|15 April, 2019

UAE's Etihad Credit Insurance, Italy's SACE sign reinsurance agreement to boost businesses in UAE

This agreement between the two entities exemplifies the strengthening of the cooperation shared between the UAE and Italy.

UAE's Etihad Credit Insurance, Italy's SACE sign reinsurance agreement to boost businesses in UAE

Dubai, UAE:

Etihad Credit Insurance (ECI), the UAE Federal credit insurance company, and SACE SIMEST, the Italian export credit company (CDP Group) have signed a reinsurance agreement to support Italian businesses operating in the UAE as part of the Italy-UAE Business Forum recently held in Dubai, UAE.

This agreement between the two entities exemplifies the strengthening of the cooperation shared between the UAE and Italy. Under this newly signed agreement, ECI will support SACE BT, SACE SIMEST’s company specialised in short term credit insurance, in its mandate to support local subsidiaries of Italian businesses operating in the UAE through ECI’s reinsurance solutions.

The signing took place in the presence of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, and Deputy Chairman of the Board of Directors at ECI; and H.E. Luigi Di Maio, Deputy Prime Minister of Italy, and Minister of Economic Development, Labour and Social Policies.

The reinsurance agreement signed by Massimo Falcioni, CEO of ECI and Alessandro Decio, CEO of SACE, in the presence of senior officials, signifies a tangible follow-through of the MoU signed last year by the two organisations. This partnership further outlines a broader cooperation framework shared between the two export credit companies.

Massimo Falcioni, CEO of ECI, said, “Italy and the UAE have always enjoyed a long and robust relationship. ECI is honoured to continue this long-standing cooperation between the two countries by collaborating with SACE in supporting Italian businesses to boost their presence in the local marketplace. We will continue to support SACE’s endeavours by sharing our broad suite of solutions along with keen market insights.

Alessandro Decio, CEO of SACE, said, “We have long built a strong strategic partnership with Etihad Credit Insurance, working together to support investment and trade between our countries, increasing opportunities and mitigating the risks to which Italian companies are exposed while operating on this important market. With this agreement, we will be able to reach even more effectively the Italian companies and their subsidiaries active in the UAE with useful solutions to protect their business and concretely improve the management of financial flows”.

Italy is one of the top ten trading partners of the UAE. In 2018, the bilateral trade between the two countries recorded Euro5.7 billion. Meanwhile, Italy’s exports are estimated to be Euro4.6 billion.

-Ends-

About Etihad Credit Insurance 

Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses through a range of export credit, financing and investment insurance products. 

To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.

For media inquiries, please contact:

Abeer Al Mutawa
Director Marketing & Communications
Etihad Credit Insurance
+971 4 4096824
abeer.almutawa@eci.gov.ae 

Angeline Rivera
Business Unit Head
New Perspective Media
+971 4 2449597
angeline@newperspectivemedia.com 

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases