Signed with «Union for Export Credit»
An agreement that allows "Emirates Steel" easy access to financing to support its exports
Al-Rumaithi (second from right) affirmed that the agreement reflects the extent of national companies' keenness to build strategic partnerships.
From the source
Emirates Steel Company announced yesterday the appointment of the Union Export Credit Company, to protect its global export credit.
"Emirates Steel" stated in a statement that it had signed a trade credit protection policy contract with the "Union for Export Credit", with the aim of protecting it from any commercial risks related to its dealers, such as bankruptcy, default, or any political risks.
Under this cooperation, the trade credit protection policy will allow Emirates Steel to obtain more financing from banks to support its global exports.
Innovative solutions
The CEO of Etihad Export Credit, Massimo Falcioni, said, “The decision taken by Emirates Steel demonstrates the outstanding level of innovative solutions provided by (Etihad Export Credit), and our support for (Emirates Steel) confirms our commitment to protecting UAE exports and enhancing the competitiveness of local companies in international markets".
He added, "By strengthening the exports of Emirates Steel, we are also contributing to accelerating national economic diversification."
Falcioni added that “reopening the borders to international trade after the closure caused by the (Corona) pandemic will provide tremendous opportunities that companies like (Emirates Steel) can explore and benefit from in this new world, and we are here to provide the necessary credit protection for (Emirates Steel) so that the company can Completely resume its operations and move forward with implementing its sales plans. ”
Strategic partnerships
For his part, the CEO of Emirates Steel, Engineer Saeed Ghamran Al-Rumaithi, said, “The agreement with the Union Export Credit Company reflects the extent of the interest of national companies and their keenness to build strategic partnerships that contribute to supporting the economy of the Emirate of Abu Dhabi in particular and the national economy in general.”
Al-Rumaithi added: “Thanks to its flexible and robust policies, Emirates Steel has succeeded in exporting its products to more than 40 countries, which contributed to strengthening the high position of the UAE and maintaining its leadership in the field of increasing production of iron products with high quality, specifications and standards, and in line with international standards.”
He stressed that "this cooperation with Al-Etihad Export Credit Company provides the necessary protection for our exports from potential commercial risks."
Business sustainability
Through the vast database owned by Union Export Credit Company, which includes more than 360 million companies, Emirates Steel can explore the options available to it to work with other suppliers in the event of an interruption of the current supply chains, thus ensuring the sustainability of its business in international markets.
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