Dubai from tiny tear drop to world hub: the SACE agreement

Dubai from tiny tear drop to world hub: the SACE agreement

Dubai from tiny tear drop to world hub: the SACE agreement

A great achievement for Italian companies that want to take part in a massive project in the UAE.

SACE, the Italian export credit company has announced a €1 billion ($1.13 billion) credit facility to help the development of Dubai South. The funding has been offered to the Dubai Aviation City Corporation (DACC) and can be used for deals with Italian contractors or other goods and service providers from Italy for the development of Dubai South.

The agreement was signed by Khalifa Suhail Al Zaffin, Executive President of the DACC, and by Alessandro Castellano, CEO of SACE, in the presence of UAE Economy Minister Sultan Bin Saeed Al Mansouri and Italian Economic Development Minister Federica Guidi. “The development at Dubai South is massive, we intend to deploy future proof state of the art technologies with the underlying principle of being eco-friendly and sustainable. This requires use of expertise in various fields from the global players of the industry,” Said Al Zaffin.

“We have been using on a continued basis Italian technology as well as materials and goods in our developments including Dubai International Airport. We welcome Italian businesses to contribute to this great development with the support of SACE who has been interacting with us together with other Italian agencies to bring a fruitful partnership.” And again: “We thank SACE’s offer to provide the line of credit to support Italian exports. We look forward to a mutually beneficial relationship with the Italian businesses.”

The signs of recovery in the Italian economy, driven by the export component, are also reflected in the results for SACE, confirming its support to the competitiveness of Made in Italy. These are the highlights of the third quarter results:

– total exposure to € 78.5 billion, 5% more than at 30 September 2014

– gross premiums to € 361.6 million (+41%)

– claims paid to € 224.1 million (-31%)

– net profit to € 433 million (+15%).

Dubai from tiny tear drop to world hub: What is Dubai South ?

Launched as a Government of Dubai project in 2006, the city is mandated to embody the vision of Dubai ruler Sheikh Mohammed Bin Rashed Al Maktoum by manifesting the urban and societal themes as outlined in the Dubai Plan 2021. Sheikh Ahmed Bin Saeed Al Maktoum, chairman, Dubai Aviation City Corporation, said:

“Over the decades, Dubai’s leadership and its people have worked together to transform the Emirate into one of the world’s most desirable destinations.”

The 145 square km city is, in fact, home to the now-operational Al Maktoum International Airport – the largest airport in the world when complete – World Expo 2020 site, general aviation hub, residential, golf, commercial, logistics districts and office park. Once completed, this airport will be the world’s largest global gateway with capacity for more than 160 million passengers per year. It will also serve as a multi-modal logistics hub for 12 million tons of freight.

In fact on Monday October 26th His Highness tweeted :

“Our vision for Dubai is clear: we are not building the largest airports in the world. We are building the aviation capital of the world.”

As per the inauguration of the Burj Khalifa the name “Dubai World Central” was changed in “Dubai South” by Sheikh Ahmed bin Saeed, the chairman of Dubai Aviation City Corporation. “The name is iconic- he said- and will become instantly recognizable for years to come. Dubai South is the Emirate’s flagship urban project that will set benchmarks for the rest of the Emirate in terms of manifesting the themes of happiness as set out in Dubai Plan 2021.”

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