Etihad Credit Insurance (ECI), the United Arab Emirates (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.
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 agreement was signed by Massimo Falcioni, CEO of ECI, and Alessandro Decio, CEO of SACE, in the presence of senior officials, and builds on the Memorandum of Understanding signed by the two companies last year.
“Italy and the UAE have always enjoyed a long and robust relationship,” said Falcioni. “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,” he continued.
Decio also commented: “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 €5.7 billion. Meanwhile, Italy’s exports are estimated to be €4.6 billion.