Dubai, SACE, Italy’s export credit agency (CDP Group), which supports Italian trade and investment worldwide, announced today that it has seen its exposure in the MENA region almost triple since opening its offices in Dubai. Its portfolio at the start of 2016 stood at € 4.4 billion, but now exceeds € 12 billion, across a number of key sectors including chemicals and petrochemicals, oil & gas, infrastructure, construction, and consumer goods.
The growth is expected to continue. In 2017, SACE approved almost € 7 billion worth of transactions, and is currently evaluating new projects in the MENA region worth an overall amount of € 12 billion – a third of which is dedicated to the UAE.
“Since opening our office here in Dubai, we have seen tremendous growth in the region, with the UAE being a strategic market. This is testament to the work we have put into enhancing relationships between Italian companies and our local counterparts. We’re confident that our commitment to provide competitive finance and payment terms will see us build on this growth, as countries in the MENA region continue to look for outside investment” said Alessandro Decio, CEO of SACE.
The company has been involved in a number of significant investments during this period, the most significant of which include:
- A €1 billion credit facility to assist the development of Dubai South, ahead of Expo 2020.
- USD 300 million loan for the supply contracts for the completion of the first phase of the upcoming Meydan One Mall in Dubai, UAE.
- A USD 625 million loan in favor of the Kuwait National Petroleum Company.
- A loan of USD 147 mln to support the financing of a power project at Aluminium Bahrain (Alba).
For any further information please get in touch with Mustapha Al Tayech at H+K Strategies, mustapha.altayech@hkstrategies.com
© Press Release 2018
