About 9 billion euros made available to Italian companies that want to invest in the United Arab Emirates, also in view of the Universal Exhibition to be held in Dubai from the 20 October 2020 to the 10 Aprile 2021.
This is the ceiling set by Italian banks to finance exports, and new entrepreneurial activities in the federation of the seven independent emirates of Abu Dhabi, Ajman, Dubai, Fujaira, Ras al Khaimah, Sharjah and Umm al-Qaywayn.
The figure was presented today by the President of the Abi Technical Committee for internationalization, Guido Rosa, at the Economic Forum held in Dubai, on the occasion of the system mission organized by banks, companies and led by the Minister for Economic Development Luigi Di Maio.
"The mission of the system in the United Arab Emirates - Rosa said - is a tangible sign of the growing interest of the banking world in support of the country's internationalization strategies. Just today, the Italian banking delegation will meet the Central Bank of the United Arab Emirates and the main local banks, led by their Banking Association (UBF), with the aim of taking stock of the state of interbank relations, jointly examining how to improve collaboration and strengthen the support offered to Italian companies, both from Italy and directly in the United Arab Emirates ”.
For Abi and the banks it is the fourth time in the Emirates after the mission of 2006, 2010 and 2013.
The mission is attended by a delegation of seven of the main banking groups which represents about three quarters of the entire Italian banking sector in terms of total assets: Banca Monte dei Paschi di Siena, Banca Popolare di Sondrio, Banco BPM, Crédit Agricole Cariparma, Intesa Sanpaolo, UBI Banca and UniCredit.
In addition to lines of credit, entrepreneurs operating in the United Arab Emirates can avail themselves of the assistance of important reference stakeholders.
In particular, there are three of the largest Italian banking groups - Unicredit, with a branch in Abu Dhabi, Intesa Sanpaolo with two branches, one in Dubai and one in Abu Dhabi and UBI with a representative office in Dubai. Two foreign banks also operate in the country (BNP Paribas with two branches and Crédit Agricole Cariparma with three) parent company of Italian banks (BNL and Cariparma) which, thanks to the connection with the parent companies, offer targeted support to Italian customers active in the UAE market .