Dubai Chamber Introduces its Credit Rating Service to Government Entities’ Representatives in Dubai
The Commercial Services Department at Dubai Chamber of Commerce & Industry yesterday organized a seminar on corporate credit rating targeting the representatives of more than 15 government departments in Dubai. The seminar aimed at introducing the participants to the importance of credit rating of companies and its commercial credibility to enable local businessmen and importers evaluate the companies’ financial and operational status before starting business with them.
The seminar was attended by Rashid Mattar Bin Yaleel, Director of the Commercial Services Department at Dubai Chamber, along with representatives of several local government departments such as Road & Transport Authority, Dubai Municipality, Justice Department, Mohammed bin Rashid Establishment for Young Business Leaders, Dubai Internet City, Emaar Council, Dubai Industrial City, Nakheel, Abu Dhabi Chamber of Commerce & Industry, Emirates Post, and others.
Bin Yaleel stressed the importance of this workshop being held as part of the Commercial Services Department’s annual plan that goes in line with Dubai Chamber’s vision and strategy in supporting its members and the business community with the best services and information, and enhancing their awareness about ensuring safety and success for their commercial transactions with local, regional and international companies.
“The seminar aimed at highlighting the importance of credit rating for companies, and helping Dubai-based government departments to classify and evaluate the credibility of the companies they plan to deal with in advance. The seminar stressed that Dubai Chamber can provide a list of trustworthy companies reflecting the status of their financial commitment capability and commercial liability in the market to ensure doing business safely, especially for the small and medium-sized enterprises,” said Bin Yaleel.
Mariam Al Serkal, Credit Rating Unit Team Leader at Dubai Chamber, delivered a presentation on credit rating service offered by the Chamber in cooperation with the Compagnie Francaise d’ Assurance pour Le Commerce Exteriors (Coface) to enhance transparency and credibility of the companies that Dubai Chamber’s members are dealing with. It also helps investors effectively promote their companies upon getting into new investments inside and outside the UAE, ensure credibility among clients as well as minimizing the loss based on distrusted companies’ credits.
“Dubai Chamber is always interested in increasing the awareness of its members and the business community on commercial credit risks through holding seminars periodically. The Chamber also stresses the importance of acquiring information about the reputation, size and location of companies and the capability of meeting their financial commitments,” said Al Serkal.
She pointed out that the seminar introduced the participants to the risks Dubai-based businessmen and companies might face while dealing with other companies that have no credit records. Credit records help investors effectively promote their companies upon getting into new investments inside and outside the UAE, as well as minimizing the losses based on distrusted companies’ credits, she added.
“Dubai Chamber has developed a database that can provide authentic and up-to-date information of 45 million companies from all over the world to help ensure safe business, especially for importers. The credit rating service that Dubai Chamber provides through strategic alliance with (Coface) and the Association of Executives in Finance, Credit and International Businesses (FCIB), add more value to its services,” Al Serkal added.
