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Eye of Riyadh
Eye of Riyadh
Business & Money | Sunday 6 September, 2020 10:23 am |

Emirates Steel selects Etihad Credit Insurance as its new export credit insurance partner

Emirates Steel, a leading integrated steel plant in the UAE, named Etihad Credit Insurance (ECI), the UAE's Federal Export Credit Company, as its credit insurance partner to provide export credit protection to its global exports.


Emirates Steel has signed with ECI for a comprehensive trade credit insurance package, which will protect Emirates Steel against commercial risks of its customers such as insolvency, payment default, and political risks. Under the agreement, Emirates Steel can also leverage its credit insurance policy to obtain loans from banks, to further increase its funding capacity.


Highlighting the federal export credit company's commitment to the UAE's diversified companies, Massimo Falcioni, CEO of ECI, said: "We are honored to win this contract from Emirates Steel, and are resolved to providing an outstanding level of service in line with Etihad Credit Insurance's highest standards. ECI's support to Emirates Steel is a testament to our unwavering mission to boost the competitiveness of the UAE's trade and export businesses as they compete in international markets. In increasing their volume of exports, we are also accelerating and sustaining national economic diversification."


"ECI believes that as borders reopen following the COVID-19 closure, there are significant opportunities that businesses like Emirates Steel can explore in this new world. We are here to provide the relevant protection so that they can fully and seamlessly resume their operations and maintain their sales target," added Falcioni.


Speaking about the agreement, Eng. Saeed Ghumran Al Remeithi, CEO of Emirates Steel, said: "We are delighted to have signed this agreement between Emirates Steel and Etihad Credit Insurance, which reflects the commitment of the home-grown organisations to work together and build strategic partnerships that contribute to supporting the economy of Abu Dhabi and the UAE in general."


"Emirates Steel exports its manufactured products to more than 40 countries across the world, helping the UAE to position itself as a regional and global pioneer in producing high-quality steel products. This collaboration with ECI will significantly protect our exports against commercial risks," added Eng. Al Remeithi.


Through its extensive network and information database of more than 360 million corporates worldwide, ECI can assist in advising Emirates Steel on available options and connect the company to alternative suppliers to sustain its trade operations in the international markets, in case of any disruption.


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