SACE, after the Emirates aims on Saudi Arabia: new projects to study for 1,6 billions of dollars

"Agreement signed with the Council of Saudi Chambers to promote commercial relations between the two countries and seize the opportunities offered by the Saudi Vision 2030 program"

The SACE SIMEST Roadshow - the export and internationalization of the CDP Group - closed in Saudi Arabia, with top management engaged in five days of meetings with representatives of institutions, corporations and local banks.

“Strengthened by the positive experience in the Emirates, we are now looking at Saudi Arabia with growing interest - said Alessandro Decio, CEO of SACE -. A country that is opening up to international markets to mobilize the financial resources necessary for the implementation of its impressive investment plan to 2030. Medium-long term loans that SACE is able to guarantee, facilitating Italian companies to access the Saudi market . We are already evaluating new projects worth 1,6 billion dollars not only in oil & gas, but also in infrastructure, energy and tourism ”.

This is also the case with the cooperation agreement signed today between SACE and the Council of Saudi Chambers, the organization that aggregates the Saudi chambers of commerce. The agreement, in fact, envisages strengthening economic and commercial relations between Italy and Saudi Arabia, helping to identify cross-border opportunities for companies in the two countries in key areas for the development of the Vision 2030 program.

After the United Arab Emirates, Saudi Arabia is the second destination market for Italian exports in the Gulf, with 4 billion euros of goods sold - concentrated mainly in the mechanical industry (34%), mining (14%) and in metals (7%) - and further growth prospects at average rates of 4,2% up to 2020. Important opportunities for Italian companies will open in the years to come in the sectors of infrastructure, construction and tourism thanks to the drive from the Saudi Vision 2030 program that aims to ferry the country over the oil economy.

The region of the Middle East and North Africa is confirmed as a priority area, where - in two years since the inauguration of the Dubai office - the portfolio of transactions concluded by SACE has grown significantly, moving from 4,4 to 12 billion. Only in 2017, SACE has approved operations to support Italian exports and investments in the region for 6,9 billions of euros, three times the 2,3 billion euros of 2016. A commitment to further grow in the light of the new projects under study, the total value of 15 billion dollars in key sectors for the development and economic diversification of the region (energy, infrastructure, construction).

SACE, after the Emirates aims on Saudi Arabia: new projects to study for 1,6 billions of dollars

| Economics, Economy, PRP Channel |