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.
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
Business Unit Head
New Perspective Media
+971 4 2449597
© Press Release 2019