ABU DHABI: The United Arab Emirates' credit bureau has begun covering retail customers and plans to extend its work to companies next year, its chief executive said on Wednesday.
The much-delayed Al Etihad Credit Bureau now has financial information on 2.8 million individuals or 97 percent of the total population with a credit history, Marwan Lutfi said.
The UAE government is seeking to strengthen the banking system against bad debt. Until now, banks have often been unable to access data on consumers at other financial institutions when making lending decisions, meaning borrowers could take on huge debts with multiple lenders without any of them knowing.
Together with tougher mortgage lending rules and caps on lending to government-linked companies, the credit bureau is one of several tools aimed at guarding against a repeat of the crisis that paralyzed the financial system in 2009 and 2010. "The credit reports will play a key role in helping banks and financial institutions to assess risk accurately, enabling them to make informed lending decisions and lower lending risks," Lutfi told reporters at the Abu Dhabi headquarters.
The bureau had previously set the end of the first quarter of 2014 as the deadline for starting operations but the plan was delayed due to inaccurate information or errors in the consumer credit data being submitted by banks.
About 99 percent of the required correct data on consumers had now been supplied by banks, Lutfi said. To date, 43 banks and financial institutions had submitted their customers' credit data and 29 of them had subscribed to the bureau's credit reporting services. In total, 51 banks operate in the UAE.
Starting next year, the bureau will also offer credit reports on all companies operating in the UAE, including any details of bounced checks.
Some banks are unsure about how much difference it will make to their lending practices.
"If we would have been getting it this wrong for this long then we would have been suffering much larger credit losses than we have," said the chief executive of one lender.
UAE credit bureau starts retail operations
UAE credit bureau starts retail operations
UAE’s Masdar seals deal for 200MW floating solar project in Malaysia
RIYADH: Abu Dhabi’s renewable energy firm Masdar has signed its first partnership in Malaysia, setting the stage for the largest floating solar project in Southeast Asia.
Masdar, together with Malaysian partners Citaglobal and Tiza Global, has signed a power purchase agreement with national utility Tenaga Nasional Berhad to develop a pioneering 200-megawatt floating photovoltaic plant at the Chereh Dam in Pahang state, the Emirates News Agency reported.
Spanning approximately 950 acres of reservoir surface, the Chereh Dam plant will boast a generation capacity exceeding 300MW-peak, delivering clean electricity equivalent to the needs of more than 100,000 homes.
With an estimated project value exceeding $208 million, the venture represents a significant step toward Malaysia’s goal of deriving 35 percent of its national energy mix from renewables by 2030.
Mohamed Jameel Al-Ramahi, CEO of Masdar, said: “This is a milestone project, our largest floating solar development globally and our inaugural project in Malaysia, reaffirms Masdar’s expertise in floating solar and our position as a trusted partner across the region.”
He added: “By leveraging our experience in delivering utility-scale solutions worldwide, we can provide affordable, secure, clean energy to the Malaysian people.”
The CEO said he looked forward to working closely with Citaglobal, Tiza Global, and the Malaysian government to help deliver the country’s ambitious renewable energy roadmap.
The consortium secured the project through a competitive tender under Malaysia’s Large Scale Solar Cycle 5+ program, offering the lowest tariff in its category, supported by Masdar’s global supply-chain capabilities and regional experience, including the 145-MW Cirata floating solar plant in Indonesia.
Tan Sri Mohamad Norza Zakaria, executive chairman and president of Citaglobal Berhad, said: “This collaboration gives us confidence that the Chereh floating solar project will be delivered to the highest international standards, while strengthening Malaysia’s energy security and long-term economic resilience.”
The Chereh floating solar plant will be the first project under the 10-gigawatt renewable energy roadmap agreed in 2023 between Masdar and the Malaysian Investment Development Authority, the WAM report added.
Beyond Pahang, Masdar is advancing a feasibility study for a major floating solar installation at Sarawak’s Murum reservoir, in collaboration with Sarawak Energy and Gentari, initiatives aligned with Malaysia’s National Energy Transition Roadmap and New Industrial Master Plan 2030.
The Chereh Dam project also emphasizes local integration, partnering with Pahang Water & Energy Resources for execution. It will deploy advanced floating solar technology tailored to the dam’s topography, optimizing performance while conserving freshwater.
Financed through a non-recourse structure with international lenders, the project reflects strong market confidence. Floating solar is particularly well suited to Malaysia, offering a land-efficient, scalable solution enhanced by natural water-cooling effects.
