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UAE's ranking in World Bank's report boosted

posted on 14/09/2008: 2251 views

The UAE's first private credit information company, Emcredit, has been recognised by the World Bank as a significant factor in the UAE's reforms to boost business environment in the country. 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." The report highlights that 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. This has also facilitated the UAE's overall performance in the report to improve by eight ranks to now reaching the 46th rank in the overall Ease of Doing Business.

Emcredit's coverage of the credit market and the specifics of its business model has helped the UAE achieve a score of 5 in the Credit Information Index section of the report. This score places the UAE above the MENA and OECD average.

The Doing Business Report, undertaken annually by the World Bank, provides objective evaluations of business regulations and their enforcement across 181 economies and selected cities at the subnational and regional level.

"H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai, has stressed on the importance of improving the UAE's position in the Doing Business Report," said Ali Ibrahim, Managing Director of Emcredit. In line with his vision, Emcredit had met with officials from the World Bank in early 2008 to update them on Emcredit's efforts in enhancing the UAE's credit information sector. – Emirates News Agency, WAM


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