Etihad Credit Insurance (ECI) has subscribed with the Al Etihad Credit Bureau (AECB), a government body that provides credit information reports, in compliance with the UAE Credit Information Law.
The company said that the move is part of its extension of support towards exporters in the Middle Eastern market. It will also allow ECI to expand its reach in the local trade sector, which will help benefit the UAE’s economy.
The agreement was signed by Massimo Falcioni, chief executive of ECI, and Marwan Ahmad Lutfi, CEO of AECB. Senior officials from both companies were also in attendance. According to ECI, this reinforces its commitment to enhance local businesses’ financial awareness and support their growth.
“Through our dialogue with UAE entrepreneurs, thanks to the continued cooperation with UAE Chambers of Commerce, we have been able to learn that SMEs especially need ECI’s extensive export credit solutions portfolio to support their domestic trade goals,” said Falcioni. “We understood that most exporters have a strong domestic section which might be enhanced, thereby guaranteeing domestic payments on credit terms. This will further support their working capital capacity to foster export business.”
AECB is a public company fully owned by the UAE federal government. It is tasked with collecting credit information from financial and non-financial institutions in the country. It then analyses the data to come up with credit scores and release credit reports that are accessible to both individuals and businesses in the UAE.