MOU TO SUPPORT THE EXISTING ABU DHABI – ITALY TRADE RELATIONS
Abu Dhabi Ports―the master developer, operator and manager of ports and industrial zones in Abu Dhabi Emirate of the United Arab Emirates―has signed a Memorandum of Understanding (MoU) with SACE ― the Italian Export Credit company― for enhancing business relations between both parties. SACE facilitates the 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 between the two organisations.
Captain Mohamed Juma Al-Shamisi, CEO of Abu Dhabi Ports and Alessandro Castellano, CEO of SACE signed today the deal at the UAE pavilion of ‘Expo Milan 2015’, at the presence of H.E. Sultan Bin Saeed Al Mansouri, UAE’s Minister of Economy and Federica Guidi, Italian Minister for Economic Development.
Abu Dhabi Ports and SACE intend to collaborate on developing and strengthening their business relationships. Both parties will provide information on ongoing or potential new projects offering new business opportunities for Italian companies.
“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.
“By facilitating initiatives of mutual interest and expanding opportunities for trade and investment, Abu Dhabi Ports, the enabler of Abu Dhabi’s maritime business, is supporting our mission to realise the Emirate’s economic diversification.
“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.”
Italian businesses have already made their presence felt at state-of-the-art Kizad. iNGENIUM, a subsidiary of the well-established SIDDCO Group, signed a AED 130 million Musataha Agreement with Abu Dhabi Ports in May 2015; and with the support of SACE, will establish a modern engineering facility in Kizad. The business set-up is envisaged to generate more than a million man-hours per annum, with a fully automated production plant utilising cutting-edge Italian technology to manufacture intricate equipment in various formats and metallurgies. SIDDCO has also signed a MoU with the Italian Istituto Italiano della Saldatura (ISS), which will provide internationally recognised training and certification programmes to Emirati and non-Emirati professionals in Abu Dhabi and across the United Arab Emirates from iNGENIUM’s facility.
Abu Dhabi Ports’ latest efforts are building on the robust trade relations between the UAE and Italy. 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.