UAE - Mubasher: Emirates Steel has signed a comprehensive trade credit insurance package with Etihad Credit Insurance (ECI) to be provided with export credit protection to its global exports.
Under the agreement, the ECI will protect Emirates Steel from any commercial risks of its customers in case of any disruption, including insolvency, payment default, and political risks, according to a press release on Sunday.
Meanwhile, the steel plant will enhance its credit insurance policy to raise its funding capacity by obtaining loans from banks.
Through its information database of over 360 million corporates across the world, ECI will also help Emirates Steel to maintain its international trade operations by connecting it with alternative suppliers.
The CEO of ECI, Massimo Falcioni, said: "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."
The CEO of Emirates Steel, Saeed Ghumran Al Remeithi, noted: "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."
