Al-Etihad Credit Bureau adds non-banking financial information to its data system

Al-Etihad Credit Bureau announced today the addition of non-banking financial information to its data system, through concluding new strategic partnerships with government agencies. These partnerships will enrich the credit reports issued by Al Etihad Credit Bureau, providing a more comprehensive and reliable view of companies’ risk profiles.

The new updates include adding data derived from partnerships with: the Ministry of Foreign Affairs, the Ministry of Human Resources and Emiratisation, and the Abu Dhabi Retirement Fund. These additions aim to provide deeper insights into the credit behavior of companies towards financial obligations from non-banking entities.

Omar Obaid Al-Hussan Al Shamsi, Undersecretary of the Ministry of Foreign Affairs, stressed that establishing strategic and integrated partnerships with various government agencies and the private sector reflects the Ministry’s commitment to the goals of the program to eliminate government bureaucracy, advance digital transformation, and develop a comprehensive national system for government data. This system allows a safe and reliable exchange of data related to services between the concerned authorities, enhances the efficiency of government work, and improves the quality of government services provided to beneficiaries.

For his part, Khalil Al-Khouri, Undersecretary of the Ministry of Human Resources and Emiratisation for Labor Market Operations and Emiratisation, stressed the Ministry’s keenness to enhance integration and coordination with its strategic partners, especially through the exchange of reliable data and information that provides an objective picture of the labor market, in a way that supports its efficiency and competitiveness, in order to enhance the country’s leading global position as an ideal global destination for living, working and investing.

In turn, Marwan Ahmed Lutfi, General Manager of Al-Ittihad Credit Information Company, said that the company is working with many government agencies to add financial information from different sectors with the aim of developing the credit report to include, in addition to bank payments, payments owed to government agencies, which will enhance the comprehensiveness of the credit record of companies and enhance the importance of the credit report in studying the risks related to companies.

The new data in the companies’ credit report covers important indicators, and for the Ministry of Foreign Affairs, the company included data on companies that fail to certify commercial import invoices and the resulting fines.
In partnership with the Ministry of Human Resources and Emiratisation, Al-Ittihad Credit Bureau has included new behavioral indicators that show late payment administrative fines, non-compliance with Emiratisation, companies that have not paid the wages of their employees through the Wage Protection System, companies that are not committed to payments related to the General Pensions and Social Security Authority, and the status of the company if it is a fictitious company.
In cooperation with the Abu Dhabi Retirement Fund, Al Etihad Credit Bureau has integrated a data set showing the amounts of companies’ arrears in paying their insurance obligations.