|
Report Date : |
13.09.2013 |
|
|
|
|
Tel. No.: |
+97143858381 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
No Trace |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
Source
: CIA
FORTRENG INTERNATIONAL FZE
PO Box : 119313
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3858381
Mobile : (971-50)
8658054
Email : projects@fortreng.com
Upon investigation local sources were unable to locate a company called
“Fortreng International FZE” in Dubai. They also consulted local business
directories and journals, as well as the local telephone operator however there
was no mention of the subject of your enquiry.
Enquiries made with the Dubai Chamber of Commerce also proved
unsuccessful as they had no listing under the name of “Fortreng International
FZE”. The telephone number provided was tried on numerous occasions but
remained unanswered.
Should you be able to provide us with any further information on the
subject of your enquiry we shall re-investigate and endeavour to send you a
full report as soon as possible.
Important Note:
Kindly provide us with additional information such as Correct Name, Address, Contact Details, Name of Contact Person or a copy of the Upper Part of Letterhead within 15 days of receiving this report, a would be sent without any additional cost.
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.