As part of the efforts aimed at enhancing cooperation between the Gulf Cooperation Council countries in the field of credit information industry, Kuwait Credit Information Network Company (CiNet) signed a memorandum of understanding to exchange credit information with “Etihad Credit Bureau” from the United Arab Emirates.

The signing of the memorandum of understanding comes as a first and important step towards exchanging credit information and establishing effective and value-added systems for collecting, requesting and analyzing credit information, to enable financing operations and granting credit facilities of various types between the two countries. 

The memorandum was signed in Kuwait, in the presence of the Chairman of the Board of Directors of “CiNet”, Alia Al-Humaidhi, and the representative of “Etihad Credit Bureau”, General Manager Marwan Lotfi.

On this occasion, Al Humaidhi said” The agreement enhances the importance and value of credit information and credit rating at the present time, as they have become one of the most important indicators in developing and increasing the efficiency of financing operations and granting credit facilities between the two countries to support the safety of the financial and economic system, which are the goals that “Ci-Net” and “Etihad Credit Information” seek to achieve through this strategic cooperation.

In this context, Marwan Lotfi, Director General of Etihad Credit Information, said” This memorandum enhances the possibility of sharing expertise and best practices between the two parties to develop a joint framework that helps support the pace of growth of the financial sector and enhance financial stability by facilitating inquiries and obtaining credit reports and ratings between the two countries.