Italian SMEs and the UAE: a seminar on business opportunities
Intesa Sanpaolo accompanies and supports the business of Italian SMEs in the United Arab Emirates and, with the seminar "Doing business with the United Arab Emirates", has created a unique occasion to discuss the development opportunities offered by the area, thanks to the synergies between the diplomatic services of the two countries.
The initiative involved companies from the sectors of greatest interest to the Emirates market: food and beverage, agritech, fashion, mechanics and electrical engineering, technology, furniture and pharmaceuticals-healthcare.
The backdrop to the initiative is Intesa Sanpaolo's “Your future is our business” programme, which the Banca dei Territori Division dedicates to the development of its corporate customers: it makes €120 billion available until 2026 to accompany projects in priority areas including growth in foreign markets, alongside Transition 5.0, energy and digital progress.
Italy's trade with the UAE in 2023 reached €8.8 billion, up 9.5% y-o-y. In the first half of 2024, trade was €4.9 billion (+25.8% year-on-year). In addition, more than 600 Italian companies are present in the country, according to the Italian Ministry of Foreign Affairs and International Cooperation.
With its IMI Corporate & Investment Banking Division, Intesa Sanpaolo boasts an extensive international network capable of accompanying the development of domestic companies in foreign markets and is present in the United Arab Emirates with branches in Dubai and Abu Dhabi.
H.E. Abdulla Ali AlSubousi, UAE Ambassador to Italy, H.E. Lorenzo Fanara, Italian Ambassador to the United Arab Emirates, and Stefano Barrese, Head of Intesa Sanpaolo's Banca dei Territori Division, opened the proceedings.
Gregorio De Felice, Chief Economist and Head of the Intesa Sanpaolo Research Department, outlined the global economic context and that specific to the UAE.
Angela Di Maria, Financial Officer of the Bank of Italy at the Embassy of Italy in Abu Dhabi, Sara Almheiri, Head of the Economic Affairs Section at the UAE Embassy in Rome, Anna Roscio, Executive Director Sales & Marketing Imprese Intesa Sanpaolo, and Giovanni Bozzetti, Chairman of EFG Consulting, were entrusted with the technical speeches.
The economic environment - an analysis by the Intesa Sanpaolo Research Department
- Italy's trade with the UAE in 2023 reached €8.8 billion, up 9.5% y-o-y. In the first half of 2024, trade was €4.9 billion (+25.8% year-on-year).
- In the first part of this year, exports increased by 21.8%. The key sectors of Italian imports are metals, mainly precious metals as well as aluminium, refined petroleum products, crude oil, outerwear and footwear, jewellery and goldsmith products. Direct exports to the UAE see jewellery and gold products as the largest item, followed by mechanical machinery, footwear and leather goods, electrical appliances and motor vehicles.
- In addition to the oil sector, the UAE is moving to boost high-tech production, which will increasingly characterise its trade, as well as the country's economic structure. There are around forty special zones that enjoy special tax, administrative and logistical benefits. The sectors most encouraged by government authorities are manufacturing, in particular food and agricultural technologies, metallurgy, chemicals, high-tech vehicles and machinery, aerospace, pharmaceuticals and biotechnology. Services include trade and e-commerce, education and scientific research, tourism and health services.
- The stock of foreign direct investment in the UAE as of 2023 was $225 billion, while the amount of Emirates investment in the world was $262 billion.
- Italian foreign direct investment in the UAE amounted to €11.6 billion. More than 600 Italian companies are present in the country, according to the Italian Ministry of Foreign Affairs and International Cooperation.
Intesa Sanpaolo's international network
Intesa Sanpaolo is present in the United Arab Emirates with the Dubai and Abu Dhabi branches of the foreign network of the IMI Corporate & Investment Banking Division: a point of reference for companies operating in the area.
The Group has an international presence in about 40 countries through subsidiary banks, corporate hubs, representative offices, branches and cooperation agreements with foreign correspondent banks, plus a network of Italian and foreign partners providing assistance in more than 160 countries.
The bank's international network supports Italian companies with dedicated consultancy assistance thanks to more than 300 foreign specialists and a wide range of financial and non-financial solutions to seize the growth opportunities offered by both new and mature markets.
Last updated 14 October 2024 at 11:28:23
