UAE’s port developer and operator Abu Dhabi Ports has signed a Memorandum of Understanding (MoU) with the Italian Export Credit company (SACE) at the UAE pavilion of ‘Expo Milan 2015’.
SACE facilitates access to credit lines to support companies and banks in their internationalisation process, in addition to its traditional business of export credit and investment protection.
The MoU aims to formalise a common base for the purpose of exploring, strengthening and enhancing the trade and economic cooperation between UAE and Italy, through the exchange of information and business opportunities.
“Khalifa Industrial Zone Abu Dhabi (Kizad), the industrial and logistics hub integrated with our flagship Khalifa Port has tailored offerings for Italian companies looking to expand their business into Abu Dhabi and the region. Our world-class business environment, state-of-the-art facilities and infrastructure, as well as dedicated investor support has already attracted a good deal of foreign direct investments, including Italian businesses, ” said Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports .
“Khalifa Port is an expression of the economic and industrial diversification strategy of the Emirate of Abu Dhabi, to which Italian companies can contribute with their know-how in key sectors for the Emirate economy, ” said Alessandro Castellano, CEO of SACE .
“The agreement signed today with Abu Dhabi Ports opens important new growth opportunities for Made in Italy in the UAE, where our companies export € 5 billion in goods and services.”
Italy is the UAE’s second largest trade partner in Europe. The bilateral trade stood at about Dh30 billion in 2014, which represented more than half of Italy’s trade with GCC countries. A total of 118 Italian companies, 478 commercial agencies and 7,452 brands have registered with the UAE Ministry of Economy until the end of 2014.