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Trade credit insurance from Coface
Coface Emirates Services, a subsidiary of French credit insurance group Coface, multiplied its activities during the first part of 2012 and eyes more local SMEs to support its development through a debt protection insurance.
The Trade Credit Insurance, or TCI, provided by Coface is a receivables management solution that facilitates business-to-business trade by covering the losses generated by the non-payment of a trade debt. It covers many of the commercial and political risks faced by a business when selling goods in domestic markets or export markets or both. All Emirati companies selling goods or services on credit terms of up to 180 days are concerned, whether SMEs or corporates (insurable annual turnover starts at Dh10 million).
“The UAE has become the hub of the MEA, with 75 per cent of Fortune 500 firms establishing their regional headquarters here. In 2011, 78 per cent of the UAE GDP has been exported to the Middle East, Africa and Asia region mainly through Emirati SMEs. It is crucial for the development of the economy to support this effort through the trade instrument that constitutes TCI,” said Gregory Le Henand, regional business development manager of Coface Emirates Services.
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