Also in the news...
Prove your English language abilities with a secure English language test (SELT)
For visa or citizenship applications, you may need to prove your knowledge of English by passing a secure English language test (SELT).
UK and Nigeria Enhanced Trade and Investment Partnership arrangement
The Enhanced Trade and Investment Partnership (ETIP) sets out the UK and Nigeria’s priorities for future discussion and cooperation.
Export to the UK: guidance for African businesses
Find out about UK markets and sectors, trade agreements, UK import regulations and taxes, and support for African businesses from the UK government.
Guidance Start exporting to Africa
Find out about market opportunities, trade partnership agreements, support from the UK government, and export regulations and taxes in African countries.
Guidance Start investing in African businesses
Find out about investment opportunities and support from the UK government. Learn how to manage risk, invest ethically, and access guidance on African countries.
UAE Enforces New Credit Checks
In a bid to combat unpaid loans, a draft law has recently been approved in the UAE, outlining the conditions in which credit will be granted.
In a bid to combat unpaid loans, a draft law has recently been approved in the UAE, outlining the conditions in which credit will be granted. Overseen by the UAE Federal National Council, the draft law determines that every person in the UAE that requires a loan will first have to withstand a credit check.
A new company will be established owned predominantly by the government, but also shared among local authorities and private bodies which will provide banks and creditors with the necessary data to deduce the suitability of a person for a loan.
The managing director of Encredit, Ali Ibrahim, a financial information agency created by Dubai's department of Economic Development, had this to say: The credit information law will strengthen the UAEs economic and regulatory framework and lead to greater transparency in the financial sector.
He continues: The law is especially significant in a society such as the UAE, which has a large transient population, a strong credit market and is witnessing rapid economic growth.
A consequence of the current financial situation, the new law is in place to generally benefit banks and creditors: It will help them in accurately assessing the creditworthiness of potential borrowers and allow them to implement better risk management policies.