Business | Banking
Dubai prepares public and private sectors for credit rating scheme
The Dubai Chamber of Commerce and Industry (DCCI) has began preparing the public and private sectors for the credit rating scheme by updating them on the scheme.
- Staff Report
- Published: 00:00 June 7, 2007
Dubai: The Dubai Chamber of Commerce and Industry (DCCI) has began preparing the public and private sectors for the credit rating scheme by updating them on the scheme.
The DCCI's Commercial Services Department yesterday organised a seminar on corporate credit rating targeting the representatives of more than 15 government departments in Dubai.
The seminar aimed at introducing the participants to the importance of credit rating of companies and its commercial credibility to enable local businessmen and importers evaluate the companies' financial and operational status before starting business with them.
Rashid Mattar Bin Yaleel, Director of the DCCI's Commercial Services Department, said, it will help Dubai-based government departments to classify and evaluate the credibility of the companies they plan to deal with in advance.
"The Dubai Chamber can provide a list of trustworthy companies reflecting the status of their financial commitment capability and commercial liability in the market to ensure doing business safely, especially for the small and medium-sized enterprises," said Bin Yaleel.
Mariam Al Serkal, Credit Rating Unit Team Leader at the Dubai Chamber, said, "It also helps investors effectively promote their companies, ensure credibility among clients as well as minimising the loss based on distrusted companies' credits.
"The Dubai Chamber has developed a database that can provide authentic and up-to-date information of 45 million companies all over the world to help ensure safe business, especially for importers. The credit rating service that Dubai Chamber provides through strategic alliance with Coface and the Association of Executives in Finance, Credit and International Businesses (FCIB), add more value to its services."
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