Emcredit to release credit-related economic indicators

1. Research reports valuable for business decisions, monitoring trends and economic policy making
2. First report to highlight trends in UAE business activity in 2009
3. Subsequent reports to focus on UAE employment and credit-related  trends

Emcredit, the UAE’s first government-backed credit information services company, today announced that it is set to launch quarterly market and credit-related economic indicators focusing on the UAE. The first of such research reports, “Q1-2009 Business Activity Report,” focusing on historical patterns of business registration and its related activities, is in the finalisation stage and will be launched this summer.

The company revealed that it is also set to launch similar indicators later in the year on trends related to credit risk and employment.

“Dubai and the rest of the UAE are increasingly operating in a globalised setting. In strengthening the country’s business environment and enhancing transparency, it becomes critical to be fully informed about economic trends and patterns,” said Ali Ibrahim, Managing Director of Emcredit. “Such economic indicators and trends, when backed by accurate data and tracked regularly, can greatly support the decision-making process of policy makers, law enforcement authorities, lenders, commercial entities, as well as enhance the confidence of foreign investors.

“Emcredit’s strategy is to promote a conducive knowledge-based environment. Our reports are based on an analysis of comprehensive data from public and private sources, and we believe these reports will prove valuable to the national economy.”

He highlighted that Emcredit’s neutral position in the industry makes it a favourable institution to generate these reports for the industry. “Emcredit is neither a policy-maker nor a regulator; being an aggregator of information places us at the heart of the system, enabling us to provide timely and credible information in an unbiased manner.”

Ibrahim said a variety of data is also being collated from multiple sources, including banks, governments, law enforcement authorities and others. Further details on the launch of the first report will be forthcoming.

About Emcredit:
Emcredit is the UAE’s pioneer information services company. It provides a range of comprehensive, accurate and timely information solutions such as credit bureau services, cheque-honouring reports, business background reports and other risk assessment tools. Emcredit’s decision support tools enable private and public entities to gain greater perspective into the risk profiles of individuals and companies, thereby empowering them to make more informed business decisions.

The company has a rich database on individuals and companies in the UAE, including 5.6 million consumer identification records, payment behaviour information on consumer and commercial borrowers and 35 per cent of mortgage data in the UAE. It has established data-sharing agreements with several government departments, to power its information solutions. These government entities include Dubai e-Government, Dubai Police, Department of Economic Development (DED), Dubai Land Department and its subsidiary, the Real Estate Regulatory Authority.

Emcredit is registered as a private entity and is based in the Dubai International Financial Centre (DIFC), which is regulated by the Dubai Financial Services Authority (DFSA). Emcredit operates in line with the DIFC’s Data Protection Law.

Emcredit was incorporated in January 2006 under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. It is a fully owned subsidiary of the Department of Economic Development (DED), Government of Dubai.