New financial credit bureau to further boost UAE’s mortgage sector
UAE's real estate finance sector will receive a huge fillip with the introduction of a national financial credit bureau. The move would make mortgage lenders manage the risks associated with issuing debt more effectively, says Chris Dommett, CEO of leading independent mortgage advisor John Charcol Dubai.
Through comprehensive coverage of the UAE credit market, new national credit database Emcredit aims to provide consumers and businesses with information and analysis that facilitates lending and business decisions.
New system has lifted the UAE's international business posture, recognizing the importance of the tool in improving the country's business landscape by allowing for better supervision of the debt issued by financial institutions, according to the World Bank's Doing Business Report 2009. Major mortgage industry players are looking forward to the system that can increase accountability and foster a more conducive business environment in the UAE.
