the UAE handle the administrative burden associated with the process - preparing and sending letters, managing payment plans, and tracking payments. Outsourcing these tasks frees up your valuable time and resources to focus on core competencies like sales, marketing, and product development, ultimately boosting your overall operational efficiency.

6. Higher Customer Retention Through Win-Win Solutions:

Debt management agencies believe in finding solutions that benefit both your business and the debtor. Their expertise lies in negotiating mutually agreeable repayment plans or exploring alternative debt recovery options. This collaborative approach can help retain valuable customers who might have been lost due to unpaid debts, fostering positive relationships and improving customer loyalty.

Invest in Your Business Health: Partner with a Debt Management Service in the UAE

Don't let bad debt hold your business back. Partnering with a reputable debt management service in the UAE, like Al Wadi Holding, offers a multitude of benefits. Their expertise in debt collection agencies, international debt collection, credit risk management consultancy services, debt recovery companies, and risk advisory services, empowers you to recover lost revenue, improve financial health, and achieve your growth goals.

Take control of your finances today and unlock the full potential of your business!

#debt collection #legal debt collection #debt collection agency in uae #business debt collection agency #debt management companies in dubai #debt management companies #debt recovery

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tasheel · 4 years ago

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Best Legal Consultancy service provider in UAE

Tasheel Legal Consultancy and Tasheel Debt Collections are two divisions (sister concerns) working under one and the same management aimed at providing the best legal services for our clients in UAE. Our legal consultancy consists of Lawyers, Chartered Accountants, Economists, Business consultants, and Debt Management Experts. TASHEEL DEBT COLLECTIONS is a newly launched debt collection company but driven by an experienced team and supported by Tasheel Lawyers. Our vision is to provide our clients expert legal advice in a timely and efficient manner with very reasonable fees and on a concept of ‘no win, no fees’. That’s why we’re leading as the best Legal Consultancy in UAE.

Legal Services

We have the best legal services in the UAE by hiring our own lawyers and legal firms to manage our clients' legal issues at a low cost and on the basis of a "no win, no fee" policy. We have a team of experienced lawyers who will assist you in addressing your legal problems. We can assure you a friendly and responsible attitude from our lawyers.

We are specialized in :-

Bankruptcy

Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. Bankruptcy laws are for the people whose finances have already collapsed and to give a fresh start all over.

Civil Cases

We are a proud member of the Investor Compensation Fund which acts as a guarantor of last resort for our investors.

Commercial Cases

Commercial cases is the cases against merchants regarding their cash or bank transactions, any import or export documentation errors. We can help you with those issues.

Internet & IT Laws

We support you to clear out any Internet & Information Technology Laws including privacy issues, contract law.

Criminal Law

Licensed by the Cyprus Securities and Exchange Commission under licence number 138/11 in accordance with the Markets in Financial Instruments Directive.

Arbitration & Mediation

Arbitrator looks into the legal rights and wrongs of a dispute and makes a decision. And we stand also we stand as a mediator to settle the uncertainties by carefully analysing the issue facing by you.

Real Estate

We ensure that our client receives a transparent price feed, transparent liquidity, transparent historical data, transparent market information at all times.

Maritime Laws

Maritime Laws is a collection of rules that regulate private maritime business and other nautical matters like shipping and open-water offenses.

#tasheel #legalconsultancy #uae

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antoine-roquentin · 6 years ago

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On July 3, the International Monetary Fund approved a $6 billion bailout package to help “return sustainable growth” to Pakistan’s economy. Throughout the deal spanning 39 months, the IMF will review Pakistan’s progress on a quarterly basis. As part of the agreement, $1 billion has been released to Pakistan.

This is the 13th IMF bailout for Pakistan, with the Fund looking toward the correction of “structural imbalances” in the country. In this regard, the IMF had announced in the negotiations over the past couple of months that Islamabad would have to increase taxation in order to repay external debt and increase foreign exchange reserves.

Details of the agreement reveal the targets that have been set for Pakistan, requiring the country to increase the foreign exchange reserves from the current $6.824 billion to $11.187 billion next year. As a result, the country’s net reserves are expected to increase from negative $17.7 billion to negative $10.8 billion over the same period.

The IMF has further asked Pakistan to pay $37.359 billion in external debt within the duration of the IMF bailout deal. Islamabad owes $14.682 billion of this figure to Beijing, largely due to the China-Pakistan Economic Corridor (CPEC).

The increase in taxation required by the IMF was visible in this fiscal year’s financial budget, with the government increasing the Federal Board of Revenue’s (FBR) tax collection target from 3.94 trillion Pakistani rupees ($25 billion) to 5.5 trillion rupees. The documents further reveal that over the next two years of the bailout package, additional 1.5 trillion rupee and 1.31 trillion rupee hikes in revenue collection have been scheduled.

Even before the budget was passed, the government had already implemented steps to enhance taxation, with hikes in the price of petrol and electricity. Government officials confirm that further hikes are expected next month.

In addition to the heavy taxation, another precondition of the IMF bailout was the devaluation of the Pakistani currency, which the Fund deemed to be artificially valued. With the IMF calling for a “market determined” value of the Pakistani currency, the rupee has lost over half its value since December 2017, resulting in the inflation rate reaching a five-year high at 9.4 percent in April, and expected to rise to over 13 percent, as per the Fund’s forecast.

The All Pakistan Anjuman-e-Tajran (meaning “trader’s association”) calling a nationwide strike is one example of the impact that the rise in taxation has had on local industries. As a result, the working class in Pakistan is rising up against what it calls the “IMF’s imperialistic takeover” of the country.

“[The IMF] package is littered with conditionalities that are putting [a] burden on the lives of ordinary people. Pakistani people and traders have no capacity to pay taxes demanded by the IMF,” Farooq Tariq, spokesperson and the former general secretary of the Awami Workers’ Party, told The Diplomat.

“As part of the package, the IMF installed its own ‘intelligent’ people on key posts. Not only does it serve the IMF’s purpose of increasing its stranglehold over the country, it reflects a total lack of confidence in PTI’s capacity to do the job,” Tariq added. PTI refers to Pakistan Tehreek-e-Insaf, the current ruling party of the country.

Multiple interviews with officials in the Finance Ministry reveal that the appointments of former IMF mission chief Reza Baqir as the governor of the State Bank of Pakistan and former Finance Minister Abdul Hafeez Shaikh as the prime minister’s adviser on finance were enforced by the IMF in the lead up to the bailout agreement.

When asked, a senior government official told The Diplomat that the IMF forced the issue to install “its own men” amid continued deadlock with former Finance Minister Asad Umar. The IMF’s pressure further escalated after it was revealed that the entirety of the loan Pakistan received from Saudi Arabia and the UAE at the turn of the year was spent to prevent the currency market from crashing.

Senior financial journalist and analyst at FX Empire Shahab Jafry questions the manner in which the IMF has forced the government to manage the local currency’s valuation.

“The currency market was going haywire, and you had to dump the [U.S.] dollar to buy the rupees – to support the local currency. The government says it is letting the rupee free float – it can’t let that happen, the country will collapse in 48 hours,” he told The Diplomat.

“The currency has an annual 5 percent depreciation against the dollar. I don’t see the rupee stabilizing because I don’t see the economy stabilizing. In the modern day, in competitive floating currencies, you have to have a very strong export revenue generation to have a stable currency – or oil reserves, because you are prone to imports and the fluctuation of commodities and currencies can crash markets,” Jafry added.

Observers note the usual IMF pattern in its current dealings with Pakistan, with the Fund employing trusted people in countries where there is large-scale misappropriation of funds obtained from international institutions.

Abdul Hafeez Shaikh, the PM’s financial adviser, was also part of the team that negotiated the 11th bailout package with the IMF as the finance minister during the Pakistan People’s Party (PPP) rule from 2008 to 2013.

Last month, an entire inquiry commission was formed to probe the alleged corrupt practices of the PPP and the Pakistan Muslim League-Nawaz over the past decade. While many see it as an attempt to audit the funding received in the past, others see it as a maneuver led by the current ruling party, the PTI, to victimize its political opponents with the help of the Pakistan Army.

Farooq Tariq maintains that the military establishment has had a role to play in the aggravation of the economy, and the PTI isn’t the first party to seek the Army’s help in maintaining the vicious circle of debt for Pakistan.

“Pakistan goes to the IMF every few years because of its ruling political parties’ inability to run the economy. The reason is very simple: military and debt expenses. Both take up over half of the national budget at present. The successive governments have bowed down to the pressures of the generals and the creditors not to reduce these two unproductive expenditures,” he said.

Where the Army bolsters particular parties to safeguard its economic interests, the IMF wants Pakistan to pursue certain geopolitical interests. For many, the bailout agreement reveals that instead of economic reforms, geostrategic interests are at the heart of the deal.

“The IMF package is a straitjacket for Pakistan’s economy. The IMF document illustrates a very simplistic thought process,” economist and political scientist Farrukh Saleem, the PTI government’s former spokesperson on energy and economy, told The Diplomat.

“They say the budget deficit is extremely high, the solution is to increase the revenue by 45 percent. How exactly? It’s a shrinking economy. Similarly, they say the trade deficit is extremely high, and then devalue the rupee. The IMF isn’t trying to solve Pakistan’s problems at all, the package has zero reforms – be it power, budget deficit, or trade deficit. After all, the IMF is not a purely economic institute, it’s a political institute as well,” Saleem added.

The former spokesperson maintains that the IMF is advancing U.S. security interests in the region by using the bailout package to ensure Islamabad’s compliance. He refers to this year’s WikiLeaks document “Army Special Operations Forces Unconventional Warfare,” originally written in September 2008, as evidence of how the IMF and World Bank are used to serve U.S. regional goals.

Lieutenant-General Talat Masood, former secretary of Pakistan’s Ministry of Defense Production, says there are obvious U.S. goals that the IMF is looking to fulfill.

“They would like to control our nuclear development. They don’t want us to spend on conventional forces and try to match India. They want us to focus on the economy. They don’t want us to use Lashkar-e-Taiba [LeT] and others to destabilize India and Afghanistan. Also, CPEC and our relationship with China is too strong for their liking. They want us to contribute significantly in the Afghan peace process by pushing the Taliban,” Masood told The Diplomat.

Masood believes the recent arrest of LeT chief Hafiz Saeed, in the lead up to Prime Minister Imran Khan’s visit to the United States, underlines that Islamabad has succumbed to the American demands. But Masood is also critical of Pakistan’s own policymaking, which renders it vulnerable to external pressure.

“Pakistan’s policies are so shallow and aren’t based on any foundational principles, and hence can’t be defended. It’s a weakness of policy and the internal structure of Pakistan that they have to succumb to external pressure,” he adds.

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soulwallet · 6 years ago

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5 Smart Ways to Make Your Credit Card Work for You

UAE certainly has the highest credit card, internet and e-commerce penetration in the MENA region. However, a significant percentage of transactions are still made through cash. Visa and Mastercards are popular and are widely accepted by merchants in the region.

There have been several changes in recent years, which are moving the needle on credit card usage in the market. Some customers would have witnessed their credit cards being reissued by the issuers with a chip around 2016/17. This was due to a mandate from the Central bank of UAE for the issuers to comply with EMV (Europay, Mastercard and Visa global standard for chip-secured credit cards) standards a few years ago.

Credit cards are extremely convenient, secure and what’s more, also reward cardholders on usage as well. There are more than 200 credit cards issued by banks and financial institutions in the UAE. While the number of banks is shrinking with the recent M&A announcements, there are several new credit cards that keep popping up with innovative and irresistible offers to the customer.

Many of us would have had a difficult experience with our first credit card. Not understanding differences between a credit or debit card, we would likely have dashed to the nearest ATM to withdraw some cash and spend on stuff which we really did not have any plans of buying. A scenario that would most likely have ended finally with some sort of settlement with the bank after weeks and perhaps months of painful collections calls and negotiations.

As we got a little more aware of how credit cards work, we generally end up with one or two cards (ideally issued to us by the banks where our salary gets credited) and have built some sort of loyalty to these cards over the years.

This article gives a credit card user 5 useful tips on how to use a credit card and maximize savings. These are simple and proven steps that can help one save thousands of dirhams.

No one Credit Card is best suited for everyone

Credit cards are diverse in their offerings. One must understand that 200+ credit cards in the market come with several differences. Some of them being:

Fees and Charges: Annual Fees, Interest rates, International transaction charges, cash advance charges and so on.

Reward Features: Cashback, Airmiles, Reward Points, No Rewards no fee, Reward earn rates, Redemption or burn rate, etc., Note- The value of the rewards might vary based on spend amounts, type, location, etc.,

Features: Airport Lounge, Free Cinema, Complimentary Golf, Valet Offers, etc.,

Apart from the above, there are also credit limits, co-brands (Skywards, Etihad and so on), etc., which differentiate cards. With so many differences among them, it is important to spend a few minutes to compare the features and identify the most suitable credit card for your specific needs. Soulwallet’s “Best Fit” comparison tool uses smart algorithms that can match one’s individual spend pattern and feature preferences with the most suitable credit cards among all options available. One will also get a good indication of annual saves in dirhams earned through credit card rewards. Do check how your current credit cards stack up against the ones which are best for you. Click here to find out.

Also, do look at the feature-wise rankings to find out which is the best card for your favorite credit card feature (Cinema, Golf, etc.,)

No one Credit Card can give you the best value

Why do banks have multiple credit cards under their offering? These are typically to cater to different segments of customers who are keen on a specific feature or a reward program. Cashback and Airmiles are a couple of popular reward categories.

After evaluating credit cards in the UAE and the reward offering across their products, it is quite evident that there is no one card that may fit in the best for you. In order to optimize your savings (reward value for the transactions you make on the credit card), you probably might have to keep 2 or 3 credit cards in your wallet which satisfy all your requirements with a high rating.

For example, John travels frequently. He spends his weekends generally watching movies with his wife and two school-going children. The best option for John is to look at the below combinations:

Credit cards that:

Reward him with maximum reward rates for a) School Fees b) Grocery expenses c) Travel spends

Includes complimentary features such as a) Cinema Offer b) Airport Lounge c) Airport Transfer

Has low international (foreign currency) transaction charges.

The answer might be more than 1 card and if the saves are significant, why not?

Pay on time and if possible, in full

Making payments on time is probably the most important criterion which helps build one’s credit score. Having a healthy credit score means keeping your credit options available. There is always going to be a need for some sort of credit requirement, for example, a home loan, salary transfer loan and so on. Find out more on Credit scores in the UAE

Making your credit card payments on time is extremely critical and if possible, try to make them in full. This means one would save money on the interest which can be in thousands of dirhams.

Most banks have options such as Standing Instructions (from your bank account to your credit card if both are with the same bank), Direct Debit (a standard transfer instruction on your bank account), exchange house payments, etc. One has the option of setting this up for a minimum payment or full and sometimes a fixed recurring amount as well. Enquire with your bank and set up a payment instruction that will ensure you don’t miss a payment date.

Regular payments build one’s credit history well and allow banks to re-underwrite your credit lines periodically and automatically.

Balance Transfer - If you are incurring interest by not paying your credit card dues in full each month

Balance transfer in simple terms is moving debt from one credit card to another. If you are not paying the total outstanding and incurring interest on your statement balance, a balance transfer is a smart and easy method to save money on interest.

Balance transfers normally come with an interest-free offer period. This is a no brainer - it can help you save interest that you would otherwise end up paying on your current card for 3 to 12 months (and more in most cases), depending on the balance transfer offer period.

Example: If a cardholder has an AED 5,000 balance on a credit card with a 20% interest rate. Such a balance would incur interest of approximately AED 1,000 in a year. By transferring his credit card balance the cardholder can save on the AED1,000 of interest with only a small balance transfer fee instead.

Note:

Balance transfer does not earn you rewards on transferred debt.

Once you have transferred your balance to a low-interest card, do review the need of continuing to keep the high-interest credit card active. Any unnecessary spend on this open credit card can delay your payoff on the new card.

Defaulting on the new credit card might trigger a standard or higher interest rate as per bank policies.

Before you make the balance transfer move, do the math to ensure that you end up saving. Points to consider are Annual fees, Interest rates, etc.,

Change with the industry- Adapt to smarter payment methods

In recent years, banks have evolved and are continuously evolving in the digital space to stay updated and relevant to future customers. Smart payment methods have gained a lot of momentum and acceptance among UAE consumers. Apple pay, Samsung pay are already common names and are quite popular.

These smart payments make the process seamless and are focused primarily on convenience and security. While Apple and Samsung are already building the culture of adapting and shifting to newer technologies in the mobile space, one must be more adaptive and embrace future technologies to leverage the benefits available.

Takeaway

Credit cards are convenient and a popular payment method for purchasing products or services. While it is quite a privilege to flash a prestigious credit card from your wallet for a purchase, it is important to make sure that the credit card works best for you.

As a personal finance aggregator, Soulwallet has analyzed various credit card features and rated them to identify the best credit cards for each feature. Be it golf offers, complimentary airport transfers, valet services or even cinema offers, one can easily find the best credit cards with the ratings provided. For more details visit us at www.Soulwallet.com.

#creditcards #personal finance #travelcards #best credit cards

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newsmanmdgn · 4 years ago

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Belarus Hijacked a Commercial Plane

Russia’s power over Belarus is in the spotlight after plane ‘hijacking’ incident

Reported yesterday: Belarus hijacked a passenger plane in order to arrest a foe of its government

As global leaders expressed outrage at Belarus’ “hijacking” of a Ryanair plane and the detention of an opposition activist, Russia was notable for its vociferous defense of the country. Now, analysts are saying Moscow stands to benefit from Belarus’ further estrangement from the West.

Belarus on Sunday ordered a Ryanair flight carrying prominent Belarusian opposition activist Roman Protasevich to divert to its capital Minsk, whereupon the activist was detained. Russia described the uproar in the U.S. and Europe as “shocking” and accused the West of having double standards.

Russia has been steadily increasing its power and influence over its neighbor Belarus, but the countries’ leaders President Vladimir Putin and President Alexander Lukashenko are somewhat uncomfortable allies — it’s arguable that any allegiance is fragile at best, and borne out of necessity.

For Belarus, Russia is a powerful economic and political partner and a source of support, having backed Lukashenko’s leadership

CNBC

If there's one thing Rocky IV taught me, it's that you can never trust the Russian government.

I'll stand by those teachings 'til the day I die.

More – Detained Belarusian dissident appears in video as fury mounts over hijacking of Ryanair flight

Blinken says US will aid Gaza without helping Hamas

U.S. Secretary of State Antony Blinken vowed Tuesday to “rally international support” to aid Gaza following a devastating war there while keeping any assistance out of the hands of its militant Hamas rulers, as he began a regional tour to shore up last week’s cease-fire.

The 11-day war between Israel and Hamas killed more than 250 people, mostly Palestinians, and caused widespread destruction in the impoverished coastal territory. The truce that came into effect Friday has so far held, but it did not address any of the underlying issues in the Israeli-Palestinian conflict, something Blinken acknowledged after meeting with Israeli Prime Minister Benjamin Netanyahu.

“We know that to prevent a return to violence, we have to use the space created to address a larger set of underlying issues and challenges. And that begins with tackling the grave humanitarian situation in Gaza and starting to rebuild,” he said.

AP

It's about time.

Mysterious air base being built on volcanic island off Yemen

A mysterious air base is being built on a volcanic island off Yemen that sits in one of the world’s crucial maritime chokepoints for both energy shipments and commercial cargo.

While no country has claimed the Mayun Island air base in the Bab el-Mandeb Strait, shipping traffic associated with a prior attempt to build a massive runway across the 5.6-kilometer (3.5 mile)-long island years ago links back to the United Arab Emirates.

Officials in Yemen’s internationally recognized government now say the Emiratis are behind this latest effort as well, even though the UAE announced in 2019 it was withdrawing its troops from a Saudi-led military campaign battling Yemen’s Houthi rebels.

“This does seem to be a longer-term strategic aim to establish a relatively permanent presence,” said Jeremy Binnie, the Mideast editor at the open-source intelligence company Janes who has followed construction on Mayun for years. It’s “possibly not just about the Yemen war and you’ve got to see the shipping situation as fairly key there.”

AP

Not gonna lie: I put this here mainly for the headline.

The White House Is Partnering With Dating Apps To Get Horny People Vaccinated

In a national effort to get through to horny but vaccine-hesitant Americans, the White House announced Friday that it is joining forces with dating apps to encourage people to get their COVID-19 vaccines so that they can go forth and fuck freely this summer.

Vaccinated users on Tinder, Hinge, Bumble, and Badoo will have access to some premium features for free. OkCupid, Chispa, BLK, and Match are giving out a free “Boost” to those who've been vaccinated so that their profiles are more likely to be seen first. Plenty of Fish is also offering free credits to vaccinated members for its livestreaming feature.

Buzzfeed News

Not gonna lie, Part Deux: I put this here ONLY for the headline.

The Climate Real Estate Bubble: Is the U.S. on the Verge of Another Financial Crisis?

Increasingly, experts see a collective threat to the U.S. economy. As the risks of owning a home in places affected by climate change stack up, economists and policymakers say climate-induced flight from threatened areas could shock the U.S. economy as home prices plummet, lending dries up and the local tax base diminishes in hard-hit regions.

“The degree of capital reallocation and the speed of that is going to be larger and happen more quickly than most market participants expect,” Brian Deese, President Joe Biden’s chief economic adviser, told TIME last year when he was the head of sustainable investing at BlackRock. Zimmerman calls herself “the canary in the coal mine.” She may be one of the first, but if the U.S. doesn’t heed her warnings, she won’t be the last.

Time

I'll go out on a limb here (while trees still exist): Real estate prices will plummet long before the climate change makes it happen. Prices are so inflated right now (in so many asset classes), and asset bubbles are popping up all over the place. Like all bubbles, some will burst and others will deflate slowly.

Look at student debt, credit card debt, housing prices, stock indexes, precious metals, and cryptocurrencies.

Political artist John Sims detained, handcuffed by S.C. police in his gallery apartment

“When a police culture suffocates the voice of justice, why should I trust the police with my body? Why? If resisting and cooperating bring the same outcome — death — what am I to do, especially if good cops cannot stand up to bad cops? When there are no internal moral checks and balances, you become a pack of animals in an uncivilized wilderness motivated by fear and the naked power to punish and destroy,” Sims said last June in a commentary in the Orlando Sentinel. “You become the judge, jury and looter of Black bodies. You become a virus of racism and white supremacy. You become the face of a broken America.”

Yahoo!

Thanks for the story, Mike. I think it sums up well what we all want to say about police violence on Black people.

The article was originally published here! Belarus Hijacked a Commercial Plane

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getfastestnews · 5 years ago

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IMF seeks a further limit on short-term borrowings

The International Monetary Fund seeks a further limit on short-term borrowings for filling budget gaps, as Pakistan’s gross financing needs may remain close to 31% of the size of its economy in this fiscal year – which are higher than previous estimates.

Pakistan and the IMF have been finalising the details of the country’s financing plan for short to medium term as part of efforts to revive the stalled $6 billion bailout programme, said sources in the Ministry of Finance.

They said that the gross financing needs – the money that the country needs to finance the budget and honour international obligations – are estimated around Rs14 trillion or 30.7% of GDP in this fiscal year.

The figure is 1.5% of GDP or Rs700 billion higher than the estimates the IMF published in its April report after approval of $1.4 billion emergency funding.

A key reason behind higher financing needs is the anticipated shortfall in tax revenues and some expenditure slippages, the sources said.

In the last fiscal year, Pakistan’s total gross financing needs remained at 31.2% of GDP, as the country had to borrow more due to record shortfall in tax collection by the Federal Board of Revenue.

The agreement on all outstanding issues like FBR’s actual tax collection, subsidies and circular debt could pave the way for the approval of second review of the IMF programme.

The second review had to be approved in March but the government’s failure to bring a mini-budget and increase in electricity prices put the hardly eight months old programme on ice.

As per the financing details being discussed between the IMF and Pakistan, the monetary body seeks steep cut in the gross financing needs from fiscal year 2021-22, starting from July next year.

Sources said that the gross financing needs for the next fiscal year could be around 27% of GDP – up from April estimates of 24%. But still these were around 5% of GDP less than the requirements for this fiscal year.

They added the IMF was of the view that countries which had sustainable debt levels borrow in the range of 15% of the size of their economies every year – a ratio that is less than half of Pakistan’s current gross financing requirements.

The IMF is keen to improve this ratio but due to structural issues no major improvement is expected in short to medium term without a comprehensive reforms plan.

The total public debt that was 72.5% of GDP two years ago has mounted up to 87.2% of GDP by the end of last fiscal year.

Insiders said the IMF wanted that the debt to GDP ratio should be around 73% of GDP in the next four years.

In its April report, the international money lender had underlined that Pakistan’s debt sustainability was also dependent on rollover of maturing obligations by China, Saudi Arabia, and UAE. Saudi Arabia has already prematurely withdrawn $1 billion out of $3 billion.

The sources said that the IMF also wanted further limit on Ministry of Finance’s reliance on short-term borrowings through market treasury bills.

As of end June, the country borrowing through treasury bills stood at 12.2% of GDP.

The IMF wanted that Pakistan should cut it to around 7% of GDP.

There was a possibility that the IMF could agree to reduce share of treasury bills to 8.9% of GDP, which would increase the share of Pakistan Investment Bonds.

It has to been seen whether the investors would lend the money by purchasing long-term instruments, as in recent auctions, the investors did not purchase fixed-rated PIBs.

As of June 2020, the country’s domestic debt was Rs23.8 trillion and Rs5.6 trillion or 23.4% of domestic debt was on account of treasury bills.

The IMF’s insistence on reducing reliance on treasury bills is aimed at limiting refinancing risks.

One of the concerns of the IMF was that the government’s reliance on short-term borrowings could shake the confidence of the market.

But there will be a tradeoff between reducing refinancing risks and the cost of debt servicing, as the long-term loans carry relatively higher cost.

The Ministry of Finance is also planning to launch a new floating bond instrument, having quarterly interest rate payment as against the current biannual coupon rate.

The State Bank of Pakistan on Monday kept the interest rate unchanged at 7%, which provides an ideal situation to the finance ministry to borrow in the fixed-rated long term bonds.

The quarterly coupon-backed PIB would reduce the investors interest rate risk.

The SBP in its handout noted that during the first two months of this fiscal year, in line with the gradual pick-up in economic activity, tax revenues returned to positive growth, averaging around 1.2%.

This suggests that the chances of achieving Rs4.963 trillion tax collection target are remote, which requires about 23% growth rate.

#Business News

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go-gloriousheart · 5 years ago

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Private Equity Real Estate – Risks to Consider Before Investing

Like all investments, there may be a awesome chance/praise tradeoff with personal fairness actual property. The better the chance, the better the capacity praise (or loss). The first-class traders have a knack for spotting the dangers in every transaction and take proactive steps to mitigate them as a part of their assignment plan.

As a personal fairness company that accepts cash from out of doors traders, it's far our activity to genuinely and correctly describe the dangers in every transaction to our funding partners. At the identical time, we additionally endorse that our traders whole their very own due diligence – unbiased of ours – to make certain that a personal fairness actual property funding in industrial assets is constant with their chance tolerance and time horizon.

Please be aware that making an investment in personal fairness actual property isn't like REIT making an investment or making an investment with a actual property fund. If you would really like to analyze extra on REITS vs. Private fairness, you could study here.

There are 9 dangers to keep in mind while studying a capacity personal fairness actual property funding:

Regulatory Risk: From zoning to entitlements and condominium rates, actual property transactions – specially the ones related to new construction – ought to navigate a complex internet of neighborhood, city, and on occasion nation regulatory authorities. Often, they have got a say on assignment information that could make it extra difficult, costly, and/or complex to construct or control a actual property funding.

Mitigating regulatory chance in personal actual property making an investment calls for precise expertise of the contemporary and capacity regulatory surroundings and in which the proposed funding suits inside it. Partnerships with neighborhood civic leaders can show to be precious while looking to live abreast of proposed modifications to legal guidelines or policies which can effect the funding.

Market Risk: Real property charges are pushed via way of means of a range of things inclusive of hobby rates, populace modifications, activity boom, and inflation. These elements ought to be taken into consideration at each a “macro” and “micro” degree to decide how broader financial traits can have an effect on neighborhood call for for actual property. Certain wallet of the us of a will be predisposed to extrade faster – or slower – than the economic system as a whole. For example, 40% of the country wide activity boom because 2009 has took place in only 20 towns.¹ In actual property, markets count number and it’s crucial to recognize the neighborhood dynamics previous to making an funding.

Diversification is the important thing to mitigating marketplace chance. Some markets will increase and a few will fall behind, however publicity to a different portfolio of markets will easy versions in returns.

Financial Structure Risk: Many actual property projects – specially huge ones – depend on an amalgam of reassets for cash to finance the transaction. Collectively, those reassets are referred to as the “Capital Stack” and every “degree” comes with its very own set of rules. For example, the senior debt holder is normally first in line to get hold of cash withinside the occasion of a bankruptcy, while the not unusualplace fairness holder is typically last. Individual traders putting cash with personal fairness actual property corporations have a tendency to fall into the favored or not unusualplace fairness function of the capital stack so it's far important to recognize the dangers and advantages of this function and be compensated accordingly.

For an investor, the first-class manner to mitigate monetary shape chance is to have an express information of the capital stack, their relative function in it, the rights and alternatives that function affords, and the alignment of incentives that it creates.

Asset Risk: Whether making an investment in stocks, bonds, gold, timber, or actual property, every asset magnificence comes with a completely unique set of dangers. With actual property, the chance is precise to the assets kind. For example, there may be constantly going to be call for for flats due to the fact people want an area to stay so multifamily housing is taken into consideration to be at the decrease quit of the chance spectrum. On the alternative hand, the fulfillment of houses like buying department shops or lodges is exceedingly correlated with client discretionary earnings so they'll be afflicted by coins waft troubles extra than flats in instances of financial distress.

Mitigating asset chance calls for an express information of the precise dangers related to the precise assets kind and the development of a marketing strategy to limit them.

Credit Risk: In industrial actual property, there are 4 important asset classes: industrial, office, retail, and multifamily and all of them have one issue in not unusualplace…tenants. Credit chance is the chance that a tenant can’t – or won’t – pay their month-to-month hire. Property values are pushed via way of means of the quantity and balance of the condominium earnings circulate so the most powerful tenants will command the best values.

To mitigate credit score chance, it's far vitally crucial to carry out monetary evaluation on contemporary and capacity tenants to make certain they have got the monetary wherewithal to make their hire bills for everything in their hire term

More.. Top Real Estate Company In Abu Dhabi, Abu Dhabi Apartments For Sale, Best Real Estate Companies In UAE ,Buy Budget Apartments In Abu Dhabi, Cheap Apartments For Sale In Abu Dhabi

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vsplusonline · 5 years ago

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When is the Government going to respond? Businesses look for assistance as coronavirus starts hurting

New Post has been published on https://apzweb.com/when-is-the-government-going-to-respond-businesses-look-for-assistance-as-coronavirus-starts-hurting/

When is the Government going to respond? Businesses look for assistance as coronavirus starts hurting

For millions of small businesses struggling with a slowing domestic demand over the last few quarters, the collapse of economic activities due to Covid 19 pandemic has raised existential questions. Small businesses now want the Government to be proactive in implementing relief measures and there is a growing chorus for the Government to come up with an assistance package to help ride the crisis.

With the situation changing by the day, much of the economy is coming to a grinding halt and businesses are now facing the brunt of a brutal virus that is ravaging nations across the world.

According to Rajiv Chawla Chairman, IamSMEofIndia from the third quarter of this fiscal, the business sentiment has been very bad and this quarter could be even worse. “The negative sentiment is likely to be extended to the first quarter of the new financial year,” says Chawla.

Chalwa says the biggest demand that MSMEs would have from the government is that since there may be a delay in interest and installment payments to the banks, banks should have the patience and not declare them NPAs. “Banks should give them more time to pay interest and installment without paying charges, treat them as regular accounts and allow them some grace period,” says Chawla.

Pankaj Gulati, COO- Continental Device India Ltd (CDIL), and ex-president Elcina, says such has been the disruption at the moment that most of the EU companies are not even discussing any business deals, and same is the condition of the companies in the US.

“I am surprised that while Governments the world over have so far taken drastic measures to keep businesses afloat, the Indian government has not done that much. This in terms of putting in funds, announcing a package, etc,” says Gulati. Countries, including the US, the UK and China have already unveiled plans that will see the Government rolling out billions of dollars to help businesses.

According to some, the Government can look at some of the international best practices. Some examples include Saudi Arabia unveiling a 50 billion riyal ($13.3bn) stimulus plan for small and medium sized businesses as the oil -rich Gulf States acts to support economies hit hard by Coronavirus. UAE’s decision on 14 March to launch a 100 billion Dirham ($27.2 billion) economic support package to assist corporate and retail banking clients was also aimed at providing relief to institutions affected by the impact of coronavirus.

Gulati says for the FY 2021, as support to the industry, the government should announce an income tax slab of 15%, which is already existing slab for new companies. “We demand that the slab should now be extended to all the companies. This will greatly help the MSMEs too,” says Gulati.

Gulati adds that some of the other things that the government could do is support EPF contributions for two quarters and as practiced elsewhere, there should be a 50% reduction in tariffs of facilities such as water, electricity etc. Then, an interest subvention of 5% on the working capital should also be allowed, because unless the industry gets some support on the borrowings, it’s not going to work out.

“However, if there is a lockdown declared, the Government should cover the salary cost of the workers. A lockdown can greatly hurt the country’s MSMEs that are already facing many issues,” says Gulati.

Chawla says the impact of Covid 19 is already very visible. “For a lot of businesses there is uncertainly around their ability to pay March and April’s salary to their workers. In my view, the market demand has been hit by at least 50%. With no buyers around, a big question mark hangs on the future of the MSMEs already in dire straits,” says Chawla.

Navigating GST One of the biggest help the Government can provide businesses say, is around taxation. We are in completely uncharted waters and the Goods and Services Tax is still a relatively new regime. Given the circumstances, some of the GST issues the MSMEs would face on account of Covid-19 are:

Impacts on Accounts Receivable – GST invoiced is due and must be paid regardless if you have received payment from customers.

Treatment of bad debts.

Cancellations or reduction of orders – Related tax invoicing and credit notes issues and tax accounting reconciliations etc.

Cancellation of reservations – Hospitality sector, would need to consider the correct GST treatment.

Change of time of services (with no change in fees etc.) – The time of supply rules for GST needs to be factored to avoid incorrect reporting.

iStock

Chawla says that when it comes to statutory payments, GST is one area that businesses would want the Government to be proactive. “ESIC has given 30 days extended grace period to deposit dues of Feb-March, which is now extended to 45 days. Like EPFO, we want the GST department to allow an extra grace period to MSMEs to deposit their dues,” says Chawla. He adds that, due to sudden disruption in working norms, e,g work from home, it has been very difficult to file any kind of returns in time, so the government should also extend the filing of all statutory returns by at least 60 days.

“Relaxations in filing requirements, waiver of penalties, late fees, GST rate reductions, speedy refunds are some of the indirect tax measures which the Government may contemplate to counter the ill effects of this pandemic,” said Harpreet Singh, Partner, KPMG India.

MS Mani, Partner, Deloitte India, however, prefers something more substantial. Mani says that while the Government has already taken various measures to make things easier for MSMEs since the introduction of GST, including hike in composition limit, making return frequency quarterly, lowering rates for many products etc. However, the problems faced by MSME may not be due to GST alone, but also due to liquidity crunch, NBFC issues, demand curtailment etc.

“Possibly, the GST law can have a completely separate chapter covering MSME – as the intention is to broaden the tax base by having them and not necessarily to collect additional taxes from them as their overall contribution to the GST collection kitty is very low,” says Mani.

Given the current context, Mani says depending on the nature of the offence that has led to fines and penalties, a benevolent dispensation can be provided to MSMEs. “While fines/penalties for serious offences including evasion etc, should not be waived, those related to procedural matters like delay in filings/payments etc could be accommodated,” says Mani.

Singh, however, says it could be a tough balancing act for the Government. “At one end they need to enhance revenue collections to provide stimulus to the economy and at the other, the industry is looking at relaxations and waivers on taxes to bolster the sentiments,” says Singh.

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kenresearch1 · 2 years ago

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UAE Debt Collection Market is in the Growing Stage, Driven by Changing IT Policies and Documentation and Rise in Awareness Due to the COVID-19 Pandemic among the Population: Ken Research

Buy Now

The Collection Industry in UAE peaked right before and during the pandemic. Increased amount of lending along with rising defaults presents great opportunities for debt collection.

Covid Led Growth: COVID-19 pandemic bough certain challenges for debt collection agencies in terms of worsening the financial situation of debtors leading them to refuse paying their debts. However, it made the public more aware about the existence of debt collection services which motivated them to fulfil their debt obligations. Pandemic also increased the number of default accounts bringing more business for collection agencies and inducing growth.

Rise in Digital Collections: Debt Collection companies used to rely on phone-calls to make recoveries which led to terrible customer experience and wastage of time. Digital collections are being extensively used which leverages analytics to make the process more efficient and act as catalysts for the industry.

Interested to Know More about this Report, Request for a sample report

Growing focus on Regulatory Compliance: Debt Collection companies have started to place more focus on complying with all regulations for a better customer service. They are maintaining proper documents, getting cheques as proof for future payment and amending the penalty terms.

Changes in UAE Legal System: The new legal system at UAE makes it possible to recover debts via court in merely within 7 days if all the documents are readily available. The new Bankruptcy law also provided safety for debtors and changed the shape of debt collection industry.

Analysts at Ken Research in their latest publication- “UAE Debt Collection Market Outlook to 2027- Characterized by fierce competition and high growth prospects” by Ken Research provides a comprehensive analysis of the potential of the debt collection market in UAE. Rise in digital collection techniques and increasing use of AI and ML for recovery predictions are expected to contribute to the market growth over the forecast period.

UAE debt collection market is expected to grow at a robust CAGR over the forecasted period 2022-2027.

Key Segments Covered

Segmentation by Segment

Non-Finance

Finance

Insurance

Segmentation by Type of Firm

Debt Collection Agency

Law Firm

Segmentation by Age of Firm:

0 to 10 yrs

10 to 20 yrs

20 to 30 yrs

Segmentation by Geographical Presence

Abu Dhabi

Dubai

Fujairah

Sharjah

Ajman

Umm Al-Quwain

Ras Al-Khaimah

Sub-segmentation of insurance segment & financing segment

Sub-segmentation of insurance segment:

Motor & Transportation

Property/Fire

Liability & Others

Sub-segmentation of financing segment:

Real State

Personal

Financial institution

Services

Manufacturing

Trade

Others

Visit this Link :- Request for custom report

Key Target Audience

Existing Debt Collection Companies

Law Firms

Financing Companies

Non-Financing Companies

Insurance Companies

Debt Collection & Management software providers

Government Agencies

Finance Consultants

Others

Time Period Captured in the Report:

Historical Period: 2017-2022

Base Year: 2022

Forecast Period: 2022–2027

Companies Covered:

SUPPLY SIDE:

Debt Collection Companies

Tahseel

CMS

Aman Debt Collection

First Solution

Credit Recovery

AW Holding

Bilkish

Derby Group of Companies

Alpha Debt Collection

Fort Equity

Quick Action

ATDC

com

ALQADA

Law firms/Debt Collection

Taswiyeh

ASKTHELAW

HHS LAWYERS

DUBAI DEBT RECOVERY

STA

AE

AL ROWAAD

AL SAFAR

BIN EID

Regulatory Bodies and Judiciary

Central Bank of the UAE

Judicial Department

DEMAND SIDE:

Insurance companies

Etihad Credit Insuranc

Atradiuse

CIGNA

COFACE

PACIFIC PRIME

MetLIFE

ACE

Emirates RE

Financing companies

Emirates NBD

ADCB

DUBAI FIRST

Mashreq

Commercial Bank of Dubai

Dubai Islamic Bank

HSBC

RAKBANK

ADIB

FAB

CITYBANK

Non-Finance companies

Etisalat

Emircom

Etihad Water and Electricity

Abu Dhabi Distribution Companies

Emaar

Nakheel

Lufthansa

Choithrams

Asian Paints

Majid UL Futaim

Naseej

Key Topics Covered in the Report

Global Debt Collection Market Overview

Ecosystem of UAE Debt Collection Market – Demand and Supply Side

Value Chain Analysis – Amicable Settlement and Litigation Settlement

Market Size and Segmentation of Debt Collection Industry in UAE, 2017-2022

UAE Debt Collection Market Industry Analysis

Software used in UAE Debt Collection Market

Market Shares of Major Debt Collection Companies in UAE on the basis of Debt Collected, 2022

Competitive Analysis

Future Outlook and Projections, 2022-2027

For More Insights On Market Intelligence, Refer to the Link Below: –

UAE Debt Collection Market Outlook to 2027

Related Reports by Ken Research

KSA Debt Collection Market Outlook to FY'2026

#UAE Debt Collection Industry #Market Ecosystem #Market Issues #Developments

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lovelyfantasticfart · 5 years ago

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The Girls Of HGTV

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jobdxb · 7 years ago

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Recruitment in Al Futtaim Group Credit Control Manager | Automotive Aftersales Services UAE | Dubai (Dubai, AE)

No two days are the same at Al-Futtaim, no matter what role you have. Our work is driven by the desire to make a difference and to have a meaningful impact with the goal of enriching everyday lives. Take our engaging and supportive work environment and couple it with a company culture that recognises and rewards quality performance, and what do you get? The chance to push the limits every single day.

As a humble family business that started on the banks of the Dubai Creek in the 1930s, Al-Futtaim has expanded to a presence in 31 countries, a portfolio of over 200 companies, and 42,000 employees. You’ll find us in industries ranging from automotive and retail, to finance and real estate, and connecting people with international names like Lexus, Ikea, Robinsons, and Adidas. Our team is proudly multicultural and multinational because that kind of diverse representation gives us the global mindset to grow and impact the people, markets, and trends around us.

Come join us to live well, work better, and be the best.

About the Job:

We are currently looking to recruit a Credit Control Manager for Al Futtaim Aftersales Services. Reporting the Business Unit Finance Manager, you will put in place the optimum structure for a credit control department which will support the organization structure. You will train the staff to perform their duties efficiently and effectively and develop and monitor key performance indicators (KPI’s) of the department. It is also part of your jo to streamline the processes in order to have the most efficient, simple and convenient processes which will support on time collection. You will deal with difficult customers and long overdue payments with the help of division heads and review and update company policy with regard to debt collection.

The key responsibilities are as follows:

Review the current process of the department and suggest the optimal process which will enable the organization to submit invoicing on time & will also help collect cash on time.

Centralize the credit control functions across the organization and design a suitable organization structure for same.

Review and provide MIS reports on receivables by division/customer. Identify areas of concern.

Work with division heads on mitigating risks.

Develop and monitor key performance indicators for each division and regularly review the same with each division head.

Develop collection strategy and action plan and ensure that they are carried out.

Ensure reduction of overdue %age.

Provide training to the credit control team to enable them to perform their jobs efficiently.

Closely liaise with Finance Shared Services on debtor reports, accounting and receivables monitoring.

Regularly visit all locations to review the receivables and ensure process is followed.

Visit with customers to understand their issues, review the outstanding and agree payment plans where necessary.

Escalation of account to a legal status and follow up on such cases.

Month-end provision of rebate accruals.

About You:

The ideal candidate will possess an Internationally-Accredited Professional Accountancy Qualification or a Bachelor of Commerce or Diploma in Accounting Financial Management. You will have a minimum of 3 years’ experience with specific experience in receivables management of a large company and prior experience of working with insurance companies is an added advantage.

Ideally, we are looking for candidates with the below skills and behavioral competencies:

Excellent communication skills, both verbal and written

Knowledge of Arabic is an added advantage

Diplomatic and has the ability to deal with difficult customers with tact

Ability to lead a large and diverse team and coach them into top performers

Able to talk to all levels of the organization, both internal and external.

Highly computer literate, knowledge of SAP will be an advantage.

Strong analytical skills.

Ability to build and sustain relationships in a multicultural environment

REF-AN

We’re here to provide excellent service but a little help from you can ensure a five-star candidate experience from start to finish.

Before you click “apply”: Please read the job description carefully to ensure you can confidently demonstrate why this opportunity is right for you and take the time to put together a well-crafted and personalised CV to further boost your visibility. Our global Talent Acquisition team members are all assigned to specific businesses to ensure that we make the best matches between talent and opportunities. We not only consider the requisite compatibility of skills and behaviours, but also how candidates align with our Values of Respect, Integrity, Collaboration, and Excellence.

As part of our candidate experience promise, we also want to make ourselves available to you throughout the application process. We make every effort to review and respond to every application.

#IFTTT #Blogger

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lawfirmdubai-blog1 · 7 years ago

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Debt Collection Agency & Debt Collectors

Debt Collection Agency helps individual and businesses to recover the bad debt by applying the legal and ethical methods, made legitimate and applicable by Law. From beginning to recovery, proper documentation, meetings, visits, communication and follow-up is involved. No one can say that Debt Collectors or Debt Collection Agency adopts unethical methods or work in a non-professional manner. UAE Labor, Employment, and Corporate Law makes the rules and regulations for everyone and therefore rules and regulation use to exist for Debt Collection Agencies as well. Therefore if someone says that Debt Collectors go wrong then it cannot be possible but if a Debt Collector or Agency goes wrong then he will be definitely punished by the Law.

If we discuss the operations and importance of Debt Collection Agencies then we can say that these Agencies are creating a big support. Due to busy schedule and responsibility in Dubai and UAE market, when a business finds no time for pursuing the Debtor then Debt Collection Agency prove a big support for him. Minimum and reasonable charges and commissions help you to recover your money in a short time without putting too many efforts or time.

Debt Collection Process

Debt Collection is not easy as it looks or people use to think about this. Though a Debt Collector is a man who is from Law or a senior consultant, but despite of this, Debt Collection is brain storming and physically tired job. Unpaid Cheques, long term due balances and salaries are the biggest reasons which everyone wants to settle down. When people are reluctant to pay your money, then at that point of time Debt Collectors are those personnel who bring your money back. Countries like UAE, Dubai, Dubai, Abu Dhabi providing big opportunities to business man and individuals, to invest money and establish their selves. But when the opportunities will be bigger than disputes will be bigger too. Both things move in the same direction. Debt Collection becomes a serious issue when we need to manage those debtors who are not willing to pay back properly. Creditors can’t manage this job at their end. We just want to inform you that Debt Collectors perform their duty under the rules and laws made by UAE government which is a very healthy sign. Nothing goes beyond the law indeed. Client Customer Relationship is not destroyed and everything is settled