- Emirates Steel awards contract to Etihad Credit Insurance (ECI) following a bidding procurement process
- Emirates Steel can also leverage insurer's ECI credit insurance policy to obtain loans from banks to help increase its funding capacity
DUBAI, UAE, Sept. 6, 2020 /PRNewswire/ -- 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.
About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE's non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses as well as support the exporters in the domestic trade through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
ECI has also been assigned Insurance Financial Strength (IFS) Rating and an Issuer Default Rating (IDR) of AA- (Very Strong) with Stable Outlook from Fitch Ratings.
About Emirates Steel
Emirates Steel is a leading integrated steel manufacturer in the Middle East region, based in the UAE capital, Abu Dhabi. Through Senaat, Emirates Steel is part of ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy. Established in 1998, Emirates Steel boasts leverages cutting-edge rolling mill technology, and supplies the domestic and international markets with high quality finished products including wire rods, rebars, heavy sections and sheet piles.
Emirates Steel is the first steelmaker in the world to capture its CO2 emissions, except for some North American manufacturers. The company plays an enabling role in building the UAE's future and contributes to achieving the Abu Dhabi Economic Vision 2030 and UAE Centennial 2071 through its delivery of market-leading products to local industries and provision of career opportunities for talented UAE nationals.