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UAE's Emcredit lauded by World Bank
Emcredit, the UAE’s first private credit information company, has been recognised in a World Bank report as a significant factor in the UAE’s reforms to improve the country’s business environment.
According to the World Bank’s Doing Business Report 2009, Emcredit’s collection of “information on the repayment pattern of individual borrowers as well as firms has allowed better supervision of the debt level of banks and borrowers”.
Emcredit has been instrumental in improving the UAE’s position by 48 points in the area of credit information, moving up from 116th position in 2007 to 68th position in 2008, it said.
The UAE’s overall performance in the report improved by eight places to number 46.
Emcredit’s coverage of the credit market and the specifics of its business model helped the UAE achieve a score of five in the Credit Information Index section of the report, which is above the MENA and OECD average.
“The results of the Doing Business 2009 report makes clear that we are well on track to achieving our goals,” said Ali Ibrahim, managing director of Emcredit.
He also called for greater cooperation from the public and private sectors in order to strengthen the credit information system.
“In just two years of our operations we have seen such a positive result for the UAE," he said.
“We are confident that with more support from government departments, banks, financial institutions, real estate companies and other business entities, we can increase Emcredit’s information coverage and can jointly drive even further improved economic performance."
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