SACE SIMEST (CDP Group): the Italian Business Mission to the United Arab Emirates is underway
SACE SIMEST, the Export and Internationalisation Hub of CDP Group, announced a total of 5 billion dollars of new operations under study in the United Arab Emirates, ranging from energy to infrastructure, from transport to logistics to agribusiness. The Emirates, which is the top destination market for Italy in the Gulf, is at the centre of the Italian Business Mission organized by Italy’s Ministry of Economic Development and Ministry of Foreign Affairs and International Cooperation in order to boost commercial opportunities between Italy and the United Arab Emirates, especially in the infrastructure, energy, and ICT sectors.
“We are at the forefront, alongside all relevant national stakeholder, in supporting Italian businesses in their export and internationalization projects in the United Arab Emirates. Our transactions’ portfolio in the country has already more than doubled to 850 million in the course of last year" – said Alessandro Decio, Chief Executive of SACE. “We are ready to help SMEs grasp the best opportunities thanks to our Dubai office and the multiple initiatives dedicated to this market, which is a strategic hub for business in the whole Middle East , as well as being one of the most attractive for Made in Italy"
SACE SIMEST's Dubai office, which opened in 2016 to seize the great opportunities the region offers, works as a hub for the whole Middle East and North Africa area. Since its inauguration, its transactions’ portfolio has tripled (from 4.4 to 16.2 billion euros). This support is bound to grow further, given the new projects under consideration, including USD 5 billion specifically concerning the United Arab Emirates. The main interested sectors include oil and gas, energy, infrastructure, and transport and logistics - industries that are central to the Emirates' urban and structural development plans beyond EXPO 2020. The agribusiness sector also demonstrates significant dynamism, thanks to the interest of many "Made in Italy" top players in this market.
SACE SIMEST is undertaking numerous initiatives to further support Italian business activity in this area. Some of the highlights include:
- Expo 2020 Dubai. A letter of interest has been signed to support projects connected with the universal expo that directly or indirectly involve Italian companies. Furthermore, a collaboration agreement has been signed with the Commissioner General of Section for EXPO 2020 Dubai to support Italian businesses involved in planning, construction, and preparation work for the Italian Pavilion.
- Al Maktoum Airport. A letter of interest has been signed with Dubai Aviation Corporation (DACC) to support the export and investments of Italian businesses involved in the Dubai South project (the 145 km2 area that will host the new Al Maktoum international airport and Expo 2020 Dubai).
- Etihad Rail. A letter of interest has been signed to support Italian businesses involved in the national railway link project.
- Business Matching. A three-day business matching event has been organized with the governing authorities of the Emirate of Sharjah and the Sharjah Electricity and Water Authority (SEWA) to facilitate the awarding of new contracts to Italian SMEs in the infrastructure, waste management and wastewater treatment, renewables, and energy sectors. Forty companies were involved.
- Etihad Credit Insurance. At the most recent Italian Arab Business Forum in Autumn 2018, an important collaboration agreement was signed with the Emirates export credit company Etihad Credit Insurance (ECI). This document laid the foundation for a collaboration aimed at strengthening the exchange and investment opportunities between the two countries, pooling the experiences and tools of SACE SIMEST and ECI. One of the cornerstones of the agreement is the increase in commercial exchanges between Italy and the United Arab Emirates, with a particular focus on the Halal industry through insurance and financial solutions in line with Islamic finance principles (Shariah-compliant).
During the Mission:
- An important reinsurance agreement with the Emirates export credit company (ECI) was signed today. In particular, the agreement facilitates access to the short-term credit insurance services developed by SACE BT, a product company part of the Export and Internationalisation Hub. These services enable Italian firms with branches or offices in the Emirates to protect their sales and strengthen their competitiveness.
- Guide for Italian businesses "Destination United Arab Emirates". Developed in partnership with ICE and published on the occasion of this Mission, the Guide is a concise and practical handbook for businesses that work, or are interested in working, in this market (click here for the handbook>>>).