The bureau hopes the roll-out of commercial credit scores will make it easier for small and medium enterprises to access credit. Silvia Razgova / The National
The bureau hopes the roll-out of commercial credit scores will make it easier for small and medium enterprises to access credit. Silvia Razgova / The National

UAE's Credit Bureau issues commercial credit scores

Al Etihad Credit Bureau (AECB) has started issuing commercial credit scores to UAE businesses, the bureau announced on Wednesday.

Under the system, companies are assigned a three-digit score - between 300 to 900 - that represents their creditworthiness and future risk of default. The higher the number, the lower the risk.

The bureau hopes the roll-out of the service will make it easier for small and medium-sized enterprises to access credit.

"The launch of the Commercial Credit Score will help banks and other commercial lenders to assess the risk from the time of application throughout the entire lending relationship," said Marwan Lutfi, the chief executive of AECB.

The commercial credit score measures how likely an organisation is to default within the next 12 months and indicates the effectiveness of its current management, the bureau stated.

The score is calculated using financial data from a range of sources, including banks, finance companies and telecom firms.

The launch is another indication of the bureau’s drive to adopt international standards in credit reporting and comes almost four months after the bureau’s credit scoring system was rolled out to individuals.

An individual's credit score takes into account about 2,000 attributes to determine a borrower's risk of default over the next 12 months. Attributes include nationality, age, outstanding balances and the number of loans, Mr Lutfi told The National in April.

The bureau said it hoped individual credit scores would result in borrowers with good payment histories receiving better rates when applying for a credit card or loan.

Companies can obtain their credit scores by visiting the bureau's customer service centres in Abu Dhabi and Dubai, providing documents such as original Emirates ID of the company's owner or the company's authorised signatory, an original trade licence and a valid email address.

A standard credit report for individuals or establishments costs Dh100, while the document with a score is an additional Dh50. A credit score only, with no report, for an individual costs Dh60. Standard reports for corporates cost Dh180, or with a score for Dh220.


Read more:


Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices


Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others


Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside


Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90+4')

Red card: Rodrigo Bentancur (Juventus)

Teachers' pay - what you need to know

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Most Read
Top Videos

Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week