Chinese insurance giant picks Dubai for first Middle East office

Sinosure is a state-funded and policy-oriented insurance company established to promote China’s foreign economic trade development and cooperation on a non-profit basis.

It has accumulatively supported more than $5.3 trillion of domestic and foreign trade and investment, provided credit insurance-related services for over 210,000 enterprises as of the end of 2020.

With its new regional headquarters, Sinosure said it aims to further support China’s national Belt and Road initiative, and other interests, as well as promoting the development of China’s foreign trade and investment.

Sinosure writes short, medium and long-term export credit insurance, foreign investment insurance, domestic trade credit insurance, bonds, guarantees and reinsurance related to export credit insurance, accounts receivable management and information consulting services.

The announcement comes as DIFC saya it is the preferred financial centre in the region for Chinese firms and home to the major financial institutions from the country.

Arif Amiri (pictured above), CEO of DIFC Authority, said: “DIFC has a well-established reputation as an ideal base for leading Chinese companies and Sinosure strengthens this. Their collective presence is underpinned by the strong bi-lateral relations between the UAE and China and we are focused on helping them grow in this region, which is home to a number of the world’s fastest growing markets.”

Song Shuguang, chairman of Sinosure, added: “Sinosure’s presence in DIFC reaffirms our commitment to increasing trade and investment opportunities for Chinese companies across the Middle East and South Asia.

“Dubai is the ideal ecosystem for Chinese businesses looking to expand in the region and we are confident that our presence at DIFC will unlock a vast array of opportunities and drive value for ourselves and our stakeholders.”