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Sat 3 Mar 2018 11:16 AM

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Italy's SACE says evaluating nearly $5bn of UAE projects

Export credit agency sees its exposure in the Middle East almost triple to $14.7bn since opening offices in Dubai

Italy's SACE says evaluating nearly $5bn of UAE projects
(Photo for illustrative purposes only)

SACE, Italy’s export credit agency which supports Italian trade and investment worldwide, announced on Wednesday that it has seen its exposure in the Middle East almost triple since opening its offices in Dubai.

It said growth is expected to continue in the region as it is currently evaluating new projects in the MENA region worth €12 billion ($14.7 billion) – nearly $5 billion of which is dedicated to the UAE.

Its portfolio at the start of 2016 stood at €4.4 billion, but now exceeds €12 billion, across a number of key sectors including chemicals and petrochemicals, oil & gas, infrastructure, construction, and consumer goods, it said in a statement.

Alessandro Decio, CEO of SACE, said: “Since opening our office here in Dubai, we have seen tremendous growth in the region, with the UAE being a strategic market.

"This is testament to the work we have put into enhancing relationships between Italian companies and our local counterparts. We’re confident that our commitment to provide competitive finance and payment terms will see us build on this growth, as countries in the MENA region continue to look for outside investment."

The company has been involved in a number of significant investments during this period, the most significant of which include a €1 billion credit facility to assist the development of Dubai South, ahead of Expo 2020 and a $300 million loan for the supply contracts for the completion of the first phase of the upcoming Meydan One Mall in Dubai.