Abu Dhabi Ports and SACE Group sign MoU at Expo Milan 2015
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.
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.
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.
