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Credit Ratings for Private Companies in Dubai

Dubai is likely to make credit rating mandatory for the private sector companies if the current plan materialises, a government official said.

About 75 per cent of Dubai's 80,000 private sector establishments have been brought under a credit rating mechanism by the Dubai Chamber of Commerce and Industry (DCCI) and French credit insurer, Coface.

"We are working on a set of proposals to submit to the board that might make credit rating mandatory to all companies registered in Dubai," Mariam M. Al Serkal, Credit Rating Unit team leader at the DCCI, told Gulf News yesterday.

"This proposal might be submitted later this year, although, we are currently working on expanding the network.

"More than 5,000 companies within Dubai's free zones have been brought under the scheme while we are moving ahead towards bringing others into the mechanism."

Private companies in the UAE are not required to declare financials, assets and liabilities, making it difficult for others to measure risks.(via Gulf News)

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