Sharjah Chamber discusses credit report, score for SME businesses

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A grand view of the main building of the Sharjah Chamber of Commerce and Industry.

Staff  Reporter, Gulf Today

The Sharjah Chamber of Commerce and Industry (SCCI), represented by “Tijarah 101”, has hosted a webinar in cooperation with Al Etihad Credit Bureau (AECP) to discuss the importance of AECP credit report and score for SME businesses.

The webinar discussed a variety of topics including the comprehensive credit protection solutions provided by Al Etihad Credit Bureau to help companies improve risk management and make the right decisions when interacting with customers.

Mohammad Ahmed Amin Al Awadi, Director-General of SCCI, Marwan Ahmed Lutfi, CEO of Al Etihad Credit Bureau, and Mona Omran Ali, Director of Small and Medium Enterprises Center (Tijarah 101), took part in the virtual event.  Also present were members of Tijarah as well as a number of entrepreneurs in the UAE.

The discussions also touched on how SMEs can regularly upgrade their working practices to meet the needs of various industry sectors and why it’s important for them to understand the duties of financial institutions and the acceptability of their credit records. The online meeting also tackled how SMEs may take advantage of a variety of benefits and opportunities offered by the AECP.

Al Awadi stressed that the webinar comes in line with the chamber’s ongoing efforts to support Sharjah’s SMEs, which are seen as a major contributor to the national economy and one of the key pillars of the nation’s flexible, diverse, and sustainable economic model.

“The online event has discussed a very important topic, i.e., the importance of the credit report and score for small and medium enterprises, in order to foster entrepreneurs’ expertise, and empower them to advance their projects in accordance with best practices,” he added.

Al Awadi said that the chamber is committed to providing business owners with all forms of support by launching creative initiatives that advance the entrepreneurship sector and fulfill the goals of young people who are enthusiastic about leading enterprises. In addition to furnishing them with the information and skills required to ensure the continuity of their initiatives, the chamber will work side by side with entrepreneurs to support and allow them to overcome any obstacles they may encounter.

For her part, Mona Omran Ali underlined the importance of the webinar and its role in directing business owners toward the right and scientific methods in their firms’ financial transactions.

She noted that the Sharjah Chamber, represented by Tijara 101, will continue to organize courses and workshops in cooperation with strategic partners to support entrepreneurs in light of the rapid changes taking place in the business world.

It is worth noting that the credit report is a collection of historical credit data from various financial institutions, utility companies, government agencies, etc., on individuals and companies in the UAE.

The discussions also highlighted  on how SMEs can regularly upgrade their working practices to meet the needs of various industry sectors and why it’s important for them to understand the duties of financial institutions and the acceptability of their credit records.

Meanwhile, the Sharjah Excellence Award has organised a panel discussion in cooperation with the Youth Councils—the Sharjah Chamber of Commerce and Industry Youth Council—to discuss mechanisms of discovering entrepreneurs’ passion and creativity.

Held at Etihad Museum, Dubai, the event aimed to enhance participants’ awareness of various topics in the world of entrepreneurship, present and discuss the most important challenges facing them in the business sector, as well as how to deal with and overcome such challenges.

The session was attended by Nada Al Hajri, General Coordinator of the Sharjah Excellence Award, and Aisha Saleh, Member of the Chamber’s Youth Council, as well as a large number of youth councils’ representatives in government entities, entrepreneurs who own entrepreneurial projects and those who wish to establish their projects.

The session shed light on the Sharjah Excellence Award and briefed participants on how entrepreneurs can participate in the award’s two categories, including the Sharjah Entrepreneurs Award and the Sharjah Small & Medium Enterprises Award.

Delivered by entrepreneurs Ibrahim Al Mallouhi, Maryam Jamal, and Abdullah Al Baqish, the dialogue session discussed how young people can adapt to labor market changes and keep pace with the digital transformation, and what the alternative plans are to avoid risks and manage crises, as well as the importance of switching to digital marketing, improving projects, and how to overcome fears and deal with challenges at the beginning of any entrepreneurial project.

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