Dubai Real Estate Center to offer benefit to its tenants by implementing Al Etihad Credit Bureau’s Credit Reports
DREC will use the AECB Credit Reports and Credit Scores to better assess the risk associated with new tenants fulfilling their payment obligations and renewals
Dubai Real Estate Center (DREC), an A.R.M. Holding company, is setting a new industry benchmark for the real estate sector by becoming the first large-scale private real estate company in Dubai to subscribe to Al Etihad Credit Bureau (AECB). DREC will use the AECB Credit Reports and Credit Scores to better assess the risk associated with new tenants fulfilling their payment obligations and renewals of existent tenancy contracts.
Marwan Ahmed Lutfi, CEO of AECB said: "DREC is one of the most prominent private real estate companies in Dubai that will integrate AECB’s Credit Reports, Scores and Indicators in their property management practice. Our data insights on individuals and companies provide a future outlook on one’s ability to make future payments on time. We believe this is the start of a positive transformation within the property rental sector whereby tenants will undoubtedly receive added benefits for maintaining a high credit score and a good credit history. Mature international real estate markets use credit scores as a key factor when determining renter’s eligibility and we are delighted that DREC is exhibiting such maturity, which will ultimately benefit their portfolio of clients in Dubai.”
AECB collects information from multiple entities including banks, finance companies and telecommunication companies to produce reports, scores and indicators that are made available to individuals and companies in the UAE. While all UAE banks and financial companies in the UAE analyze Credit Reports and Scores before making the decision to approve or reject credit card or loan applications, AECB’s products and services are becoming a valuable component within the real estate sector.
Mohammad Saeed Al Shehhi, CEO of A.R.M. Holding said: “As the flagship real estate entity of A.R.M. Holding, DREC’s establishment of this quality control and risk assessment standard is demonstrative of our overall approach to ensure equitable and ethical business practices and protect our investors. This partnership will also bring value to our tenants by rewarding those with high credit scores with more competitive payment plans. Our continual aim is to align with like-minded organisations to further our commitment to the UAE community; AECB’s services are an asset to achieve this end. Under A.R.M. Holding, the standard of quality and ethical business practices is one that we will emulate and uphold under our portfolio of real estate companies, and other companies within our investment portfolio.”
A.R.M. Holding is a Dubai-based conglomerate with investments in sectors including Real Estate, FMCG, Telecom, Hospitality and Banking. It is establishing its presence as a multi-focused economic enabler creating synergies and opportunities through local, regional and global investments with the aim to enrich communities and help individuals to thrive. DREC, a wholly owned subsidiary of A.R.M. Holding, is a development and real estate management company successfully leasing and managing properties since 1991. Today, it operates a real estate portfolio of over 3,200 residential and commercial units across the UAE.
Al Etihad Credit Bureau is a Public Joint Stock Company wholly owned by the UAE Federal Government. As per UAE Federal Law No. (6) of 2010 concerning Credit Information, the company is mandated to collect information on individuals and companies from financial and non-financial institutions in the UAE. The information is aggregated, stored, analysed and then produced and distributed through a variety of credit-related products.