Government of Dubai and Citi unveil smart finance solution with DED as the lead pilot

Dubai: The Government of Dubai and Citi today launched an innovative twofold supplier payment mechanism as part of the Smart Finance Solution, providing the Government of Dubai with the ability to unlock liquidity and pay suppliers almost immediately.

The two-part solution offers a Citi Corporate Purchasing Card (CPC) backed by VISA® and a Supply Chain Finance (SCF) working capital management solution. An expected 9,000 local suppliers, mostly small and medium businesses (SMEs), will benefit from the programme through a master merchant solution offered by Network International & Invapay, a UK based payment processing company.

Mr. Khalid Al Kassim, Deputy Director General for Economic Affairs, and Director of Dubai Competitiveness Office which oversees the project, said: “Suppliers are an extension of our business, while building the ecosystem for the private sector is a major focus for us. Therefore, this pioneering initiative by the Dubai Competitiveness Office falls within our efforts to enhance UAE’s and Dubai’s comptetiveness metrics such as government transactional efficiency, level of support for the SMEs, and perpetuity of supplier cash flow.”