The Sharjah Chamber of Commerce & Industry, SCCI, represented by the Sharjah Exports Development Center (SEDC), organized on Tuesday a webinar entitled “Helping businesses overcome liquidity issues and sustain in the crisis”.

Held in cooperation with Etihad Credit Insurance (ECI), the webinar aims to get the participants acquainted with the services provided by the ECI, as part of the SCCI’s quest to create developmental programs in the favor of the private sector and the national companies and to help them face the challenges posed by COVID-19 on the export sector.

The event was presented by Abdul Aziz Shattaf, SCCI’s Assistant General Director, Members Services Sector and Director of Sharjah Exports Development Center, Zishan Iqbal, Director of Murabaha Solutions, Majed Julfar, Director of Trade Credit Insurance & Export Financing, and Abdallah Alhosani, Director of Commerical& Distribution, and with the participation of a large number of representatives of economic establishments and industrial and production companies affiliated with the SCCI.

The webinar touched the solutions provided by the ECI to exporters and companies that are concerned about the risks of not receiving its receivables from the buyers, in addition to export credit protection solutions that help reduce these risks, especially in the uncompleted projects and businesses due to force majeure, as a result of the negative impacts caused by COVID-19.

Supporting Emirati companies

Abdul Aziz Shattaf said this webinar is one of the outcomes of the MoU signed between the SCCI and ECI with the aim of supporting Emirati companies and increasing their exports through export insurance services for local companies,

He pointed out that the SCCI’s participation, represented by the SEDC, in organizing the webinar comes as part of its vision to develop and organize commercial and industrial affairs and raise the competitiveness of business sector institutions and expand their opportunities.

Such events underline the SCCI’s commitment to its role towards the private sector by finding ways and solutions to face global challenges and enhancing the competitiveness of the business environment in the emirate. This would help reinforce the SCCI’s role as a representative and supporter of the interests of the business community.

Shattaf added: “The Cooperation with the ECI, as it represents the federal umbrella in support of Emirati exporters, is part of our commitment to achieving the principles of the institutional integration to serve the national private sector and enhance its contribution to the local economy during the current circumstances. This would help underpin the UAE’s position on the world trade map and raise the volume of national exports, and support Emirati industries and enhance their competitiveness in foreign markets.”

Innovative solutions

Majed Julfar said: “The ECI is committed to supporting local exporters and companies through innovative solutions that help protect them from the risk of the failure to pay and obtain additional financing, in addition to finding other suppliers, to overcome this global crisis. We also provide them with guarantees and insurance solutions that help reduce the commercial risks that local companies may face, thus helping them overcome COVID-19 crisis.”

“The ECI has the knowledge and expertise that qualifies it to support Emirati companies to export their products and services to various countries of the world, thanks to our strategic partnerships with several banks and brokers to support those companies to protect their commercial dues and help them obtain the necessary financing to enhance their exports,” he concluded.

Mitigating risks

The webinar also highlighted the trade credit insurance benefits, including mitigating risks through the balance sheet protection, increasing sales and expanding competitiveness, facilitating financing, reducing bad-debt allowances, and improving cash-flow.

The ECI also called the local exporting companies to leverage the advisory solutions provided by the company, which help them to take advantage of banks that provide financing at preferential interest rates and backed by guarantees, in order to obtain financing to help continue supply chains.