Business & Money | Tuesday 1 October, 2019 3:30 am |

Etihad Credit Insurance (ECI), the UAE Federal Export Credit Company, has awarded the business information service contract to Coface, one of the leading global credit insurers and providers on company information.

 

Through Coface’s extensive network of information sources, over 70 years of experience and a team of 4,100 experts serving around 50,000 companies in more than 200 countries, ECI will have access to a single shared database containing information on around 80 million companies worldwide and their payment experience. This will enable ECI to assess the creditworthiness of the companies, competently evaluate the risks involved and support customers more effectively, thereby making a robust contribution to the country’s non-oil diversification strategy. ECI will also have access to a variety of data including organisational structure, historical, financial and any other information that may have an impact on the company evaluation and insolvency.

 

With this partnership, ECI will gain access to key benefits that include cost-effective solutions facilitating global risk comparisons on one scale, extensive international opinions from companies worldwide, global monitoring for a period of 12 months, inclusive availability and access to expert underwriter’s opinions.

 

For UAE manufacturers and service providers, expanding their business internationally and managing credit risks are the key to maintaining the financial well-being of the companies. ECI’s alliance with Coface will benefit local companies in more ways than one. It will offer them unrestricted access to in-depth market reports, which can then be used as a road map to assess creditworthiness while focusing on the key risk factors--thereby making calculated and informed decisions. Stronger business performance of the companies will also pave the way for a comprehensive regional and global expansion plans.

 

Massimo Falcioni, CEO at ECI commented: “We are delighted to award the business information service contract to Coface, one of our strategic information providers. The ECI ecosystem has become a large family, where ECI’s partners find mutual benefits that will add value to the UAE exporters’ goals.”

 

Berna Keskin, Coface GCC Country Manager said: “It gives us immense pleasure to partner with a federal entity. Coface mission is to protect and help businesses in taking credit decisions to improve their ability to sell on their domestic and export markets. ECI, on the other hand, has worked towards fostering the UAE companies’ businesses.”

 

Hassen Bennour – Coface CEO for Middle East and Southern Africa added “Our comprehensive and extensive reports will assist ECI in their in-depth analysis to support local businesses in their quest to become globally competitive. By providing valuable information to a federal entity, which covers the entire UAE, Coface GCC will be in a stronger position in our mission to supporting companies in developing trade.”