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Dubai, UAE, 4 October 2014: Small and Medium Enterprises are the most efficient tool to drive economic and social development forward, even in remote and less developed regions says the CEO of the Saudi Credit Bureau (SIMAH), who have launched a new evaluating project for SMEs.
SIMAH says SMEs account for 99.8 percent of total business enterprises in Europe, 60 percent of value added, and 70 percent of total employment; however these percentages will also be reflected in other countries worldwide.
In the build up to the 9th World Consumer Credit Reporting Conference (WCCRC) taking place in Dubai later this month, SIMAH have introduced their Taqeem project to helps funders assesses the financial solvency of SMEs and encourage banks to extend more loans.
Nabil Al-Mubarak, CEO of SIMAH said: “Banks are hesitant towards lending due to lack of credit information to measure the level of financial solvency, high cost of loan assessment and evaluation, the inability of SMEs to manage credit risks, increased lending costs due to greater credit risks, and the failure of all sides to calculate probability of default.
“Taqeem aims at studying all of SME’s overall aspects by analytically reviewing all related financial, economic, administrative and strategic issues. SIMAH focuses on all basic data and we have noted the banks’ reluctance to provide loans as they lacked vital information from SMEs.
“Taqeem will help the deserving SMEs to gather financial support by providing more tools and mechanisms for the bankers to assess credit risks. There are also moves to raise the level of economic transparency”.
Al-Mubarak’s comments come as more than 250 internationally recognized financial leaders prepare for the 9th WCCRC, taking place from 20-21 October at the Dubai Grand Hyatt Hotel.
Organized by Saudi Credit Bureau (SIMAH) and supported by Al Etihad Credit Bureau, the two-day summit is being held in Dubai for the first time, as the Emirate continues to climb the ranks as one of the world’s leading business hubs.
The 9th WCCRC is the only global event that specifically covers the subject of credit reporting, bringing together companies and organisations from around the world to discuss developments in this increasingly important industry.
Stuart Pratt, President and CEO of the Consumer Data Industry Association (CDIA), will be providing delegates on day two of the conference with a US perspective on the data quality in credit reporting systems.
“The selection of Dubai and the GCC region to host the 9th World Consumer Credit Reporting Conference not only emphasises how important credit reporting is to the global economy but how vital this region is to financial issues in general,” Pratt said.
“SIMAH has proven to be a leader in the global credit reporting market and that’s the principal reason we were honored that they agreed to partner with CDIA and Association of Consumer Credit Information Suppliers (ACCIS) on this very important conference.
“Not only will the 250 or more delegates in attendance be updated on those issues most critical to their business, but they will do so in a backdrop like Dubai that exemplifies the best in a progressive and forward-looking environment.”
Other subjects also highlighted at the conference include Cybersecurity, Consumer and SME Lending, Impact of CRA’s on the economy and Credit Reporting Growth in the GCC Region.
Registration for delegates opens on Sunday 19 October, followed by a private VIP gala dinner for participants at The Armani Hotel. Also, running in tandem with the conference is a dedicated exhibition which will provide a platform for credit reporting organisations to display their work to peers and associates.
Chosen by the Association of Consumer Credit Information Suppliers and the Consumer Data Industry Association, SIMAH is hosting the 9th World Consumer Credit Reporting Conference with the support of Al Etihad Credit Bureau, Qatar Credit Bureau and The Benefit Company.
The conference is sponsored by Qarar, CRIF, Veda@SIMAH, MicroBilt Corporation, AJIL Financial Services Company, MasterCard, CallCredit, FICO, the Joint Credit Information Center, TransUnion and official airline Emirates Airways.
The 8th edition in 2012 was held in Taipei, Taiwan, organised by the Joint Credit Information Center, while the venue for the 2016 conference will be revealed on the final day in Dubai. More information on the conference can be found at www.wccrc2014.com