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Etihad Credit Insurance, ECI, the UAE Federal Credit Insurance Company, will be protecting the export volume of Conares by offering them international trade credit coverage solutions and allowing the steel manufacturer to open new markets.
Conares is a regional major private manufacturer in the UAE, annually producing one million tonnes of steel products – steel pipes, rebars and pre-painted coils. The business in scope under this agreement includes exports of manufacturing and trading of steel rebars and steel pipes. This will help Conares to strategically identify potential customers in international markets.
The company has signed up with ECI for a multi-buyer trade credit solution, which will minimise the risks connected to the exports of their products to international markets. This agreement will also provide access to ECI’s comprehensive information database platform of 360 million corporates in both domestic and international markets.
Massimo Falcioni, CEO of ECI, said, "Conares has established its position in the steel industry and reinforced the region’s infrastructure development by providing industry-leading steel products through long-standing partnerships. It is this vision that has encouraged them to access high-growth markets and widen their export potential across borders. And to fulfil their vision, ECI listened to the needs of Conares and created a bespoke trade credit solution that provides risk coverage to their business while accessing cross-border markets."
Bharat Bhatia, CEO of Conares, said, "This initiative will open our markets, especially in some regions where we hesitated to give open credits earlier. We are targeting 50 to 75 percent maximisation of our annual production capacity to meet the increased demand with this deal. With the maximised utilisation of facility, our desired turnover is AED2 billion, which is currently AED1 billion."
"We have received tremendous support from the UAE’s federal and local government agencies, helping our products gain market-wide acceptance and cater to numerous prestigious projects in the country and beyond. We have a strong presence in the international market as well. We are also in the process of developing new markets for our products," he added.
Conares, being the "Made-in-UAE" steel manufacturer, will have its starting sale of US$150 million worth of products covered by this partnership with ECI and more than 10 banks have come forward with investment support.
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