Reinsurance agreement signed to boost Italian businesses in UAE

DUBAI, 15th April, 2019 (WAM) -- Etihad Credit Insurance, ECI, the UAE Federal credit insurance company, and SACE SIMEST, the Italian export credit company, CDP Group, today signed a reinsurance agreement to support Italian businesses operating in the UAE as part of the ongoing Italy-UAE Business Forum.

Under the 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 Sultan bin Saeed Al Mansouri, UAE Minister of Economy, and Deputy Chairman of the Board of Directors at ECI; and 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.

WAM/MOHD AAMIR/Hatem Mohamed