ECI to Support Ducab’s Expansion Plans with International Trade Credit Solutions

ECI to Support Ducab’s Expansion Plans with International Trade Credit Solutions

Agreement signed by Meshal Al Naqbi, CFO of Ducab (left), and Mr. Massimo Falcioni, CEO of Etihad Credit Insurance (right)

Etihad Credit Insurance (ECI), the UAE Federal Export Credit Insurance Company, has welcomed Dubai Cable Company (Ducab), a UAE-based global player in the development, design, manufacture, marketing and distribution of copper and aluminium wire and cable products, to the trade insurance marketplace.

ECI will be supporting the expansion plans of Ducab by offering them international trade credit coverage.

Ducab works with customers around the world and this coverage will better position the company in its continued expansion from its home market in the UAE to the wider Middle East, Africa, Asia and Australasia, Europe, and the Americas. Ducab was founded in 1979 and is jointly owned by the Investment Corporation of Dubai and Senaat (General Holding Corporation, Abu Dhabi).

Ducab has signed up with ECI for a multi-buyer trade credit solution, which will mitigate the risks associated with the exports of their products to international markets and will allow access to ECI’s information database platform of more than 90 million corporates.

Massimo Falcioni, CEO of ECI commented: “ECI has a strong mandate to strengthen UAE business capabilities to do business in the international markets by providing innovative trade credit solutions that can help them accomplish their business goals and boost their expansion globally. Ducab’s landmark projects in the UAE is a testament to their commitment to product quality and customer service. It is this locally achieved success that has helped them to leap into the global markets. This strategic step, in turn, has made it essential for the company to select bespoke trade credit solutions that provide risk coverage to their businesses while accessing cross-border markets.

Meshal Al Naqbi, CFO of Ducab, said: “Ducab exports more than 60% of its manufactured product to countries across the globe, firmly establishing its presence in international markets, and enhancing the reputation of the UAE as a source of quality, world-class cable products. The current partnership with ECI will support our strong export business, enabling Ducab to continue to expand in markets around the world.”

The businesses protected under this policy include exports of manufacturing and trading of copper cables wires and accessories; copper rods and aluminium rods, wires and conductors; power distribution equipment; firefighting and safety equipment; power supply wires; fire resistant and retardant materials; contracting and installation of electric power lines; aluminium conductive rods; and H.V. aluminium electric cables.

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 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.

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