SACE strengthens its commitment to support Italian export and investment in Saudi Arabia, a high-potential market for Made in Italy. New projects worth $ 1.6 billion already under evaluation
Riyadh, 15th February 2018 – SACE, the Italian export credit agency, signed today a memorandum of understanding with the Council of Saudi Chambers. The agreement is intended to actively strengthen economic-commercial relations between Italy and Saudi Arabia and to help identify new cross-border opportunities for companies of the two countries.
“This initiative lays the foundations for a partnership that will enable us to generate new opportunities in a market of primary interest for Italian exporters – declared Alessandro Decio, CEO at SACE –. With € 520 million of exposure, Saudi Arabia ranks third in our portfolio of transactions in the Middle East, and we are working on new projects worth $ 1.6 billion mainly in oil & gas, petrochemicals, infrastructure and capital machinery."
SACE is part of the CDP Group (Italy’s National Promotional Institution), and with its subsidiary SIMEST provides support to Italian companies in their export and internationalization activities with a wide range of insurance and financial services.
The signing is part of a roadshow that has involved SACE in several workshops and business meeting in Dubai, Abu Dhabi and Riyadh.
SACE, a wholly-owned subsidiary of Cassa Depositi e Prestiti, offers export credit, credit insurance, protection of foreign investments, financial guarantees, bonding, and factoring. With € 87 billion in insured transactions in 198 countries, SACE supports the competitiveness of companies in Italy and abroad, ensuring more stable cash flows and transforming companies’ default risk into development opportunities.
SIMEST, 76% subsidiary of SACE, with the primary Italian banks and industrial associations as shareholders, is active in all phases of the foreign development of Italian companies, with low-interest loans to support internationalization and grants in interest to support exports and through the acquisition of equity interests.
SACE, with SIMEST, forms the export and internationalization hub of the CDP Group.
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