The interior of the newly-opened Al Etihad Credit Bureau in Abu Dhabi. Silvia Razgova / The National
The interior of the newly-opened Al Etihad Credit Bureau in Abu Dhabi. Silvia Razgova / The National

UAE credit reports now available for Dh110



Al Etihad Credit Bureau, the agency conceived to help prevent another boom-and-bust credit cycle in the UAE, has opened for business.

Residents who have had a loan application rejected and who want to find out why, or those who are curious to find out how creditworthy they are, can head to the bureau’s headquarters on Al Falah Street next to the Finance Ministry in Abu Dhabi, or the bureau’s Dubai office on Sheikh Zayed Road.

Residents will need to present their Emirates ID, passport and a Dh110 fee. The process should not take any longer than 10 to 15 minutes, said the bureau’s customer service representatives.

“As of today, both financial institutions and UAE residents are able to obtain credit reports with a data accuracy rating of 99.5 per cent, which surpasses international standards of credit data quality and accuracy,” said Marwan Lutfi, the chief executive of the bureau, at a conference at the agency’s Abu Dhabi headquarters.

“These credit reports will help individuals to understand their debt levels and have a clearer picture of their financial obligations. This will in turn enhance their ability to plan for future borrowing and manage their finances responsibly.”

A credit bureau has become especially urgent in the emirates, where debt per capita stands at about US$95,000 per head, higher than global norms, industry executives have said.

So far, the credit bureau has uploaded 90 per cent of consumer credit data provided by banks and financial institutions for the past 24 months, Mr Lutfi said. The database currently includes information on2.8 million individuals, which represents 97 per cent of the population of the UAE that has some form of credit, he added. About 43 banks and financial institutions have submitted the credit data on their customers, and 29 have subscribed to the bureau’s credit reporting service, he said.

A federal law was passed in 2010 to establish the bureau, which requires all banks to participate, but it has gained traction only in recent months.

The bureau’s database of the credit history of all retail borrowers will enable banks to build an accurate picture of a potential borrower’s indebtedness, and allow them to assess his or her ability to honour the debt. Previously, banks could not check the credit history of customers relating to other lenders.

Experience in other countries shows credit bureaus can help to stop individuals with a poor credit history from amassing further debt, while easing the flow of credit to those able to repay loans. Banks benefit by generally not having to build such large provisions, or money put aside to cover bad debts against the risk of defaults.

Last month, Mr Lutfi said in an interview with The National that he was not concerned about rising credit growth and pointed to measures apart from the credit bureau, such as higher down payments for mortgages, as evidence the authorities were making sure that loans did not spiral out of control, as happened before the country’s 2009 debt crisis.

Last year, loans grew 9 per cent and analysts expect that figure to reach 10 per cent this year. Credit grew 41 per cent in 2008, according to figures from the central bank.

Eventually the credit bureau will add to its reports other forms of consumer obligations, such as telephone bills and other utilities. Firms in the UAE will also one day be able to access credit reports, Mr Lutfi said.

“The bureau will implement its second operational phase during the coming period,” he said. “This includes issuing credit reports on all companies in the UAE, which will feature bounced cheque details and telecommunications companies’ payment information for the past 24 months.

“We will announce the launch of other services in the future, which will be implemented throughout various phases,” he added.

“Specific dates will be announced early next year.”

mkassem@thenational.ae

Follow The National's Business section on Twitter

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

THE DETAILS

Kaala

Dir: Pa. Ranjith

Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar  

Rating: 1.5/5 

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

List of alleged parties

May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members

May 20 2020: PM and Carrie attend 'bring your own booze'
party

Nov 27 2020: PM gives speech at leaving do for his staff

Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson

Dec 13 2020: PM and Carrie throw a flat party

Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters

Dec 15 2020: PM takes part in a staff quiz

Dec 18 2020: Downing Street Christmas party

FROM THE ASHES

Director: Khalid Fahad

Starring: Shaima Al Tayeb, Wafa Muhamad, Hamss Bandar

Rating: 3/5

The biog

Name: Gul Raziq

From: Charsadda, Pakistan

Family: Wife and six children

Favourite holes at Al Ghazal: 15 and 8

Golf Handicap: 6

Childhood sport: cricket 

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

The specs

Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

Oppenheimer

Director: Christopher Nolan

Stars: Cillian Murphy, Emily Blunt, Robert Downey Jr, Florence Pugh, Matt Damon

Rating: 5/5

MEYDAN RACECARD

6pm Arabian Adventures – Maiden (TB) Dh82,500 (Dirt) 1,200m
6.35pm Emirates Sky Cargo – Handicap (TB) 87,500 (D) 2,000m
7.10pm Emirates Holiday – Maiden (TB) Dh82,500 (D) 1,400m
7.45pm Emirates Skywards – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm Emirates Airline – Handicap (TB) Dh105,000 (D) 1,600m
8.55pm Emirates Airline – Handicap (TB) Dh105,000 (D) 1,900m
9.30pm Emirates.com – Handicap (TB_ Dh87,500 (D) 1,200m

COMPANY PROFILE

Founder: Hani Abu Ghazaleh
Based: Abu Dhabi, with an office in Montreal
Founded: 2018
Sector: Virtual Reality
Investment raised: $1.2 million, and nearing close of $5 million new funding round
Number of employees: 12

What is 'Soft Power'?

Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye. 
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength. 
Soft power is, at its root, the ability to convince other states to do what you want without force. 
This is traditionally achieved by proving that you share morals and values.

Things Heard & Seen

Directed by: Shari Springer Berman, Robert Pulcini

Starring: Amanda Seyfried, James Norton

2/5

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

THE BIO

Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.

Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.

She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.

She is the youngest of three children, and has a brother and sister.

Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring  the natural world.

OPTA'S PREDICTED TABLE

1. Liverpool 101 points

2. Manchester City 80 

3. Leicester 67

4. Chelsea 63

5. Manchester United 61

6. Tottenham 58

7. Wolves 56

8. Arsenal 56

9. Sheffield United 55

10. Everton 50

11. Burnley 49

12. Crystal Palace 49

13. Newcastle 46

14. Southampton 44

15. West Ham 39

16. Brighton 37

17. Watford 36

18. Bournemouth 36

19. Aston Villa 32

20. Norwich City 29

 

 

 

 

 

 

British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):

1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)

2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)

3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)

4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)

5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Company profile

Company name: Leap
Started: March 2021
Founders: Ziad Toqan and Jamil Khammu
Based: Dubai
Sector: FinTech
Investment stage: Pre-seed
Funds raised: Undisclosed
Current number of staff: Seven

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

PREMIER LEAGUE STATS

Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals

2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25

Latest
Most Read
Top Videos