Dubai, UAE: Etihad Credit Insurance (ECI), the UAE Federal export credit company, and SACE, the Italian export credit company (CDP Group), have signed a Memorandum of Understanding (MoU) to enhance business opportunities between the United Arab Emirates and Italy, as part of the 6th meeting of the UAE-Italy Joint Economic Committee held recently in Rome, Italy.
The signing of the MoU took place at the Ministry of Economic Development in Italy, 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; H.E. Luigi Di Maio, Italian Minister for Economic Development; and H.E. Engr. Saed Al Awadhi, Chief Executive Officer of Dubai Export and Development Corporation, and Board Member and Chairman of the Executive Committee at ECI.
Under this MoU signed by Massimo Falcioni, CEO of ECI, and Alessandro Decio, CEO of SACE, the two national export credit companies have expressed commitment in strengthening the cooperation between UAE and Italy through the mutual sharing of expertise as well supporting the business relations of both countries.
One of the main highlights of the MoU is the intention to enhance trade between the two countries with focus on Halal industry through Shariah-compliant insurance and finance solutions.
Furthermore, ECI and SACE have agreed to create a dedicated task force and collaborate on seven work areas: insurance, reinsurance and collections initiatives; information sharing; technical training programmes; halal industry and Shariah-compliant insurance and finance solutions; trade promotions (B2B events and workshops); investments; and SME programmes.
Massimo Falcioni, CEO, ECI, said: “Our partnership with SACE plays a strategic and important part in ECI’s role as a major catalyst in supporting UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda. Italy is one of the major trading partners of the UAE in the European Union, while the UAE is also a major trading partner of Italy in the Arab region. Through mutual cooperation in extensive areas, this agreement is set to further cement the growing bilateral trade between the two countries.”
Alessandro Decio, CEO, SACE, said: “We are honored to cooperate with Etihad Credit Insurance, a key player in the UAE, being fully aware that stronger trade and investment ties between Italy and the UAE are crucial for the future of our respective economies. Our office in Dubai, with a €5-billion (AED 21 billion) project pipeline, will play an active part in the Task Force confirming its role of ‘Italian bridge’ in the UAE”.
The trade volumes between two countries have exceeded €6 billion (AED 26 billion) in 2017. UAE ranks number one in the MENA region for Italy's agriculture and F&B exports while Italy's imports from the UAE have also been growing.
Other high-potential sectors for joint business exploration include steel and aluminum, ceramics, renewable energy, mechanical, waste management, industrial technologies, infrastructure and construction, jewelry and fashion, and F&B.
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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
About SACE
SACE, a wholly-owned subsidiary of Cassa depositi e prestiti, offer export credit services, credit insurance, protection of foreign investments, financial guarantees, bonding, and factoring. With € 94 billion in transaction insured in 198 countries, it supports the competitiveness of companies in Italy and abroad, ensuring more stable cash flows and transforming the default risk of companies into development opportunities. With SIMEST, of which it owns 76%, it forms the export and internationalization hub: a single point of reference for access to all the insurance-financial instruments of the CDP Group designed to support the competitiveness and foreign growth of Italian companies worldwide.
For media inquiries, please contact:
+39 06 6736888
mediarelations@sace.it
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