ROSEN, A LEADING LAW FIRM, Encourages Honda Motor Co., Ltd. Investors to Secure Counsel Before Important Deadline in Securities Class Action – HMC

NEW YORK, Feb. 21, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of American Depository Shares (“ADSs”) of Honda Motor Co., Ltd. (NYSE: HMC) between June 20, 2018 and September 28, 2022, both dates inclusive (the “Class Period”) of the important April 3, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Honda ADSs during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Honda class action, go to https://rosenlegal.com/submit-form/?case_id=11692 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Honda had overstated the safety and effectiveness of the Idle Stop engine feature; (2) Honda maintained deficient disclosure controls and procedures with respect to product quality and safety; (3) as a result of the foregoing deficiencies, Honda failed to prevent American Honda from marketing and selling thousands of vehicles that contained a defective Idle Stop feature; (4) the foregoing conduct subjected the Company and/or its subsidiaries to a heightened risk of litigation, as well as financial and/or reputational harm; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Honda class action, go to https://rosenlegal.com/submit-form/?case_id=11692 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8753678

Global C-Pop Artist and Fashion Icon Tia Lee makes waves at London Fashion Week

Her inaugural appearance at the fashion extravaganza peaked with her exclusive reveal of a stunning Julien Macdonald FW23 couture to the world for the first time

21 February 2023, London – Tia Lee (Lee Yu Fen), a global C-pop singer and fashion icon, made waves at the London Fashion Week (LFW) on Sunday (19 Feb) as she arrived at Julien Macdonald’s Fall-Winter 2023 (FW23) show in a stunning one-of-its-kind couture dress and cape, specially hand-picked by the leading British fashion ace himself. Tia’s outfit was then later presented to the world for the first time as part of Julien Macdonald’s FW23 collection show

Tia was specially selected by Julien Macdonald as the only celebrity to be dressed in a Julien Macdonald couture prior to it being presented for the first time in the Julien Macdonald FW23 collection show. Traditionally, the Sunday evening shows during the London Fashion Week are one of the most anticipated shows, of which this prime time slot was given to the Julien Macdonald FW23 collection show.

The breath-taking and delicately tailored couture dress designed by Julien Macdonald for the new FW23 collection was hand-embroidered with crystals. Together with a flowing cape, a pair of glittering heels from Gina and Jessica McCormack jewellery, Tia’s glamourous look outlined a feminine silhouette that celebrates endless female strength and empowerment.

Caption: Tia Lee in a tailored lace slip dress and flowing black chiffon cape, exclusively handpicked from Julien Macdonald’s FW23 collection

Tia was amongst the exclusive international of A-list celebrities who covet Julien Macdonald’s work to be dressed by the King of Glamour, including Beyonce, Rihanna, Katy Perry, Taylor Swift, Jennifer Lopez, Kim Kardashian, Heidi Klum and Naomi Campbell.

Caption: Tia Lee at the FROW of the Julien Macdonald showcase L to R: Lorraine Pascale, Dennis O’Brien, Tia Lee, Amber Le Bon

On arrival to the Julien Macdonald fashion showcase, Tia was seen in the FROW amongst international A-list celebrities and fashion icons where Julien Macdonald’s FW23 collection was unveiled. 

Caption: Tia Lee with Julien Macdonald, in couture from his FW23 collection

Julien Macdonald was appointed by Karl Lagerfeld as the head designer of knitwear at Chanel at very young age and later in 2001 was appointed as successor to Alexander McQueen as the creative director of the French fashion house Givenchy. He launched his own label in 1997 and swiftly became a leading British fashion designer.

Julien received various awards including British Designer of the Year at the Elle Style Awards in 2001, British Glamour’s Designer of the Year and GQ ‘s Womenswear Designer of the year in 2003. He was also nominated at the Olivier awards and awarded an order of the British empire (OBE) in 2004 for his services to the fashion industry.

Caption: Tia Lee at Richard Quinn’s FW23 runway show

In addition to the Julien Macdonald FW23 collection show, Tia was also invited to a number of top-notch brand showcases of London Fashion Week, such as David Koma, Richard Quinn, Moncler Genius and the ES & Perfect Magazine fashion bash – joining actress Joan Collins, TV presenter Ashley Graham, supermodel Sara Sampaio, British Vogue’s editor in chief Edward Enninful, singers Alicia Keys, Ronan Keating, Pharrell Williams, socialite Lennon Gallagher and many others. As a front row celebrity at the shows amongst other A-listers, Tia’s appearance at London Fashion Week is testament to her stature in the fashion scene as a style icon.

Caption: Tia Lee at the FROW of the Richard Quinn showcase L to R: Tia Lee, Sara Sampaio, Ashley Graham

In an embroidered coat from his Spring 2023 collection, Tia was spotted alongside supermodel Sara Sampaio, TV presenter Ashley Graham enjoying front row views of Richard Quinn’s latest reveal. Her elegant outfit was further elevated with a teardrop-shaped headpiece from Victoria Grant, suede platform sandals from Jimmy Choo and pearl earrings from Theo Fennel.

Caption: Tia Lee with Richard Quinn

Tia attended the David Koma FW2023 runway show, her first appearance at London Fashion Week this year. 

Caption: Tia Lee arriving at the David Koma FW23 runway show

A nod to David Koma’s signature body-contouring statement pieces, Tia arrived in a shimmering silver two-piece suit over bomber and boots from his collection.​ Amina Muaddi’s stunning Diamond Chain earrings added shine to Tia’s outfit, while Noir Sleek Sunglasses from Gentle Monster were the ultimate statement accessory to finish her look.

Caption: Tia Lee at the FROW of David Koma’s FW23 runway show L to R: Tia Lee,  Tade, Elodie Russell

Tia was also present at David Koma’s invitation only exclusive after party, enjoying the night with David Koma himself, in celebration of the success of the collection’s reveal.

Caption: Tia Lee with David Koma

Just as styles come and go and clothing evolves, Tia has taken on a metamorphosis of epic proportions from a highly scrutinized artist into a strong independent woman, ready to take on the world.

“Goodbye Princess” pays homage to the struggles of life, but ultimately showcases Tia’s determination to rise from the negativity, stereotypes and bias being placed on her. In fact, it is even more iconic because the track is the first ever Chinese song produced by Grammy-Award-winning producer Swizz Beatz, who has previously worked on mega-hits with music icons such as Justin Bieber, Jay-Z and Madonna.

In the spirit of female empowerment, Tia launched the #EmpowerHer campaign, and she has used her song as a vehicle to spread awareness for women-centric charities to further their missions. Some of the charities include Beats By Girlz and Women in Music in the United States, Daughters Of Tomorrow in Singapore and Teen’s Key in Hong Kong, all of which are committed to supporting women and girls around the world. One of the highlights was the #EmpowerHerDance challenge, where 16 KOLs across 15 geographies in the world have led the charge in this dance challenge to gain the attention of more than 158m followers globally, to support and empower fellow females. The infectious beat of the song also saw top Grammy-Award-winning female DJ duo NERVO coming onboard in support of the #EmpowerHerMusic campaign, creating an electrifying remix of the record-breaking Goodbye Princess. Together, these female powerhouses around the world have pushed the song to great heights, enabling Tia to become the fastest artist to break 100M views on YouTube with a Chinese pop song.

With an empowered mission and vision, redefining her career as a musician and fashion icon, Tia is stepping out of her comfort zone and saying goodbye to her past self.

Official press materials: 

Tia Lee at Julien Macdonald FW23 show https://youtu.be/EfWv7FOcUaI 
Tia Lee at Richard Quinn FW23 show https://youtu.be/hEwaMvRFXeI 
Tia Lee at David Koma FW23 show https://youtu.be/YorrDVjmYFQ 
Tia Lee at London Fashion Week FW23 photography https://www.dropbox.com/sh/7o7eg1mxdc8et7m/AAA1lLy7gtP4pkvsAZTeurn5a?dl=0

Tia Lee Official Channels: 

Instagram @leeyufen: https://www.instagram.com/leeyufen/ 

YouTube: https://www.youtube.com/@tialeeofficial/ 

Facebook: https://www.facebook.com/leeyufentialee/ 

Weibo: https://weibo.com/u/1396928042/ 

About Tia Lee: 

Tia Lee (李毓芬), is a global C-pop singer and international fashion icon. In addition to being an award-winning musician and setting the record for the fastest C-pop music video ever to achieve a 100 million views, Tia appears frequently at major fashion shows. As a trend-setter, Tia has graced the covers of fashion, beauty and lifestyle magazines such as Vogue, Elle, Marie Claire, and shares her beauty and fashion tips through a number of Vogue’s social media channels.

Media enquiry, please contact: 
global@redhill.asia
+852 60777342 | +852 93793045 

YMAB LOSS ALERT: ROSEN, TOP RANKED NATIONAL INVESTOR ATTORNEYS, Encourages Y-mAbs Therapeutics, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – YMAB

NEW YORK, Feb. 21, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Y-mAbs Therapeutics, Inc. (NASDAQ: YMAB) between October 6, 2020 and October 28, 2022, both dates inclusive (the “Class Period”), of the important March 20, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Y-mAbs securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Y-mAbs class action, go to https://rosenlegal.com/submit-form/?case_id=9496 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 20, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the Complaint, the Company made false and misleading statements to the market. Y-mAbs repeatedly misled investors about its meetings with the FDA, claiming that it was making progress in demonstrating the effectiveness and efficacy of its drug candidate, omburtamab. What was unknown to investors was that the FDA had repeatedly advised Y-mAbs that the treatment of effect of omburtamab cannot be objectively established or quantified based on a comparison between Study 03-133 and an external cohort comprised of data from the Central German Childhood Cancer Registry (CGCCR) database because of substantial differences in the patient populations, and the absence of tumor response data, and that Study 101 was neither sufficiently advanced nor indicative of efficacy to justify approval. Further, Y-mAbs failed to advise investors that it had elected to submit the March 31, 2022 BLA prior to reaching agreement with the FDA on the content of the application. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Y-mAbs, investors suffered damages.

To join the Y-mAbs class action, go to https://rosenlegal.com/submit-form/?case_id=9496 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

        Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8753674

ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Gaotu Techedu Inc. f/k/a GSX Techedu Inc. Investors with Losses to Secure Counsel Before Important February 28 Deadline in Securities Class Action Commenced by the Firm – GOTU, GSX

NEW YORK, Feb. 21, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Gaotu Techedu Inc. f/k/a GSX Techedu Inc. (NYSE: GOTU, GSX) between March 5, 2021 and July 23, 2021, both dates inclusive (the “Class Period”), of the important February 28, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Gaotu securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Gaotu class action, go to https://rosenlegal.com/submit-form/?case_id=2595 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 28, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) China was barring tutoring for profit in core school subjects and the policy change would restrict foreign investment in a sector that had become essential to success in Chinese school exams; and (2) the impact such regulations would have on Gaotu’s operations and profitability and the value of Company securities. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Gaotu class action, go to https://rosenlegal.com/submit-form/?case_id=2595 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8753652

Supercar Rental Company Classic Parade Launches UK’s First Cryptocurrency Payment Service

Supercar Rental Company Classic Parade Launches UK’s First Cryptocurrency Payment Service

One of the UK’s leading supercar hire companies has just launched a cryptocurrency payment system to rent the world’s most impressive supercars.

LONDON, Feb. 21, 2023 (GLOBE NEWSWIRE) — One of the UK’s leading supercar hire companies has just launched a cryptocurrency payment system to rent the world’s most impressive supercars. Customers can now choose to pay to for selection of over 100 supercars from 28 luxury marques in Bitcoin or Ethereum cryptocurrency as well as in Pound Sterling. One of the cars available at their showrooms in London, Manchester and Edinburgh, is the £2.4m Bugatti Chiron, which costs £200,000 a day to rent, or 220.75 ETH, or 11.696 BTC.

Classic Parade founder and owner Andrew Brown said: “Our clientele are international and want to be able to pay to rent our supercars without the hassle and cost of exchange rates and transfer fees. “Many of our clientele have significant holdings in cryptocurrency and so it makes sense to offer this option for them. The transactions are immediate, and we can also take the deposits in crypto as well, and then it’s easy to return the deposit after the rental has expired as well.”

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Crypto payments are made to Classic Parade’s secure wallet and all necessary steps are taken to ensure the safety of the financial transfers. Once the funds have transferred and the rental agreements are signed the supercar is either collected or delivered to the customers address in the UK.

Andrew Brown added: “We have to go through the usual identity checks needed to hire a vehicle, but these are easy to process, and it becomes much easier with every repeat transaction. “This way we can also provide adequate “know your customer” checks.” One of Classic Parade’s most popular cars for summer rentals is the Lamborghini Huracan Spyder which costs £1,100 a day to rent, or 1.21 ETH or 0.064 BTC. Andrew Brown said: “We are expecting a great deal of interest from crypto investors in the next few months to rent out our incredible supercars. Many investors are relatively young and want to show their wealth and so the interest in supercars is very strong for this market.”

You can see the full range of supercars and their prices at https://www.classicparade.co.uk

Media contact details:

James Goble, Classic Parade
+44 (0) 333 355 3595
rent@classicparade.co.uk

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49b34c75-e25e-4725-bd2c-0b83c37cfe83

GlobeNewswire Distribution ID 1000783903

Ministry of Finance launches the third phase of the Digital Procurement Platform

Mohamed Bin Hadi Al Hussaini: The Digital Procurement Platform enhanced government spending efficiency and provides a cutting-edge model for government practices

Mohamed Bin Hadi Al Hussaini: The platform introduces a new concept of government procurement based on international best practices

Mohamed Bin Hadi Al Hussaini: The platform supports the government digital transformation system to help achieve the country’s vision and comprehensive development plans.

Mariam Al Amiri: The new platform contributes to reducing the cost of goods and services purchased by government entities

Mariam Al Amiri: The platform offers a ‘spending report’ feature that integrates all data related to procurement Sub titles: – 32 ministries and federal entities started deploying the platform – Signing 100 agreements with suppliers, including SMEs – Offers more than 7,000 products and 500 services that are distributed over 19 categories included in the platform Catalogue – Businesses, including SMEs, freelancers, and SANAA Productive families can register as federal suppliers for free Dubai – United Arab Emirates, 20 February 2023: The Ministry of Finance (MoF) today launched the third phase of the Digital Procurement Platform (DPP), and 32 ministries and federal entities started deploying the DPP.

The announcement was made during a forum that the ministry organised in Dubai in the presence of representatives from the government entities and in tandem with the UAE Innovation Month. The Ministry organised the forum as part of its endeavours to achieve the highest levels of efficiency and transparency in managing federal government procurement, and in line with its efforts to instill a culture of innovation in supporting government work. The DPP digitalises the procurement process across the UAE federal entities. It brings together the federal entities and registered suppliers on a single platform, where all the stages of the procurement process including announcement, bidding and following up on tenders, placing purchase orders, and generating invoices, can be completed online.

Government spending efficiency His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised the significance of the DPP, which aims to improve procurement processes, enhance government spending efficiency, support entrepreneurs and SMEs, and provide a cutting-edge model for government practices, cementing the UAE’s position on global competitiveness indices. His Excellency said: “The Digital Procurement Platform introduces a new concept of government procurement and a flexible procurement policy based on international benchmarking and international best practices. This comes in line with the wise leadership’s directives to support the government digital transformation system and achieve the country’s vision and comprehensive development plans.

The platform contributes to improving the procurement and contracting processes and enhancing the efficiency of negotiations with suppliers to obtain better prices. It also helps to ensure the quality of procurement at low prices, accelerate procedures, and enhance the efficiency of planning and procurement management at the federal level.” Reducing the cost of goods and services Her Excellency Mariam Al Amiri, Assistant Undersecretary for Government Financial Management Sector at MoF, noted that the new platform contributes to reducing the cost of goods and services purchased by government entities.

This is by signing framework agreements with suppliers to ensure best prices and to provide the federal government with high quality products and services. Her Excellency also mentioned that the DPP offers a ‘spending report’ feature that integrates all data related to procurement and supplier performance, ensuring the highest levels of spending transparency and budget control. Her Excellency Al Amiri stated that “the Ministry of Finance held more than 200 interactive workshops and training sessions to test user acceptance and discuss ideas for designing the platform.

The ministry also added 32 federal entities to the platform, registered and evaluated more than 200 technical and financial proposals from suppliers participating in the proposed practices, and signed 100 agreements with suppliers, including SMEs. The ministry also offered more than 7,000 products like laptops, printers, stationary, water, and others, as well as 500 services within the platform, and these are distributed over 19 categories included in the DPP Catalogue.” Forum agenda Her Excellency Mariam Al Amiri delivered the opening speech during the forum, which then discussed key achievements of the DPP, the plan for the third phase and the features it includes such as providing the electronic signature feature on contracts through the UAE PASS, the smart reports feature, and evaluating the performance and risks of suppliers, among others. The forum also deliberated the current and future plans of developing the DPP Catalogue.

The 6-minute procurement process The DPP provides an easy and simple user experience and introduces a new concept of government procurement by creating a catalogue of the commonly procured goods and services by the federal entities. Buyers can choose the product based on a pre-contract with the supplier, add it to the shopping cart and submit their request to obtain the necessary approvals, helping to reduce procurement process time from 60 days to six minutes. Local businesses, international businesses, free zone companies, national SMEs, freelancers, and SANAA Productive families can register as federal suppliers for free. SMEs get exclusive privileges SMEs get exclusive privileges on the DPP by classifying SMEs through the platform in order to direct government entities and facilitate access to SMEs products by adding the ‘SMEs’ logo to the platform.

SMEs also get 10% of purchases by monitoring their spending percentage on an annual basis, and during the evaluation process, 10% is added while calculating the final score for SMEs. This is in addition to long-term contracts to supply services and products to federal entities. Moreover, SMEs are exempted from submitting a Performance Bond; instead, a retention amount will be deducted from their initial invoices. The Ministry of Finance developed a new procurement policy based on international benchmarking and best practices adopted by leading countries in the field of digital procurement. The DPP provides smart control features and enables federal entities to extract detailed reports that display all data related to procurement operations and supplier performance, ensuring the highest levels of budget transparency, governance, and control.

The forum honored representatives of the government entities charged with managing procurement processes through the platform. The entities that utilised the catalogue the most frequently in 2022 were also disclosed during the forum. The Ministry of Energy and Infrastructure came in the first place, the National Counselling Center came in second place, and the Ministry of Justice ranked third.

The Ministry of Finance continues to work to achieve maximum benefit from the DPP by enhancing the catalogue to offer specialised services in accordance with best practices, and adding new categories to ensure the provision of all requirements of the federal government.

Source: Ministry of Finance