DUBAI, 26 November 2006 — The UAE’s first credit bureau was officially launched yesterday. Emcredit, claimed to be the first independent credit information company in the UAE, opened its doors to offer technology-driven, credit reporting solutions that provide accurate credit information to lenders about borrowers.
Emcredit, a project initiated by the Department of Economic Development, (DED) government of Dubai in 2003, was incorporated earlier this year as an independent enterprise, under the direction of Mohammed ibn Rashid Al-Maktoum, UAE vice president, prime minister and ruler of Dubai. Emcredit collates data on borrowers and provides it in real time to lenders thereby supporting their decision making processes.
Emcredit is located at the Dubai International Financial Centre (DIFC) where it operates under a data protection law, which facilitates effective data sharing and offers privacy protection to individuals.
“Emcredit was established with the strategic objective of empowering the decision making process and driving the knowledge based economy,” Mohamed Ali Alabbar, director General of the DED and chairman of Emcredit, told a press conference. “Its unique structure combines the best of public and private sector models and operates on a state-of-the-art technology platform to offer its stakeholders the highest levels of security and data protection, which is essential to its success.”
He explained how Emcredit will fuel economic growth, particularly in supporting the small and medium enterprises (SMEs) segment.
