The Emirates Credit Information Company has announced the incorporation of non-banking financial data into its database system through new strategic partnerships with government agencies. This initiative aims to enrich the credit reports generated by the Emirates Credit Information Company, providing a more comprehensive and reliable insight into corporate risk profiles. This move underscores the company’s commitment to facilitating informed decision-making, strengthening trust, and supporting economic stability.
New Updates
The recent enhancements involve integrating data obtained from partnerships with several entities, including the Ministry of Foreign Affairs, the Ministry of Human Resources and Emiratisation, and the Abu Dhabi Pension Fund. These additions aim to offer deeper insights into corporate credit behaviors regarding financial obligations to non-banking entities.
Statements from Officials
Omar Al-Bidan Al-Shamsi, Undersecretary of the Ministry of Foreign Affairs, stated, “Establishing comprehensive strategic partnerships with various government and private sector entities reflects our ministry’s commitment to eliminating governmental bureaucracy, driving digital transformation, and developing a national data system. This system allows for secure and reliable data exchange regarding services among concerned parties, enhancing governmental efficiency and improving the quality of services available to beneficiaries.”
Khalil Al-Hoori, Undersecretary for Labor Market Operations at the Ministry of Human Resources and Emiratisation, remarked, “This collaboration emphasizes our ministry’s dedication to enhancing integration and coordination with strategic partners, particularly through the exchange of trustworthy data and information that provide an objective picture of the labor market. This supports its efficiency and competitiveness, reinforcing the country’s position as a top global destination for living, working, and investing.”
Marwan Ahmed Lutfi, Director General of the Emirates Credit Information Company, noted, “We are collaborating with various government entities to introduce financial information from different sectors. This is aimed at developing the credit report to include not only bank payments but also amounts due to government entities, thereby enhancing the comprehensiveness of the corporate credit record and underscoring the significance of the credit report in assessing corporate-related risks.”
Insights Included in Updated Reports
The new corporate credit report encompasses key indicators from the following entities:
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Ministry of Foreign Affairs: Through a new integration aimed at enhancing insights into trade data, the company has included data on businesses that fail to validate import invoices and the penalties incurred.
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Ministry of Human Resources and Emiratisation: In collaboration with the ministry, the Emirates Credit Information Company has added new behavioral indicators that outline overdue administrative fines, non-compliance with nationalization efforts, companies that have not paid employee wages through the Wage Protection System, organizations that have not met obligations related to the General Pension and Social Insurance Authority, and the status of businesses suspected of being fictitious.
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Abu Dhabi Pension Fund: Working with the fund, the company has integrated a dataset indicating overdue amounts owed by companies for their insurance obligations.
Regarding the inclusion of these new data points, the Abu Dhabi Pension Fund stated that this development reflects the company’s commitment to a holistic data insight approach, surpassing traditional banking credit reports by enhancing them with broader financial obligations information. This contributes to economic stability by assessing risks arising from corporate management behavior.