Coface Emirates Services awarded “Trade Credit Management Solutions Provider 2016” by MENA Insurance Review in Dubai
Coface Emirates Services, the UAE arm of the world’s leader in trade credit management solutions and risk information services, has been presented the Best Trade Credit Management Solutions Provider award at the MENA Insurance Review Awards 2016, held recently at the Ritz-Carlton DIFC, Dubai.
The annual MENA Insurance Review Awards are presented to companies in the insurance, reinsurance and relevant service industries based in the Middle East and North Africa for demonstrating “exceptional customer service and innovative product development” in the previous year.
“With economic diversification becoming an increasingly important element of the MENA economies in order to be resilient amidst the decline in oil and commodities prices and with intra-regional trade growing rapidly, it is highly important to provide customised credit management solutions, risk analyses and business information relevant to this unique market. This region is known to be almost culturally homogenous, but countries – and businesses – are in varying stages of development. Winning this award is a recognition of the role Coface plays in today’s business landscape, and we are very honoured to receive it. We would like to thank MENA IR Committee,” said Massimo Falcioni, Head of Middle East Countries at Coface.
Coface holds an information database on over 65 million companies around the world, with daily updates on payment behavior, financials and country risk made by its 46 enhanced information centres. Offerings from Coface include credit opinion reports and services, and country and sector assessment studies.
The latest Coface’s Country Risk Assessment forecasts that the UAE economy is set to grow by 3.3 per cent this year as the country showed a degree of resilience amidst the decline in hydrocarbon prices. Household consumption is expected to fuel economic growth, pushing wages above inflation, while public investment will decline, limited by the drop in oil income. Saudi Arabia, on the other hand, will post a growth of 1.8 per cent as sluggishness of the oil market continues to weigh negatively on the Saudi oil sector.
“Our comprehensive knowledge of the trade credit space across the globe, including the MENA region, enables clients to safely conduct their business in any part of the world. We are able to extend the latest business information that enables companies to be protected from the risk of non-payment, to qualify genuine leads, and to form productive business ties. This information also equips companies to provide good credit policies to their clients,” said Gregory Le Henand, Country Manager, GCC Countries, Coface Emirates Services.
The UAE’s 2015 non-oil trade is expected to have hit Dh1.75 trillion, recording a 10 per cent increase year on year. This reinforces the country’s position among the top 20 trading economies of the world. It also means that greater awareness of trade credit management is necessary.
PROJECT MANAGER – MARKETING & COMMUNICATION
Coface Emirates Services Limited
DIFC, Emirates Financial Towers, South Tower
7th Floor, Office # 701, P.O. Box: 506598, Dubai, UAE
Tel: +971 4 30 99 100