Business | Banking
UAE urged to improve credit information
UAE lags behind Singapore and in the Middle East in all the indicators of getting credit, according to a report by Dubai Chamber of Commerce and Industry.
- Staff Report
- Published: 23:59 August 12, 2008
Dubai: The UAE lags behind Singapore and in the Middle East in all the indicators of getting credit, according to a report by Dubai Chamber of Commerce and Industry.
Given the fact that UAE has been promoting itself as a financial hub of the region, credit reforms are essential for its regional and international standing and image. The report calls for effective collection and reforms such as distribution of credit data - both positive and negative - on firms and individuals.
Dubai Chamber is conducting a survey on the supply and demand sides of Dubai credit market.
The supply side of the market comprises the financial institutions while the demand side comprises businesses in general.
The study will come up with concrete reform recommendations to improve UAE position/rank in the credit market. It has been running a credit rating service for its members with an objective of facilitating their access to credit.
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