The private credit bureau coverage in the United Arab Emirates has shown a strong upward trend over the past decade, standing at 63.2% of the adult population in 2023. Despite some fluctuations, the overall growth has been positive, with year-on-year variations reflecting significant increases, primarily between 2013 and 2016. Specifically, 2022 and 2023 exhibited a steady rise of 4.29% and 3.95%, respectively. The Compound Annual Growth Rate (CAGR) for the last five years stands at 3.35%, indicating a moderate growth rate over the recent half-decade.
Looking ahead, the forecasted data suggests that private credit bureau coverage will continue to increase at a slightly reduced but steady pace, reaching 74.6% by 2028. The forecasted five-year CAGR is projected at 2.6%, with an overall growth rate of 13.72% from 2024 to 2028.
Future trends to watch for:
- Regulatory changes that might impact credit bureau operations.
- Technological advancements in data collection and credit evaluation.
- Economic factors affecting the borrowing behavior of the population.